The Hustler's Digest StaffAre you someone who is new to the world of NFT art? Confused about how the whole system works? Well look no further because this article will teach you all there is to know about NFT art, what it is, how it works and how to sell NFT art. Read along to find out more.
In the past year, NFT has become a global cultural phenomena. From platforms like Twitter and Tik Tok to news channels like CNN, this topic has left millions wondering what the hype is all about.
NFT art has without a doubt revolutionized the creative industry. Previously, digital art would be highly undervalued as people preferred to buy physical artwork. However, as technological developments continue to increase, there has been an unequivocal shift in the art industry.
Thanks to NFT, the financial value to digital artwork has gone up rapidly. This artistic revolution has allowed artists to discover the untapped potential of the world wide web. Now, digital artists can sell their work online with a click of a button. And people who previously were heavily reliant on auction houses and galleries to buy art are now moving towards the trend of buying NFT art.
This article will dive into the world of NFTs and give you a clear insight about what is NFT ,why it matters, how to sell NFT and if it is worth all the hype it has created around the world.
What is NFT art?
NFT stands for Non-Fungible Token. It is a digital asset that represents real-world objects such as videos, music, art and in-game items. These objects can be bought and sold online usually using cryptocurrency and are encoded with the same underlying software used in many cryptos.
Digital files can often be copied and pasted endlessly; however, that is not true for NFT art. NFT artwork are assets that are bought and sold with a digital certificate to show ownership of the unique virtual asset. Hence, like everything else in the real world, each NFT art can have one owner at a time.
NFT art is secured and protected by block chain technology which is an incorruptible database that no one can tamper with. Hence, your assets are completely safe from being stolen.
Technically speaking, the term “non-fungible” means that art is completely unique and “token” means that it can be transferred on a block chain. In short, NFTs are assets that carry a unique digital identity.
Thanks to the nature of the blockchain, no one can ever change the ownership nor copy paste to create a new version of an already made NFT. They can easily be traded, are verifiable and have no tangible existence in the real world. Although NFTs utilize the same database as cryptocurrency, it allows them to store extra information making them work completely differently.
How do NFTs work?
In terms of economics, something that is a fungible asset has units that easily can be interchanged with money. To further help you understand, let’s understand what the terms fungible and token refer to.
Simply speaking, fungible is any item replaceable by another identical item or in short is mutually interchangeable. Token on the other hand is a symbol, sign or a piece of stamped metal used instead of currency. In the digital world any representation of value is called a token. These tokens can be fungible or non-fungible.
Fungible and non-fungible tokens are different from one another. One of the main differences being that fungible tokens are divisible, interchangeable and uniform across all types and usage. Any items that are exchangeable and interchangeable with a token of equivalent value are known as fungible tokens.
On the other hand, non-fungible tokens are not divisible, interchangeable and are all unique in their style and function. If an item is non-fungible, it has such unique properties that it cannot be interchanged with anything else of similar value. These items have properties that make them unique and they have a certificate of authenticity to prove it.
In the simplest of terms, an NFT makes digital items, any sort of one-of-a-kind collectibles including artwork that can be bought and sold by their makers and buyers like any other property.
NFT artwork is not interchangeable. They cannot be divided into smaller units. Hence, anyone seeking to buy a non-fungible token must buy the whole unit or nothing at all. In addition, all NFT tokens are designed and created to be unique. This applies to NFT artwork as well. It means that every artwork will have a unique and different value.
What technology is used for NFT artwork?
As mentioned previously, NFT relies on blockchain technology. The unique and decentralized nature of blockchains allows new ways in which art can be made and acquired.
The use of blockchain technology can alleviate some of the power of the big art collectors and dealers in the world and can shift some of the power back to the artists. The absence of mediators in NFT art who often seek a big chunk of the profit made from the sale also ensures that the advantage goes majorly to the creators of the art piece.
Where can you sell NFT art?
Now that you know what NFTs are and how they work, we will move towards learning how and where to sell NFTs. Let’s start with where you can sell your NFT art. For your ease, we have compiled a list of some of the best marketplaces for your artwork so read along and find out more.
1. OpenSea
This is, at present, the industry’s largest NFT marketplace. The website includes trading cards, domain names, collectables, sports and arts.
