Sell Your Art as an NFT

NFT

Definition of an NFT:

Individual tokens with extra information stored in them. That extra information is the important part, which allows them to take the form of art, music, video (and so on), in the form of JPGS, MP3s, videos, GIFs and more. This means that artists can transform their artwork into digital art that may include other elements like sound or moving image like GIFs and be sold as an NFT.
(for SEO, in this article I will also refer to them as 'digital artworks').

Words You Need to Know

  • NFT Stands For (Non-fungible token) - “Non-fungible” basically refers to the fact that it’s unique and can’t be replaced. For example, a bitcoin is fungible — trade one for another bitcoin, and you’ll have exactly the same thing. A one-of-a-kind trading card, however, is non-fungible. If you traded it for a different card, you’d have something completely different. 
  • Minting - The process of creating your art into a digital image. 
  • Ethereum - A kind of Crypto currency 
  • Gas - The term used to describe the fee, or pricing value, required to successfully conduct a transaction or execute a contract on the Ethereum blockchain platform.
  • Centralised wallet - an online digital wallet that is used to store your cryptocurrency and where your online payments will be made to after selling an NFT online. 
  • NFT Platform - there are multiple sites in which you can make and sell your art (transformed into an NFT). I have included a list of these platforms below. 
  • Meta Mask - a cryptocurrency wallet used to interact/store with and store the Ethereum blockchain currency. You will need a MetaMask account to receive digital payments for your digital artwork.
  • Blockchain - Although the mechanics of blockchain are extremely complex, the basic idea is simple: to decentralise the storage of data so that such data cannot be owned, controlled or manipulated by a central actor.
In this case - the reason why they can become valuable - is because the data of the image is logged as belonging to one individual and cannot be 'controlled or manipulated by another' once an NFT is purchased. 

More about Blockchain Technology

How Do They Really Work?

At a very high level, most NFTs are part of the Ethereum blockchain. Ethereum is a cryptocurrency, like bitcoin or dogecoin, but blockchain also supports them, which store extra information that makes them work differently from, say, an ETH coin (Ethereum coin). It is worth noting that other blockchains can implement their own versions of NFTs.
Top Tip: the platform Mintable offer 50 free mintings so you can create 50 NFT's for free to try this out for yourself!

Sell Your Own NFT's Step by Step Guide. 

As I was just starting out with this and wanted to give it a try as a total newbie to everything NFT and cryptocurrency, I decided to give Mintable a try because of the zero starter investment. 
  1. Create an account on Meta Mask (online Crytocurrency wallet).
  2. Create an account on Mintable.
  3. Inside your account, connect your Meta Mask wallet (to do this you must remember your Meta Mask password. 
  4. In the top search bar of Mintable click on Mint an Item. 
  5. Click on Create a New Item.
  6. Upload your image and add an item categories, title, sub-title and description. 

Ethereum

Do people really think this will become like art collecting?

This is a question that is eluding me as an artist, like many others spend hours, days, weeks, sometimes months creating a single piece of artwork. And this new art market is turning into something phenomenal...like the person who paid almost $390,000 for a 50-second video by Grimes or the buyer of a video by Beeple for $6.6 million. clearly these purchases are more investments by the super rich who hope to indeed make money from these extravagant purchases in the future! As for how it will go...we will have to wait and watch but if you are an artist thinking of giving this pathway a try what is there to lose?

Is It Really Worth All The Hype?? 

The truth is...in the long run, I do not know, and I definitely could not say whether you will earn any money (at least not quickly). While Mintable offers 50 free initial NFT creations - ordinarily you need to invest some money to turn your digital works in to reality, including the minting process, the commission fee charged by the platform when you sell and the transaction fee to export your Ethereum currency into your own bank account. For me it is going to take a bit more research to really understand this new wave of technology but it certainly dam interesting to watch these new things emerge in the world! If you give it a try I'd love to hear your stories and how it has worked or is working for you! To help below are a list of the best platforms to get started.

Platforms 

SuperRare [https://superrare.co/]
Markersplace [https://makersplace.com/]
Async Art [https://async.art/]
Decentraland [https://decentraland.org/]
Have further questions? Contact me - I'll be continuing to brush up my knowledge on this topic as I give this crazy new phenomenon a try! 

 

2 comentarios

  • Hi there Nelson! Thanks for your comment. In reply to your question/thoughts. I believe so yes. The artist did actually receive the cash in dollars. Of course the initial payment for his artwork NFT was purchased in crypto currency but as the receiver of that crypto currency he was then able to transfer them into dollars.

    This is the posted statement below;

    “Crypto artist Beeple received the $53 million proceeds of his record-breaking NFT sale in Ethereum—and quickly exchanged it for US dollars”, Mar 23, 2021

    As my own research goes in this crypto field – I am super late to the game!! But certainly this is a real thing and quite possibly the way of all our future currencies…its too early to tell but the biggest currencies in the crypto market have been around since 2008.

    Very best wishes
    Samantha

    Samantha Wilson
  • If we read where a piece of NFT is sold for $50 million, is that in U.S. dollars, or in cryptocurrency? If it’s sold in cryptocurrency,
    I know of no United States bank that is going to actually give the seller $50 million in U.S. dollars, do you?

    Nelson Kane

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