Many designers and artists are looking into how to create and sell NFTs as a potential new source of income. NFTs can secure ownership of digital assets, provide access to new communities, and even be used to register ownership of things in the real world, so they are more than just a new way to sell art.
Non-fungible tokens, or NFTs, are a fancy way of saying unique or non-replaceable. They increase the scarcity, rarity, and value of digital goods. An NFT, stored on a blockchain, represents ownership of a specific file or item, such as artwork, videos, in-game items, or even real estate.
If you're still unsure of what a non-fungible token is, we suggest reading our explanation of NFTs. We also detail NFT drops and how to recognize a fake NFT. You can skip to our FAQ section, which addresses the most frequent inquiries.
Non-fungible tokens aren't going anywhere, despite some recent instances of art being misappropriated, issued, and NFT marketplaces being hacked. They are also becoming more significant to artists. The best NFT displays are being developed to make your digital art look fantastic, and galleries are starting to recognize the importance of exhibiting NFT collections in person.
The wild success of artists like Beeple, who sold his NFT collection for $69 million, should also be acknowledged. The majority of NFT art sells for about what you would anticipate good art to deal for; the main distinction is that now that digital artists can receive royalties from future sales.
Many fees are associated with creating, maintaining, and selling an NFT. Even though some NFT marketplaces now permit fee-free NFT minting, where the customer rather than the maker bears the cost. We have a tutorial if you want to learn how to make an NFT for free.
However, more and more designers, illustrators, and artists are now earning a living through the sale of NFTs. According to nonfungible.com, primary and secondary deals on the Ethereum blockchain reached over $15 billion in 2021, up from just $67 million the year before.
It is worthwhile to learn the fundamentals of how to make and sell an NFT because there is so much to gain from them. In the section below, we walk you through the process step-by-step and provide more information on NFT marketplaces, NFT cryptocurrency, and everything else you need to know.
How to create and market an NFT: markets
It would be best if you first created, or “mint,” your NFT. You must decide on an NFT platform and a payment wallet before you can make an NFT of your artwork. You must use the latter to pay any fees and to receive money if your NFT is successful in selling.
There are many online marketplaces where you can buy and sell NFTs. A comparison of some of the most well-liked choices can be found in our guide to NFT marketplaces.
There are many NFT payment platforms as well, with some of the most well-known ones being Coinbase, MetaMask, Torus, Portis, WalletConnect, MyEtherWallet, and Fortmatic. We will demonstrate the creation and sale of an NFT using the NFT platform Rarible and the cryptocurrency payment platform MetaMask for illustration purposes.
Any of the platforms listed above, as well as many others, are options, and using them will typically involve following a similar procedure. Before deciding, we advise carefully examining the associated fees (we'll talk about the costs later).
Purchasing cryptocurrency to add money to your wallet.
You'll need cryptocurrency to create and sell an NFT. To “mint” an NFT, which is the process that converts your artwork into a non-fungible token that you can sell, all of the NFT auction platforms previously mentioned will ask for an upfront payment.
Most of the time, payment must be made in cryptocurrency, so you'll need to buy some to pay the fees before selling an NFT of your work and possibly earning any cryptocurrency.
Making a digital wallet to pay for your NFT
To make and sell an NFT, you must create a digital wallet with MetaMask. To do this, go to the company's website and click the blue “Download” button in the top-right corner. Although there is a mobile app, since we will be using a desktop computer, we will select the option to install the browser extension.
A confirmation question will ask if you want to “create a new wallet and seed phrase.” The term “seed phrase” refers to a list of words that store blockchain information, so don't worry about that too much. If you select yes, setting up your account will only require that you accept the terms, create a password, and navigate a few security checks.
Insert a cryptocurrency wallet.
You must add some ETH to your MetaMask wallet—or another digital wallet—after you've configured it. If you don't already have any ETH, you'll need to buy some immediately. To do this, click the “Buy” button and choose “Buy ETH with Wyre.”
