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21,000%. That is the staggering growth NFTs experienced in 2021. With trading reaching$17.6 billion last year, NFTs entered the mainstream in a big way.
All that trading resulted in $5.4 billion in sales going toward artists. It is no wonder why many people wonder how they can turn their art and collectables into NFTs to sell.
A non-fungible token (NFT) is a cryptographic asset on a blockchain. Because each NFT is unique, they can't be replicated. It is a valuable way of proving ownership of digital content.
One NFT is never equal to another, a significant difference between NFTs and cryptocurrency. Each has its value, representing real-world items, including artwork, real estate, basketball highlights, or even iconic tweets.
NFTs create a new market for artists. The appeal of tokenizing these real-world assets is that it makes buying and selling more efficient while adding an extra level of security. NFTs are units of data stored on a blockchain that contains all the information about an asset's properties and all relevant data about its ownership. They are powered using smart contracts to confirm their ownership and help with their transferability.
The advantage of NFTs to artists is that it removes any intermediaries. Artists can directly sell to their market. There is no need for agents or other gatekeepers.
Each digital asset is verified, giving it value in that it is impossible to duplicate in its entirety. Therefore, users honestly can say they have a one-of-a-kind asset.
Can Anyone Create an NFT?
You can create (or mint, if you want to get technical) an NFT. Once it is on the blockchain, you can post it for sale on any NFT marketplace. The service fees, commonly known as 'gas fees,' can vary depending on which marketplace you use, so do your research in advance.
You can make any style and medium of art into an NFT. It is not only designers that can profit off their work. Songs, videos, tweets, and GIFs have been transformed into NFTs.
Art is the most popular form of NFT. If you are an artist, it is a straight forward process to turn your art into an NFT. It does not require a lot of money or technical ability. What you need are your creative ideas and a laptop.
You mint an NFT by publishing a unique token on the blockchain to represent ownership of your artistic creation. It can now be bought, sold, or traded. Furthermore, it is now possible to track your NFT as it is resold. Here are the steps for turning your art into an NFT.
Step 1: Digitize your art
If you have created a 2D drawing, it is simple to scan and digitize your art. A 3Dpiece of art, like a sculpture or artifact, requires a specialized scanner to create a proper rendering of the item. Be sure to colour correct your art after it is scanned.
Step 2: Set up a crypto wallet
A crypto wallet is where you keep your private keys. These keys hold the unique digital codes you need to access your crypto assets. It does so by locating your cryptocurrency on the blockchain and matching it with your key.
Each wallet has a unique wallet address that allows you to send and receive cryptocurrency and NFTs. Be sure to pick a wallet compatible with the marketplace you choose to mint your NFTs.
Step 3: Find the right NFT marketplace
There are quite a few different NFT marketplaces out there. Do your research and decide which one best suits your goals. OpenSea is arguably the most popular NFT marketplace, and it allows you to mint NFTs on Ethereum and Polygon.
Once you have found the crypto marketplace of choice, create a profile. You will see an option to connect your wallet to your profile so that you can access your funds. After your wallet is connected, all you will have to do is verify your identity, and you'll be ready to start minting your NFTs!
You will have to purchase a small amount of cryptocurrency to pay the fees for converting art into an NFT. For example, if you choose OpenSea, you must pay your fees in Ethereum, or another crypto, like Polygon or Solana.
Step 4: Mint your NFT
With your marketplace profile open, you should see an option to "create"an NFT. From there, follow the instructions and upload your work to the platform. Give it a name and description, choose the blockchain (if you have the choice), and set your price. Your NFT will be minted on the blockchain only after it's sold.
There are two primary ways to sell your NFT: fixed-price sale or auction.
A fixed-price sale is simple, transparent, and direct. You set the price of the art. Much like you would set the price on a painting you hang in a gallery. If someone buys it, you get paid, minus any fees that your marketplace charges,
An auction could occur online or in person. You set the minimum bidding price, the item goes up for auction, and it goes to the highest bidder. Be sure to factor in fees when selecting your price. You wouldn't want the fees to eliminate all of your profit.
Take advantage of social media platforms like Twitter and gaming channels like Discord to foster a community and engage with other users that may be interested in your NFTs. You want to generate some buzz and help you improve for your next drop.
Now that you know how to mint your art, it's time to create original artwork and find your niche. Have fun!