OpenSea indexes art from other NFT marketplaces and therefore has a wide collection of art listings, over one million at writing. All the items are priced in ETH with some available for specific prices while others are available through auction.
While many artists can apply to list their artwork at OpenSea, the submission usually has to go through a vetting process by the team before it is approved for sale on the platform. Artists can also define royalty parameters for their work.
2. Rarible
Rarible is one of the best platforms to sell you NFT artwork. On this website, every item is priced in ETH and is available either through auction or the option of “buy now.”
However, to get the most out of Rarible as an artist, you need to apply and get a verified badge from their team. The approval process can take anywhere from a week to less than a week and requires you to provide proof that your artwork is original.
In addition, artists also have to share links of their social media channels which must have a strong following and an active community which is one of the prerequisites of being verified on the website. People who fail to get verified may struggle to attract buyers.
3. SuperRare
The website SuperRare brands itself as a marketplace for collecting and trading digital artwork that is unique and a single-edition. Here, artists can list their work under different tags such as animation, 3D, abstract, painting, illustration etc.
While anyone can sign up on the website to buy NFT art, the same is not true for artists. SuperRrae requires interested artists to submit a form of the full release.
The existing creators receive 80 percent of what they sell per item and also get a 10 percent royalty commission if a collector resells their work. On the other hand, a buyer is supposed to pay a 3% transaction fee at the time of the purchase which goes directly to SuperRare.
Now that you know about the best 3 top-notch places in the industry to sell your art, let’s move towards the step-by-step guide of how to sell NFT art.
How to sell NFT art?
Follow the simple guide below and you should be a pro at selling NFT art in no time.
1. Create a Web3 wallet
Since non-fungible tokens of NFTs are blockchain-based assets, you need a wallet to create,send and receive the tokens. You are also required to fund your wallet in order to pay the transaction fee associated with any transaction you make.
As most Nft platforms are built on Ethereum, you need an Ethereum wallet funded with you native currency so you can pay the transaction fee.
Most NFT experts recommend using the Metamask wallet extension on chrome or any other browser that you use. This extension will allow you to connect with an NFT marketplace of your choice and use related services directly from the browser of your computer. It is best if you read the Metamask setup guide to get started.
Once you install and run Metamask for the first time, you will be sent a 12-word recovery phrase. Save this in a secure offline location and proceed to copy your ETH address.
2. Fund your wallet with ETH
The next step is to buy ETH from a reliable broker or cryptocurrency exchange and send it to your Metamask ETH wallet address.
If you are using a broker such as BC Bitcoin, you only have to provide your address on the purchasing point while they transfer your coins to the specified address. However, if you are using an exchange, then you will have to withdraw the ETH after purchasing it.
Most platforms give you the option of completing your purchase using your bank or your credit or debit card. Once you have chosen your payment option, send at least $200 with ETH to your Metamask address.
3. Prepare your artwork
You probably have your artwork by this stage and in case you don’t, this is the type to create a unique piece of art that will help you stand out.
You can also browse through the marketplace of any of the previously mentioned websites to get inspiration. Check out the top-selling NFT artwork on the websites. Your NFT can be a 3D model, an audio, an image or art as long as within the range of a maximum size of 100MB.
4. Submit your artwork on a platform
Start by visiting your preferred NFT platform and connect with your Ethereum wallet. This tutorial will teach you how to submit your art on OpenSea since it is the most widely used NFT platform around the globe. So let’s get started.
Step-by-step guide:
- Sign in to the OpenSea account via your Metamask wallet( You can click on the blue icon on the top right of the website and easily sign in to your account).
- Next, you need to approve the sign transaction designed to secure your wallet
- Once you’re done with that, the website will automatically take you to your account page
- Select a username for your account and write a short yet interesting bio as this will introduce you to potential buyers
- You will now be required to provide your email address which will help you complete the verification process
- When you are directed back to OpenSea, select the “create” option from the top right corner of the page and “submit NFT” from the dropdown menu
- Now click “create” under the “Create New Collection” option
- You have to come up with a name for the collection followed by a description which can be up to 1000 characters and a 350×350 logo
- Click save and then wait for a message that confirms that your collection has been created
- Next, click edit on the next page to customize your settings such as the header image, link to your social media handles, display themes, royalties and payment currency
- Click submit changes and return to the main collections page
- In order to create your NFT, click on the add new item option under collections.
