Non-fungible tokens (NFTs) are gradually gaining popularity not only within the virtual currency industry but globally. This growing popularity has prompted many people to search for how to create NFT art and eventually join the raging mania.
First, Non-fungible tokens are digital assets built on blockchain technology that represent various rare and unique items like virtual real estate, digital pieces of art, collectible sports cards, and many more.
Many people earn a lot of money from these tokens, both the traders (collectors) and the creators (artists).
This article will reveal the benefits that digital artists gain from creating NFT art. It also provides a step-by-step guide to make NFT art and answers frequently asked questions you may have about the emerging industry.
Throughout history, artists have struggled with earning more from their works even when the value appreciates. But, this case is not right of NFT art. If you are an artist, you need to may want to consider creating an NFT because of these three primary reasons:
Lifetime Royalties: Artists do not only make money from selling their digital art tokens one-time but can keep earning from them as long as those tokens exist. You can program royalties into your digital artwork, and this allows you to receive a percentage of sales profit anytime the artwork is sold to a new user.
The percentage programmed into the artworks can range from 2.5% to 10%, and this ensures that you receive interest on life-time resales of the NFT art.
Cheaper to Set Up: Since the NFT art sale is conducted online via various peer-to-peer marketplaces to a global audience, you do not have to spend money on auction houses and art galleries. This allows you to keep a significant portion of the profit made from sales.
Verifiable and Authentic: Although anyone can view your digital artwork token, link to it, or even download it, it is only owned by one person at a time.
Once it is entered into the blockchain, it possesses an unmistakable certificate of authenticity because the creator, purchase price, and subsequent owners and acquisition prices are visible and travel with the piece. This contributes to a level of market transparency that has never existed in the traditional art world.
The next section provides a detailed step-by-step guide on how to create NFT art.
You can create a digital art token by carefully following the steps below:
(OpenSea.io is the industry’s largest NFT Marketplace)
This is the very first step to creating your NFT artwork. There are two categories of this peer-to-peer marketplace that you can choose from, they are:
Once you have selected the marketplace you want to use and opened an account with it, it is time for the next step. However, since this article promises to be beginner-friendly, it uses the marketplace, OpenSea, as a case study on how to create your digital arts token.
The next step is to create a digital wallet to store both your cryptocurrencies and your NFTs. Yes, cryptocurrencies, Ether precisely, are needed in the NFT creation process.
It would help if you had Ether since several NFTs are created on the Ethereum blockchain. The ETH is used to pay the gas fee, the Ethereum blockchain transaction cost before listing any token you have made.
OpenSea usually recommends using the Google Chrome extension of the MetaMask cryptocurrency wallet, purchasing your ETH, and getting ready to mint NFTs.
However, suppose you already have another cryptocurrency wallet with ETH in it. In that case, you can create a Metamask wallet and transfer the ETH from your original wallet to the Metamask wallet.
It costs about £10 to £200 worth of ETH to pay for gas fees while creating an NFT. So, if your funds are ready, get into the next step.
You are not creating your digital arts token yet at this point. On the interface of your OpenSea account, you will see My Collections; click it. It serves as a store or gallery of your digital arts.
Now, you need to customize your collection by entering a name for it, writing out the description, and uploading a display image. This creates the groundwork for you to display your artworks when you have created them.
Once you have finalized your collection, it is time to enter into the primary process of creating your NFT. Click on Add New Item, and it will provide you with the option to upload metadata which includes visual (JPG, PNG, GIF, etc.), audio (MP3, etc.), and 3D files (GLB, etc.) and give your token a name.
You can choose to mint an unlimited number of tokens, but you do it one at a time. It is also important to note how many editions of the same token you want to create.
Next, you can add properties, levels, and stats where relevant, as they enable the buyers who are exploring your collection to filter your artwork. Properties can be something like the date you created the token.
Once you have added all the necessary details, including social links, updated image, description, and name, click “Create” to add your NFT to the blockchain, and this step would require ETH to pay for approval and gas fees.
Next, you can choose the payment tokens that you would like to accept for your digital art. You can also select the percentage of royalty to receive on the secondary sales of your artwork.
Once you have created your NFTs, the next thing to do is to list them for sale. You can either choose a fixed-price listing or auction and set your price.
If it is your first time creating and selling an NFT, you will have to pay a gas fee before listing your artwork.
To create more chances of selling your work, you will need to build a substantial fanbase. Therefore, you need to share your direct link to potential buyers and promote your artwork to fans on social media to help them discover it.
You can create your NFT art without writing any codes.
The step-by-step guide provided above is a typical example of creating a digital art token without coding. It is beginner-friendly and will set you off on the right path to owning property rights over your digital art tokens.
Meanwhile, some NFT platforms also provide a guide on how to do it, and you will probably be able to do it as long as you can use the internet.
While NFTs are a type of cryptographic token, they are quite different from cryptocurrencies. This difference occurs because they are not interchangeable.
Cryptocurrencies can be exchanged for each other at the same value. For instance, one bitcoin can be interchanged with another bitcoin without reducing or increasing the value. But, you can not exchange a non-fungible token for another at the same rate. No two NFTs are the same, even if they are from the same pack.
The minting and trading of NFTs are not all sunshine and rainbows. There are several risks attached to it. They include:
Unlike cryptocurrencies, NFTs are not traded in exchanges mainly because of their interchangeability. However, they can be bought and sold on various peer-to-peer marketplaces. Popular examples include OpenSea, Rarible, SuperRare, Maker’s Place, etc.
The NFT market is still relatively young, and there are many potentials for growth.
A few years back, the entire NFT market was not worth more than £30 million. However, in recent months, with the hype around non-fungible tokens getting higher and prominent figures and institutions like Mark Cuban, the National Basketball Association (NBA), and many more joining the trend, the market is currently sitting at over £300 million.
Getting in early could eventually give you an edge over other artists, and this article has provided an overview of how you can start.