How to Sell Your Own Art as an NFT

Create and sell NFT – the most important thing in a nutshell

  • There are many different marketplaces on the internet where artists can sell their works as NFT.
  • NFTs can now be created for free in many marketplaces. A fee is only charged on sales.
  • In principle, anyone can create NFTs.
  • Selling an NFT requires a crypto wallet and some coins.

NFT as an investment

Last year, non-fungible tokens (NFTs) reached the mainstream thanks to rapid growth: experts at US bank Goldman Sachs estimated market volume at $ 17 billion in October 2021. According to market research site, by 2020 it was still around $ 340 million.

Technology experts predict the final breakthrough for 2022. But there are also critical voices: They warn of a giant speculative bubble. Buyers and sellers should be aware of the risk: If demand and hype for an item fall, NFT can quickly lose value.

From an investor’s perspective, however, NFTs enable a whole new class of assets. This also makes the digital ownership certificates based on blockchain technology more and more interesting for artists. Where to buy NFTs is well known to crypto fans. But how do you create and sell your own NFT? What to keep in mind when creating and selling NFTs.

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What are the odds of actually selling an NFT?

The collage “Everydays: The first 5000 Days” by artist Mike Winklemann brought in $ 69 million at auction last year. It is the most expensive NFT ever sold. Do not be fooled by large sums like this: Not all NFTs are sold at top prices – many do not find a buyer at all. The market for the NFTs sold for large sums has so far been reserved for a relatively small group.

A team of researchers published a report in the journal Nature in October showing that the average retail price of 75 percent of NFTs is less than $ 15. Only one percent of NFTs realized prices above $ 1594 in the survey period between June 2017 and April 2021.

In addition, only 10 percent of merchants are responsible for 85 percent of all transactions. And although art NFTs are getting a lot of publicity right now, they make up only 10 percent of the market. The proportion of digital collectibles such as baseball collectibles or NFTs used in video games is much higher.

Famous artists have it easier than beginners. They already have fans and buyers for their analog art that follow them into the digital world. Smart backup prices and a smart marketing strategy can help find buyers.

NFTs: What are the benefits for artists?

NFTs serve to secure ownership of digital as well as physical goods. Artists can thus offer their works directly all over the world. That way, they can avoid auction houses and gallery owners who charge buyers a surcharge on the auction price.

In addition, creators of NFTs can benefit from resale. In this case, designers program automatic royalties into the blockchain of their works. If NFT is resold, the artist automatically receives a certain percentage of the sale price.

Create NFT yourself: What are the requirements?

Anyone can create an NFT that requires no reputation as an artist. The premise is that you have the ownership of the work of art you want to sell in the form of an NFT.

You will also need a crypto wallet and some coins to pay fees and eventually receive cryptocurrencies as payment when NFT is sold. Since most NFTs are based on the Ethereum blockchain, it is advisable to buy Ether.

Suppliers and Venues: Where to Sell NFTs?

To sell non-fungible tokens, you must have access to a suitable platform. Some of the most popular and user-friendly marketplaces for selling NFTs include:

Unlike the other NFT marketplaces, not everyone can offer NFTs on Super Rare. Artists should apply here. A jury decides which artists are whitelisted.

Costs and Fees: Are NFTs Free to Create?

Artists should also find out the cost and fees in advance. The fees vary from platform to platform. NFTs can now be created for free in many marketplaces. This includes Opensea. The supply and competition on the platform is correspondingly high. At the same time, NFTs also reach a wide audience there.

There is no fee to set up NFT. However, if NFT is sold, the company charges a service fee of 2.5 percent of the sale price.

The reason: Instead of storing data on the blockchain immediately after creation, NFTs are embossed upon purchase. This process is also known as “minting”. Buyer pays So gas fee when buying NFT.

What are gas charges?

Gas fees are the transaction fees for the Ethereum blockchain. “Gas” is a small amount of ether. Fees vary. It is determined accordingly by supply and demand. The more transaction requests, the higher the fees. The amount of computing power required for the transaction is also a crucial factor.

Which blockchains do NFTs support?

Some of the most popular blockchains that support NFTs are:

  • Ethereum
  • Solana
  • Binance SmartChain
  • Flow by Dapper Labs
  • Tron
  • Tezos
  • cosmos
  • EOS
  • WAX
  • Polka dots

However, most of the NFT embossing happens on the Ethereum blockchain.

Instructions: In three steps to your own NFT

Create art

An NFT can be anything that can be tokenized. In addition to digital works of art, analogue works of art, music, videos or trading cards can also be sold as NFT. However, the most valuable NFTs are currently digital works of art.

No special software or app is required to create digital art. Depending on the artwork, everything from graphics and image editing software to video, audio and 3D applications can be used. Artists can therefore create NFT art with Android and iOS as well as on mobile phones, laptops or PCs. To create NFTs from analog works, the objects must be photographed or scanned.

Smaller artistic NFT enthusiasts can hire a designer to design their NFTs through online marketplaces like fiverr or Upwork.

Tip: Most successful NFTs are part of a collection. Many artists therefore create an entire collection at once and not an independent NFT. A collection consists of a basic character with different attributes.

The most famous NFT collection is the Bored Ape Yacht Club. The collection consists of over 10,000 NFTs – all with bored monkeys. But each monkey wears different accessories and is depicted on a different background.

2. Create NFT

Next, the artist selects a marketplace where the artwork will be converted to an NFT to offer for sale. The process is also known as “embossing” or “embossing”. Once embedded, it is impossible to edit the file stored on the blockchain.

In addition to the upcoming fees on the individual platforms, the designers should also orient themselves on the marketplace specifications. For example, in terms of the allowed file formats and sizes.

The file is then uploaded to the platform. In a kind of profile, the artist provides interested buyers with additional information. In addition to a name, NFT must also have a description. For example, the creation of the NFT can be described there. Some marketplaces also allow artists to add additional material to the NFT, such as a personal message to the buyer.

If all the information is there, you have created the NFT. Only no one can buy NFT yet.

3. Sell NFT

In order for your NFT to be visible to buyers, you need to list it for sale. To do this, click “Sell”. Now you need to decide which tokens to accept as payment and whether you want to sell your NFT at a fixed price or via auction. If you decide to go through an auction, place a minimum bid.

This also sets the percentage that the artist receives when NFT changes hands. Once the process is complete, the audience in the NFT marketplace can be made aware of the NFTs. Now waiting for a purchase offer.

More: A new asset class is about to make a breakthrough in 2022.

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