If you are reading this blog that means you have been searching about the Buzzing trend of NFT. In the past few months, NFT sales have risen drastically and traded in millions of dollars. Many teenagers are becoming rich overnight by launching their own NFT collections that too without any technical knowledge. So, if you are an entrepreneur, digital artist, or enthusiast willing to join the craziness of the NFT world then, this article is your stepwise guide. Here in this article, we will attempt to answer a few common questions such as How to create an NFT art? How to sell an NFT artwork? Or if you are completely new to the topic- What is NFT?
What is NFT: NFT meaning
NFT stands for “Non-fungible token” and is basically a digital asset that is built on blockchain technology. These tokens represent some rare and unique items such as virtual real estate, digital art pieces, collectible sports cards, etc.
But wait, what is non-fungible?
There are two types of tokens Fungible and Non-fungible. Fungible is traded for the same thing in value or likeness i.e. 1 bitcoin will always be equal to 1 bitcoin. If you process this right, you can imagine non-fungible items.
Any item if unique is non-fungible which means, there is no exchange possible for the same thing, and also no further division in the items is possible.
In fact, all non-fungible items possess a unique property, which also means that no two non-fungible items will ever be equal. To clarify the concept, artworks and paintings have a unique art style which is known as a signature. Hence, artworks and paintings are the best examples of NFT.
What items can become an NFT?
Any item that is digital can become an NFT, but, mostly media files like images, and videos, are the most common NFT-type items out there.
Due to the rising popularity of NFT collections, projects like Bored Ape Yacht Club and CryptoPunks are in the business and have already sold PNG image files for millions of dollars.
Some other examples of possible NFT items:
- Academic certificate
- Work contract
- Land ownership document
Reasons to create an NFT art
Since, ancient times people are struggling to earn money from their work, especially artists. But, with NFT art the scenario for artists is changing because of the following reasons:
Artists not only make money from selling their digital art tokens one time but also keep earning from them as long as those tokens exist in the NFT marketplace. An individual can program royalties in his/her digital artwork. This will enable them to receive a percentage of sales profit for each time the artwork is sold to a different user.
This means, that once you create an NFT art and sell it you will receive lifetime royalties. But, every NFT marketplace is going to have different rates for royalty. Some of them offer 2.5% of after-sales while others will increase their offer up to 30% which is huge!
Since the NFT sale is done online via a peer-to-peer NFT marketplace, artists don’t need to spend extra on auction houses or art galleries. This also allows artists to keep a significant amount of profit made from sales.
Hence, artists who enter the NFT markets will have a chance to expose themselves to a global audience with a cheap setup for NFT.
Although anyone has the ability to view the digital artwork NFT token, it is only owned by a single person at a given time. So, once an NFT art enters into the blockchain, it gets a certificate of authenticity because, the creator, purchase price, and subsequent owners and acquiring pricing are visible and move along with the piece.
This displays a level of market transparency that is never seen before in the traditional art world.
A growing industry
Everything in relation to NFT is booming, art values are increasing left, right, and center and everyone is talking about it. So, with this level of hype, it will be naïve to assume that the trend will pass in a few months’ time. NFT is here to stay!
So, if you enter early in the NFT industry, it will reward you with some exponential benefits for your artwork. This means, that the sooner you start dealing, the faster you will be seeing the results.
How to create an NFT artwork? Step-by-step guide
To create an NFT token you will require support from one of the Top NFT minting Platforms i.e. OpenSea, Rarible, Mintable, or SuperRare. In this article, we will show you the steps on how to create an NFT on OpenSea NFT minting platform.
Step #1 Select an NFT Marketplace
The first step in creating your NFT artwork is to select a marketplace such as OpenSea. In general, there are two categories of peer-to-peer marketplace i.e. Curated & Self-service.
This NFT marketplace category allows only authorized users to mint or create digital art tokens. Further, the focus is on high-quality digital art tokens, not only simple and low-quality collectibles.
Platforms like SuperRare fall into the curated NFT Marketplace category. Further, curated platforms have higher transaction fees but, lower flexibility on royalty percentages programmable into your artwork.
OpenSea is a Self-service NFT platform. Here in this type of peer-to-peer marketplace users can create their NFT with anything they like. So, you can make any photo, video, or audio file.
