How do You Create and Sell NFT Crypto Art?
If you are an artist who is seeking new ways to monetize your artwork, NFTs can be a great option. I can’t say that it will be easy or effortless, but hey, it’s never easy to earn money without doing anything. So, if you are interested, let’s find out how to create NFT art and how to promote NFT collections (this is a very important step, so pay attention).
Table of Contents
Step 1: Develop a Concept
There are multiple options to decide what type of NFT should be developed. Your choices can include artwork, memes, event tickets, media and music NFTSc, NFT games, and other virtual items. For example, to create a digital image or game skins, you will most likely need a pen tablet and illustration/editing software like Photoshop, GIMP, or Clip Studio Paint. You can define any unusual properties that your NFT design might illustrate.
Moreover, consider the usefulness of the collectibles as offered. Some authors give the buyer a real work of art that matches the NFT they have purchased. It could also be a signature, one-of-a-kind items, VIP admission to an event, an exclusive personal membership, or a future digital app (such as a game or metaverse).
Step 2: Pick a Platform to Sell Your NFT On
Our journey to selling NFTs starts with choosing a platform. Several options are available, including online marketplaces like OpenSea or a personalized shop that you can create via platforms like Shopify. The choice usually depends on the type of NFT you are selling and the fees associated with trading the crypto asset.
Let’s take a look at several platforms and what they offer NFT merchants:
Rarible is a digital marketplace where NFT holders can list their digital assets for sale. The platform accepts a wide variety of tokens in different categories, including art, music, video, and domain names. In order to sell NFTs and accept payments on Rarible, you will need a wallet that is compatible with one of the three blockchains that are connected to the following marketplaces: Ethereum, Flow, and Tezos.
In terms of commissions, Rarible operates similarly to OpenSea, charging both buyer and seller 2.5% on every sale made on the marketplace.
OpenSea is the world’s largest digital market for buying and selling NFTs, including crypto art, in-game items, and exclusive digital collectibles.
Two popular NFT standards, ERC-721 and ERC01155 tokens are supported by OpenSea. Merchants are able to choose between Polygon and Ethereum when listing their NFT on the OpenSea marketplace.
OpenSea’s trading fees are 2.5%, which means you will get a little less than what you sell your NFT. For instance, if you sell an NFT for $100, you will receive $97.50, and OpenSea will keep $2.50.
SuperRare might be worth considering, in case you are a digital artist and want to be an NFT creator. Instead of serving any type of NFT, SuperRare is aimed at merchants who want to sell their digital art and buyers who want to purchase it.
The disadvantage of this platform is that the registration process is not that easy. Because the collection is carefully selected, you really need to apply to sell your work on the site. So, while you may have a better chance of your work being seen by digital art buyers, you may have to wait a bit before the site approves your application.
Step 3: Set Up a Wallet
Once you select a blockchain, you will need a digital wallet that supports that blockchain in order to store your NFTs. To create a wallet, you will need to download the crypto wallet app, provide a username and password, and save your private keys and offline recovery phrase for backup purposes.
Here you can find several famous wallet apps that support blockchains:
- MetaMask: MetaMask is a popular crypto wallet that supports a wide range of cryptocurrencies, as well as the Solana and Ethereum blockchains.
- Coinbase Wallet: Coinbase provides a digital wallet that supports ERC-721 NFT tokens, like Solana NFT collections.
Step 4: Fund Your Wallet
Transaction costs, or “gas fees” on the Ethereum blockchain, may be required when creating an NFT. Fill your wallet with compatible cryptocurrencies to pay for the costs. One of the largest NFT marketplaces, OpenSea, charges a one-time registration fee and a contract approval fee. Creating an NFT collection and putting it up for sale on the marketplace is free of charge.
Transaction costs will vary, depending on your NFT blockchain. Transaction costs are often high because of the volume of transactions on the Ethereum blockchain. In order to save gas, transact on weekends or use a blockchain with fear users like Polkadot.
Step 5: Connect Your Wallet
Once you have set up your wallet, you need to connect it to the NFT marketplace you plan to use. OpenSea and Rarible make this task easy – by clicking the “Create” button in the upper left corner, you will be prompted to connect a wallet. You will then be presented with a list of compatible wallets, and selecting yours will prompt you to go through the connection process.
If you have the Coinbase or MetaMask’s extension installed, you will see a pop-up asking if you want to connect your wallet, which can be done with a few button clicks. In case you are using the Coinbase Wallet app, you can also connect to the market by using a QR code scanner.
Step 6: Upload and Create Your Digital File
When you are ready to start uploading, you can use the “Create” button on the market in order to add your digital file to the site. It takes a few clicks if you are using a market-supported file type.
Also, you can select whether you are interested in minting the NFTs as one-of-a-kind pieces or if you want to make each of them part of a larger collection.
Additionally, you should pay a gas fee when you mint your digital file. This gas is used in order to pay miners who process and confirm your transaction.
Step 7: Pick Your Price
Most NFT markets allow NFTs to be sold in one of two ways – either at a fixed price or through an auction. Fixed costs mean that your NFT will not be sold until someone is willing to pay the specified purchase price.
However, auctions tend to be more attractive to artists as there is a chance that you can earn a lot more from your NFT than you originally thought. Auctions can also work in different ways. You can allow sellers to bid, with the highest bidder becoming the buyer.
Or, you can set a higher price, and as the auction continues, the price will steadily decrease until someone wants to pay that amount. To prevent the price from going too far below what you are willing to sell, you can usually set a low.
As for the choice and pricing, it is entirely up to you. While you can’t expect each NFT to fetch thousands or even hundreds of dollars, you should at least consider how much time you spent on the original coin and how much minting fees cost.