- Now upload the artwork alongside any other necessary information such as an external link followed by a description
- Fill in the levels, properties and stats using information such as the year/time of creation and the edition of the NFT you are uploading. You can also upload another edition under the same collection as OpenSea allows you to mint one MFT at a time
- Congratulations! You just minted your first NFT
- Go back to the edit option from the collections tab. Toggle the option to submit the collection for review and approval from the OpenSea team
- Your artwork will now be available for others but will be come with a warning sign or a tag saying unapproved collection until is approved by the team
- The approval can take from an hour to a few days. Once approved, your collection will have the approved collection tag on it when it appears on the listings of the website
- Next, click on the link of one of the items from your collection and select sell
- You can now choose your pricing option which can either be fixed to auction and then select the option to post your listing
- Follow the wallet prompt to sign the transaction through Metamask
- Your NFT will now become available in the public domain after the transaction is approved on the network
5. Promote your content
Social proof is among the criteria of almost all marketplaces to approve content creators on their website. OpenSea specifically requires you to include the amount of social media channels that you actively use and you are supposed to share your NFT collection to the public at least once.
Therefore, it is essential that you make it your goal to let your audience know about your NFTs. Get the word out and connect with your followers so that they know about all your collections. Some experts also recommend that you release free edition NFTs in order to build your followership and sales record on the website.
What are the best ways to make money from NFTs?
There are multiple ways to make money through NFTs if that’s what you’re aiming for. Here’s a list of a few ways that you can experiment with to learn which one do you like best:
● Play-to-Earn games
Play-to-Earn games are the kind of games that allow you to own the assets you earn or unlock in a game. You can collect or sell these NFTs within a games store of the marketplace.
● Collecting
Many people have a hobby of collecting NFTs. They spot new projects and hold onto the NFTs until their values increase and make a profit out of it.#
● Flipping NFTs
It is usually not recommended to flip NFTS. Nonetheless, many people buy NFTs for the sole purpose of selling them at a higher price. This is risky as you never know when the price of NFT might decrease
● Investing in new NFTs
If you are serious about earning through NFTs, you must always be on the lookout for new projects that you like and you must get in early. Often one can be involved in the “Discord community” and get whitelisted.
● Create your own NFT
The best thing about NFTs is that anyone who has a computer can create one. You can create an NFT for free although there are few restrictions involved.
Frequently asked questions
Still have a few questions in mind? Don’t worry, we have answered the most frequently asked questions so no queries or yours are left answered. So read along to find out more about NFTs.
1) Should I invest in an NFT?
This is a rather personal question and based on your preferences. NFTs can increase and decrease in value just like cryptocurrency. Moreover, not all NFT projects are designed to make you money, some are just for the sake of charity. Similarly, just because a piece of art has been tokenized doesn’t mean that it will be valuable. It is suggested that you do your research, ask necessary questions, find out who is behind the project and how that particular NFT will be used before you make a purchase.
2) Are NFTs a pyramid scheme?
Many critics would say yes. There have been many dodgy projects and schemes on the internet that have fallen apart leaving the buyer with nothing. However, NFTs are not dodgy projects, they are real art created by digital artists. So, the best thing to do before buying an NFT would be to do your research on the artist and make sure he is someone legit.
3) Who is buying NFTs?
Millennials are amongst the biggest group of buyers when it comes to NFTs, while Gen-X and Gen-Z are pretty close behind. The older generation on the other hand are staying clear of making such purchases for now. There is also a growing linear art and corporate communities that are purchasing NFTs to showcase them in hotel lobbies or office receptions.
4) How much can I make from selling NFT art?
Although some NFTs have been sold for jaw dropping prices, there is no guarantee that all artists can sell their art for similar prices. The amount for which you are able to sell your NFT depends on how well you build your followership, the exposure you get on the listing and a lot of times it depends on your luck.
Conclusion
Your journey to selling your NFT art may not be smooth in the start. However, with some time and effort, you will reach your goal and the wait will be worth it. Hence, don’t give up too easily and make sure you keep yourself updated about the changes in NFT markets to make the most out of this digital world.