The only backlog in such an NFT marketplace is that there are many fake users i.e. imitators and fraudsters.
Hence, it will be impossible for you to make an NFT art without selecting a proper marketplace because the processes that revolve around NFT creation happen in an actual marketplace.
Step #2 Set up a Digital Wallet (Buy Ether)
In this step, you need to set up a digital wallet in order to store your NFTs and cryptocurrencies. You read that right, you will need to buy cryptocurrency Ether for your NFT creation because a majority of NFTs are built using the Ethereum blockchain.
Once you buy some Ether, you will need a digital wallet like Ethereum Wallet. The ETH is useful in paying the gas fees, as the Ethereum blockchain transaction cost before listing any token you have made.
Generally, OpenSea recommends using the Google Chrome extension MetaMask cryptocurrency wallet, in order to purchase ETH and be ready to mint NFTs.
But, if you already possess another Cryptocurrency wallet with ETH in it, you can create a Metamask wallet and transfer the ETH coin from the original wallet to the MetaMask wallet. The cost of paying for gas fees while creating an NFT ranges from around £10 to £200. So, if your funds are ready, you are ready to get into the next step.
Step #3 Create your collection
If you want to create an NFT, you will have to log into your OpenSea account using your MetaMask wallet. You will observe that there are different wallets available along with MetaMask, but as a beginner, MetaMask is your best option.
After you connect your wallet, find a drop-down menu under your profile picture and click on the option MyCollections.
Once you select to create a new collection, OpenSea will send you to a page full of different customization.
Now, you need to customize your collection by entering a name, writing out the description, and also choosing a category. This builds the groundwork for you to display your artwork when you create them.
After customization, you need to sort your royalties, payment methods, and other relevant data. You need to set royalties by yourself and make sure you don’t go over 10% because that’s the maximum you get on OpenSea.
Further, you will need a blockchain where your collection will be stored. This will also determine whether you can accept the tokens as a payment for your NFT.
Once you are done with the collection, create it and wait for the page to reload.
Step #4 Creating & publishing an NFT
Finally, we reach the step where all the magic happens! In this step, you will see your NFT come into existence.
Firstly, you will upload your file to the platform i.e. a picture, photo, GIF, or any such thing. If your NFT artwork has 3D images the file extension will vary accordingly.
Once you are done with the upload name the file and write a description. Further, you can also choose to mint an unlimited number of tokens, one at a time, and based on the token type i.e. Stand-alone & The Edition.
This token allows you to create one copy of the particular digital art token which eventually makes it more valuable.
The Edition Token
Here, you can create as many copies of the same token. All you need to do is differentiate each replica with edition numbers.
So when you are done naming your NFT and writing of description click on “create” and you will have your first NFT created.
Step #5 Setting up a price
Once you create an NFT, the next thing to do is list them up for sale. You can either set your own price or choose a fixed-price listing.
OpenSea allows conducting private sales. So, you can specify a single wallet address that’s going to purchase your NFT. Further, if you are selling an NFT for the first time you will have to pay the gas fee before listing your artwork.
Step #6 Marketing on Social Media
After creating your NFT you can just leave it as it is and hope someone notices your artwork. However, this is not a suitable approach. You need to link up with potential buyers and promote your artwork to fans on social media to help them discover it.
Is NFT art possible without coding?
Yes! You can create an NFT art without writing any codes.
Are NFT Cryptocurrencies?
NFT are a type of cryptographic token but they are quite different from cryptocurrencies because they are not interchangeable.
Are there any risks associated with NFTs?
The trading or minting of NFTs is more difficult than it appears. Here are some risks while dealing with NFTs:
High Gas Fee Rates
NFT sales take time
Where can one Buy and Sell NFTs?
NFTs are not traded in exchanges mainly because of their interchangeability. However, one can buy and sell them on peer-to-peer marketplaces.
The NFT market is still young and growing. But, it is certainly the future of the Web.
We hope this article gave you a proper Kickstart to your journey of creating NFT art. So, choose a proper wallet, use the best NFT marketplace and you are ready to roll!
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NFTHI does not recommend any kind of Investment in NFTs or NFT trading. All the strategies are merely educational references.
Conduct thorough research before you start with NFTs