To be able to buy or sell art as NFTs, one needs to have a fair knowledge of cryptocurrencies, the NFT marketplace, and blockchain. Now, this process doesn’t come without the risk, so you should be ready to take them. In this article, you will find the necessary steps on how to sell art as NFTs. Read on! Related reads:
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You’ll Learn the Following Topics:
What is NFT? What are digital NFT wallets? NFT Marketplace Minting your NFT Gas fees Sell Art as NFT
What is an NFT?
Before we learn how to sell art as NFT, these are some of the basic terminology and concepts involved in digital transactions. Non-fungible token, or NFTs, gives your art a unique digital ownership certificate and copyright that can be sold on the NFT marketplace. It can be in any one of the forms, as displayed in the image below. The NFT, from its definition, is not a currency or equivalent to a coin. In a sense, your art as NFT can never be divided into parts of tokens that equate to its original value.
What is Digital NFT Wallets?
If you want to buy art in the form of NFTs, here’s what you need to know. NFTs are accessible using crypto wallets that securely store all necessary information about your digital collectibles on the blockchain. Cryptocurrencies must be added to your wallet for the transaction purpose of NFTs. It is clear that an NFT wallet is a must. However, it is equally important to choose the best NFT wallet. Otherwise, it becomes pretty easy to scam people to exchange their blockchain information, leading to losing all your effort and money in the digital world. Here are a few top NFT wallet suggestions:
The NFT Marketplace
No matter how attractive or amazing your piece of art is, you need a digital platform to display your NFTs for sale and possibly buy NFTs from other artists and creators as well. The NFT marketplace is a digital platform that allows the safe purchase of NFTs from various artists and content owners. You can digitally upload your art in any form of the following:
Images Videos GIFs Memes Album songs And more
As you have noticed, it is possible to convert any piece of art to NFT format, claim ownership of your creative skills, and possibly make a career out of it. Below are the top NFT marketplaces to go to:
Opensea Rarible Nifty Gateway Crypto.com Binance
Minting NFTs on the Blockchain
Minting an NFT is a process of publishing your art on the NFT marketplace for trading purposes; in other words, it is the process of converting digital art into digital assets that can be recorded on the blockchain for trade. The minting process includes the digital verification of your artwork, converting art into an NFT on its blockchain using crypto wallets on the NFT marketplace, naming your NFT, and finally making it available for sale by completing all the payments on the marketplace. Once you are done with the minting process, your sale is live, and buyers will be notified about your artwork. You can also choose a bidding option to sell art as NFT to the highest bidder.
Gas Fees and Necessary Transactions
If you want to buy or sell art as NFT, having a digital wallet and going over the legit NFT marketplaces isn’t the only thing that you need to know about. There are other fees and transactions that you have to go through before you can start. The gas fee is the amount users must pay to register their NFTs on the blockchain they choose. The difficulty of miners to mine on the blockchain and traffic due to various transactions at once determine the gas fees for your NFT. Gas fees are measured in terms of ‘gwei,’ which is calculated by
Gwei = gas limit × gas price per unit
The gwei is ETH measured in nano terms(10-9). If you want to avoid the gas fees and move directly to the buy/sell phase, there is an option called “Lazy Minting,” which allows users to pay only when their NFT tokens are sold. However, it is hard for any artist to start making profits in the digital world with unpredictable gas fees for your NFT.
How To Create An NFT For Your Art?
As mentioned, NFTs are in any form of art, such as songs, images, videos, GIFs, etc. And here’s how you can turn your art into NFT. Just follow the steps below:
Step 1:
Add crypto like Bitcoin or Ethereum to your digital wallet. To do that, sign-up with your credentials on Crypto.com.
Step 2:
Go to the NFT Marketplace website of your choice, for instance, Opensea.io. Connect the Crypto wallet to your NFT Marketplace in the next step. Then, create or upload art into your private space in the NFT marketplace.
Step 3:
Pay the appropriate gas fee fixed by the website to register your NFT on the blockchain. If you want to know more about gas fees, refer to ethereum.org. And if you want to calculate the gas fee accurately, just go to gwei. at
Step 4:
The last step is to add information about your NFT, such as the type of digital art, who has ownership, and other data that describes the NFT. Then, fix your sale price with or without the auction. Note: The sale price is not a direct equivalent value of the centralized currency; it is a crypto-based currency. These are the major steps involved in how to sell art as NFT.
Factors To Consider Before Stepping into NFT Trades
Risk factors:
The NFT marketplace is a competitive platform where various artists showcase their creativity in the form of NFTs. Therefore, your art must stand out. Your NFT may remain unsold. Regular increases in gas fees will make it hard to upload your artwork regularly. The unpredictability of your NFT purchase and the bid amount. A sudden drop in the value of cryptocurrency may hinder your profit.
Benefits:
Unique digital certification and ownership for all your creative Artwork. Safe and secure transactions throughout the entire process. There have been records of NFT sold for millions and thousands of dollars. There are ways to invest and mine cryptocurrencies to receive a profit, which can be further used to sell art as NFT.
Also read:
8 Best Stock Market Apps For Android (2023) 8 Best Poster Making Apps for Android in 2023 5 Best Digital Wallet Apps for Android (Fast and Secure)
Digitize Your Creativity
In this article, we saw how to sell art as NFT. The NFT marketplace has evolved into an investment platform over the past few years, attracting people to the digital world of arts. Considering the risk factors and gaining more knowledge on the Ethereum blockchain and cryptocurrencies, users can dive into the investment in NFT and buy or sell art as NFT. Are you planning to sell art as NFT in the near future? Do share your experience in crypto, and also let us know some of your NFT wallets, marketplace, and why you think they are safe for the upcoming generation!