You will be directed to a screen where you can purchase ETH using either Apple Pay or a debit card. You can postpone this step if you'd prefer not to spend any money at this time, but it will take a little more work (you'll need to check the fees for your preferred NFT platform to determine how much you'll need to buy).
Connecting your wallet to an NFT platform
The majority of digital wallets function similarly. You must connect it to the NFT platform you'll be using to sell the NFT, regardless of which one you select. Although we're using Rarible for illustration, there are numerous other NFT platforms to pick from, and the procedure will generally be similar to what we lay out below.
Uploading the file that will become an NFT
You are now prepared to learn how to create and market an NFT since you have a wallet connected to ETH for making payments. Click the blue “Create” button in the top right corner of the Rarible website. The decision to produce a single, unique work or sell the same thing more than once will then be presented to you.
Paying the listing fee to sell your NFT
Clicking “Create Item” is the last step in learning how to create and sell an NFT. You'll then be asked to connect with your wallet to pay the listing fee. Don't worry if you don't have enough money in your wallet; you won't have to start over. You can add money to Rarible right from the wallet by clicking on the screen's icon in the top-right corner.
The complexity of the Best blockchain technology company, the wild price swings of cryptocurrencies, and the lack of transparency on the platforms themselves make it impossible to explain how to calculate the potential cost of creating and selling an NFT simply and clearly.
A blockchain is what?
“A distributed database that is shared among the nodes of a computer network” is how one definition of a blockchain is put. The benefit of blockchain technology is that it accelerates data transactions by ensuring security and trust without the need for a third party.
Since the entered data cannot be changed, it is irreversible. In the case of NFTs, the artist can track their NFT and guarantee a share of subsequent sales. For more information, could you read our guide to NFT crypto?
What are gas surcharges?
This is the fee that must be paid to perform a function on the Ethereum blockchain, such as creating (minting) an NFT. Gas prices are expressed in fluctuate according.
Can I get gas for free?
Yes, some NFT marketplaces offer minting without gas. OpenSea and Rarible are a couple of these. This strategy essentially shifts the gas fee from the creator to the buyer, and the sale will reflect this (a little like VAT or the fuel tax added by some airlines).
Some blockchains don't charge for gas, or at least charge much less. These consist of ImmutableX on Mintable or Polygon on Opensea. Examine the costs and the blockchain and tokens used before minting or purchasing an NFT.
Are there any blockchains that are energy-efficient?
Yes, and NFT marketplaces are now providing energy-efficient alternatives to Ethererum with lower carbon footprints. These consist of Polygon, Tezos, and Flow. A fresh blockchain Solana extols the virtues of carbon neutrality. Examine the NFT marketplace development company being used and choose the one that aligns with your morals.
Is there any NFT?
Yes. An NFT can be used to store any digital file. Most marketplaces are designed to support digital art, but more now also support video, game assets, and music. Physical items, like limited edition Nike sneakers, are now also digitized as NFTs. Future NFTs on and between the digital and physical spaces are to be anticipated.
Can I exhibit my NFT artwork?
Yes, new NFT displays are constantly being released. In essence, these are 4K and 5K screens, but the best ones have tactile anti-glare screens that make the artwork appear to be mounted on a canvas. Samsung's The Frame and screens from Meural and Canvia are excellent examples. Additionally, look for screens with integrated NFT wallet and marketplace connectivity.
What sort of NFTs are sold?
The best-selling NFTs are either those created by well-known artists like Damien Hirst and Beeple or those with “utility.” The latter will matter to the majority of emerging NFT artists.
As a result, you must create a collection that can be used for more than just digital assets; for instance, it should be entered into real-world events, used in a community chat room, or even used to raise money for charitable causes. Good NFTs include World of Women and the numerous Ukraine conflict NFTs that support charities like Doctors Without Borders by raising money.
