Suppose you’re a digital artist or thinking about creating digital artworks. Then you might be interested in learning more about NFT crypto. But, with so many different platforms and marketplaces, it’s sometimes a challenge to get started.
Alex Lysak is an industry expert on finance and cryptocurrency. As an online marketing expert, Alex has gained valuable knowledge and insight on the latest trends and developments. In the following article, Alex will share his beginner’s guide on NFTs for crypto art. You’ll learn about crypto art and how to start selling your art as NFTs.
What is NFT Crypto?
Before you can learn how to create crypto art, you first need to understand what NFTs are. You also need to understand the difference between crypto art and cryptocurrencies. An NFT is a non-fungible token. It can be an image, video, gif, digital portrait, or paintings.
Although both cryptocurrencies and NFTs function with blockchain technology, they aren’t the same thing. Cryptocurrencies like Bitcoin and Ethereum are fungible, which means one Bitcoin has the same value as another Bitcoin. But, NFTs have different values, and you can use cryptocurrencies to purchase NFTs.
Because an NFT lives on a blockchain, it can be tracked. When tracking, you can view previous owners and verify the authenticity of the piece. If you want to read more about the definition of NFTs, you can check out the Scan team investigation.
In 2017, a company called Larva Labs released the very first NFTs known as Cryptopunks. The crypto punks were a selection of 10,000 24×24 pixel images of punk-inspired characters. When Lava Labs first released the punks, they were accessible to anyone who owned an Ethereum wallet.
After four years in existence, the crypto punks’ value has increased tremendously. The lowest-priced punk is currently available for 15 Ethereum coins, which is approximately $35,843.37.
There are several other NFTs that also proved to be successful. Recently, the famous Doge meme NFT sold for a whopping $4 million. The NBA NFTs also brought in more than $200 million in 2021 alone.
Selling NFTs
When it comes to creating crypto art, there are several different ways you can do it. It can either be a digitally created image, video, or motion design. If you have made a physical artwork, you can digitize it for online modification. But, online material can be copied, so you might wonder why anyone would buy a digitally designed art piece?
Well, that’s where NFT comes into action. When your art is presented as an NFT, blockchain technology marks your piece as the original. So, when potential buyers view your art, they’ll also have access to a smart contract that shows that the work is original. The agreement will also indicate that you’re the artist.
When selling an original NFT, the transaction will be registered on the blockchain. If the buyer resells your art, other buyers can view the transactional history. You, as the artist, have access to the entire record to see how your art is being bought and resold.
Royalties
When you create a physical artwork, like an oil-painted landscape, you can sell it and perhaps never know what will happen to it in the future. But, what makes crypto art unique is that an original piece can’t exist physically. There’s also the benefit of royalties which means you get a cut of the selling price every time someone resells your art.
You can set up a fee of between five and 10%, which determines the amount you’ll receive once your crypto art is resold. For example, if you sell an original NFT for $10 and someone resells it for $10,000, you can get a royalty of up to $1,000.
Thanks to royalties, you don’t have to sell your original work for thousands of dollars. If your artwork becomes popular, you’ll make money on it long after selling it for the first time. Another advantage is that no one can benefit by selling copies of your ideas or artwork.
A Step-by-Step NFT Guide on How to Get Started
You don’t need to be a computer genius to get started with NFTs. All you need is a creative idea and some digital design skills. You also don’t need to rely on art galleries or have thousands of Instagram followers to showcase your art, as several NFT marketplaces do.
- Download the MetaMask application on your mobile. You’ll use this application as a crypto wallet, so you need to pay a gas fee. A gas fee can be anything from $3 to over $200. If the gas fee is too high, give it a few weeks as the cost can fluctuate. If you want access to your wallet on your computer, you can download the MetaMask Chrome extension.
- To pay your gas fee, you need to link your debit or credit card to the MetaMask app. Next, you can buy some ETH (Ethereum). Keep note: It can take 20-30 minutes before your account will show your ETH credits.
- Next, you must choose a marketplace where you’ll showcase your work. You can either use a closed or an open marketplace. Closed marketplaces, such as Foundation, SuperRare, and Async Art, require invitations or applications. So, if you choose one of these marketplaces, you may have to wait for an extended period before you can upload your artwork. If you’re a beginner, we suggest going for an open marketplace, as it showcases your work to anyone who wants to view NFTs. Examples of open marketplaces are Etsy, OpenSea, and Rarible. You also have the benefit of networking with collectors and learning from more experienced NFT creators.
- To set up an account that will attract collectors, you need to add a profile picture, a cover image, and a catchy bio. We also suggest adding links to your personal website or social media pages, as it shows viewers that you’re a real person. Next, you must connect your crypto wallet with your marketplace.
- Once you have completed your profile, you can mint your first artwork. When uploading your art, you’ll have to complete several steps. Each marketplace has its specifications, so it can take several minutes to complete.
- Next, you can choose whether you want the public to bid on your artwork or if you want to sell your crypto art at a set price.
- You’ll also need to add a description to your art. You can skip this step, but we wouldn’t suggest it, as a good story can help sell your art faster.
- After uploading your creation, you need to choose the royalty percentage. It can vary, so we suggest taking the highest amount available.
- After minting your piece successfully, you need to share your artwork. You can share your art on Facebook, Twitter, and other social pages. Remember to add a link to your art so that people can view it instantly.
How to Turn Your Ethereum Coin into Cash
When someone buys one of your NFTs, you’ll be paid in Ethereum. Although there are several things you can do with it, you might prefer cold hard cash. You need to use a cryptocurrency exchange application. Although there are many to choose from, we suggest using Coinbase.
After downloading the application, you need to link a debit or credit card. Next, you can request to receive Ethereum via a QR code. Once you’ve created a unique ID, you can send ETH from your MetMask wallet.
Conclusion
Although there are several steps to become an NFT artist, it can be done. So, don’t be intimidated by the process. The sooner you start, the sooner you can begin to claim royalties.
Author Bio: Alex Lysak is the CEO of ScanTeam. I have been working in online marketing since 2011, my main areas of expertise are marketing research, social media marketing, and SEO. During 9 years of experience, I have helped many products and startups develop marketing strategies and implement them further. https://twitter.com/lysak_aleksandr