One-of-a-kind NFTs, of which there are few, tend to cost a bit more, as well as anything that provides additional benefits, such as merchandise or unlockable content.
Step 8: Create Listing
After choosing a price for your NFT, you have to make a listing. In case you utilize a marketplace, log in to your NFT platform and select “Create” in the top right corner. Then select one or more collectibles depending on the availability of your item. You must then provide a name and description for your NFT.
Create an attractive and relevant title for your digital content, but not too promotional. Discuss the function of your coin and any underlying themes in the description. You can also explain the rarity level of your NFT and whether buyers will receive additional benefits for owning the asset.
Step 9: Check Your Offers
You should keep an eye on the offers of potential buyers. While most platforms will alert you when someone bids on your ad, it’s important to check back often to make sure you don’t miss a single request.
If you set a fixed price and someone agrees to buy your NFT at that price, the transaction will be considered a public sale. In this case, you will receive a notification that your NFT has been sold and fiat money or cryptocurrency has been credited to your account.
Conversely, if there is an auction, you will be notified of the various bids placed on your NFT. In addition, buyers can privately bid on you by offering a specific price for your NFT. There may be times when offers are below a minimum price.
Step 10: Accept an Offer
Once you get an offer on the NFT marketplace, you can do one of the three things:
- Make a public sale – Someone decides to buy an NFT from you on the market at the price it was advertised at. This is the path that presents the fewest obstacles.
- Accept the public bid – You choose the highest bid, which is often cheaper than the price you originally advertised the item for. Be careful with offers, as the vast majority comes from automated software. If you accept a low offer, you will leave money on the table for other bidders. Checking a bidder’s profile to see if they are placing multiple low bids that are below the floor price will help you determine if a bidder is a bot.
- Make a private transfer – It is a transfer of ownership that occurs outside of market conditions. You can give the NFT to a friend or sell it to another person who is part of the community of people working on the project. You can conduct private transactions directly from your wallet.
How to Promote Your NFT Art?
The final step is to promote your NFT art. The promotion will allow people to know about your art. Several ways can help to boost people’s interest in your NFT art. Keep in mind that it is better to start promoting your product before even starting the minting because it will spread excitement and curiosity toward your NFT.
First of all, you can use social media. Nowadays, social media is one of the influential and essential platforms for buying and selling specific items. So, you can use platforms like Instagram, Twitter, or even YouTube to share information about your product.
Secondly, you can collaborate with others, such as social media influencers or brands.
Moreover, you can start your blog and share information about your NFT. This way, people interested in your product would easily connect to you and become potential buyers.
And last but not least, create a website where you can include essential information and details about your NFT art. It would also be easier for potential buyers to gain more information about the NFT you offer.
Pros and Cons of Selling NFT Art
Selling NFT art can be a daunting space. Although some of the most famous NFT artists, like fvckrender, have become millionaires many times through the sale of NFTs, they tend to be the exception rather than the norm.
As long as you are realistic in your expectations, there are a number of advantages to selling NFT art that has not been seen before, as well as a few disadvantages to selling art in this emerging space.
So, every action in this world has its cons:
- NFT art selling allows you to immediately sell your art to an international audience.
- You can create NFT art with a huge variety of programs, from illustration platforms like Procreate and Photoshop to generative images using Python, 3D models in programs like Blender, animations, and more.
- NFTs have a lot of niches, and there is an audience for everything. From art-heavy projects like exclusive events and memberships to digital sports memorabilia, there is something for everyone.
- NFTs offer artists a unique connection to their fans by giving them access to future releases, membership in exclusive communities, and the opportunity to earn royalties.
But let’s not focus only on the negative, although I wanted to explain to you the risks first:
- There is very little transparency in the NFT space, and it can be confusing at times. With currency fluctuations, multiple currencies, and more being developed every day, NFT scam projects, unclear fees, and terminology, Web3 is still a very growing area. For now, the trade-off of the NFT gold rush is that we are still living in the Wild West of Web3.
- NFTs are still inherently risky. Minting and selling NFTs takes time and money, and you may not earn enough to break even at first. Given the volatility of some cryptos and the sometimes volatile nature of the NFT market, it pays to be careful when moving to new projects, especially if you list and release multiple at the same time.
The Most Expensive NFT Artworks Ever Sold: Get Inspired
The NFT space is still growing and going through changes. It means record sales will be broken, and new artists will emerge. So this list can be changed. But at the moment, these are the most expensive NFTs artworks ever sold.
Is Creating an NFT Profitable?
It largely depends on who you are when you create your NFT, whether you have any marketable artistic ability, or whether you offer any unique, enticing utility in your NFT.
Apart from the numerous examples of NFT artists who have made money, NFTs provide an alternative way to transact and keep track of sales and therefore prove to be profitable for many different businesses, events as well as individuals.
Can You Sell an NFT of Anything?
Technically, you can include anything in the utility provided by the NFT sale. Some people have sold houses as NFTs. While you can’t literally turn your dog into a line of code, you can technically sell a jpeg image of your dog, mint it, and include in the contract behind it that the owner gets your real dog.
Can You Sell Other People's Art as an NFT?
The main description of NFTs is that they are unique tokens that cannot be replaced or copied. Hence, no, you cannot sell someone else’s art as an NFT as long as the artist owns the copyright of the artwork. NFTs have specific codes that allow them to distinguish ‘fake’ tokens from the real ones.
At first glance, it may seem that selling an NFT is incredibly difficult. While there are many things to keep in mind, the process itself isn’t all that bad if you do your research and due diligence.
Make sure you research your options in terms of platforms, auction settings, and payment-related issues like fees and getaways. As soon as you have mastered the basics, you’re well on your way to selling great NFTs.