What is NFT? What does NFT stand for? What has art got to do with NFT? Can you make money from NFT? Can NFT be sold at what prices? What does NFT represent? Is the data protected? Can NFTs transactions be tracked, and in what way? What accounts do we need to open to start creating our first NFT?
While the NFT art and paintings continue to sell at incredibly high prices, many designers and artists are choosing to turn to NFTs. Since it is about selling artwork through online auctions, anyone can learn how to make their own NFT and sell it. However, if you are planning to sell, buy or trade NFTs, you will have to pay special attention to various fees because you will have to pay a few of them, and they are not cheap.
Auction house Christie’s sold NFT art for an incredibly high price, for 69.3 million dollars, which set a world record in NFTs and thus entered the world of the metaverse.
It has pushed boundaries in a certain way and given artists and designers a completely different way of expressing and selling their works.
Demand for NFT is growing every day, although this technology is still in its infancy, and believe us, NFT came here to stay and introduced us to a whole new world of digital business. More and more people are turning to markets like digitaleyes for potential investment.
You probably have a headache from hearing and reading about NFTs everywhere on the internet, you are confused by all these abbreviations and different names. Finally, you have come to the right place, where we will try to explain to you as simply and clearly as possible what NFT represents and what exactly it has to do with art.
What is NFT?
An NFT is an abbreviation for a non-fungible token, it is a unique data unit that uses technology and allows digital content to be recorded and stored. It is irreplaceable and verifiable digital things.
To make NFT, you need to have the right platform and a certain type of payment through which you will pay all the fees and receive a payment if your NFT sells. Although NFT is made and sold online, through various platforms, before choosing a platform, we recommend that you thoroughly check all the fees required as they vary in price.
How to make NFT art
Step 1. Decide on your concept
The first and basic thing you need to do before taking any steps is to decide on the concept of your NFTs. We suggest you think carefully about this step, whether it is art, music, poetry, 3D model, or any other form of digital art.
The concept of your work is one of the most important things because it represents your vision, imagination, and creativity that will present you and your work to the whole world and will forever remain a trace of your work in digital print.
We suggest choosing what you are good at and what suits you best and developing your work further.
Step 2. Choose an NFT marketplace
This is the first step in creating your NFT artwork, and there are currently two types of platforms to choose from, curated and self-service platforms
Curated platforms is an NFT platform that allows only authorized artists and individuals to mint or create their digital art tokens, it is high-quality digital tokens that have much higher fees. SuperRare is a platform that falls into this category.
Self-service platforms allow everyone in the market to create their NFT with whatever they want, whether a photo, audio file, video, or combined. You set your billing percentage from the sale of each token. Platforms that fall into this category are OpenSea and Rarible.
After choosing the platform you want to use to create your account, it’s time for the next step, creating your digital wallet.
Step 3. Creating a digital wallet
You can think of a digital wallet like a regular wallet, this wallet is only for cryptocurrencies and the NFTs you own of a particular blockchain. For example, Ethereum is a cryptocurrency associated with the Ethereum blockchain.
If you already have another cryptocurrency wallet with ETH, you can create a MetaMask wallet by converting ETH from your original wallet to the MetaMask wallet. You will have to pay a gas fee to create your NFT, the price ranges from $ 10 to $ 200.
Step 4. Create your art
Every artist has their process of conception and creating their masterpieces, you have to think about how your art will be interpreted in the digital world. To make your own NFT art, we suggest you follow these guidelines and add some of your own if you think you need them.
- Be creative, think outside the box, use materials, tools, and techniques that you have and already know.
- Invest in a new program or technology that will give you a better quality of creating your art.
- Think about what kind of audience you want your work to like, constantly keep your audience in mind.
- You can ask certain social media questions to better understand what your target group likes and does not like.
- Choose what type of NFT you want yours to be, whether it is an audio file, written components, music components, or all three combined.
- Note that OpenSea accepts different file types. Choose the one that suits you best.
- OpenSea also has a file limit of 100 MB.
Creating your collection of digital art token
In the first step, you are not creating your art yet, and you need to enter My Collections in the OpenSea account, which serves as a gallery of your digital art and a store. Next, you must enter a title a description of your art and upload the image or audio you want to display.
Creating your digital art token
When you have finished creating the collection, you can start creating the NFT.
Click on Add New Item, it can be visual (JPG, PNG, etc.), audio (MP3, etc.), and 3D files (GLB, etc.), and name your token.
When minting, you will have to do this one by one. Although you can have an unlimited number of mint tokens, the process goes individually.
There are two types of token creation: Stand-alone Token and Edition Tokens.
- A Stand-alone Token is a token where you can create just one copy of that digital art token making it so much more valuable.
- The Edition Tokens are those you can create multiple copies of the same token; you need to add the issue number to distinguish the original from the replica.
Certain properties, characteristics, social media links, and the creation date of your token can be added. After adding the necessary information, description, and name, you finish with the Create option.
When you select this option, you add your NFT to the blockchain, and that part requires ETH to pay gas fees to grant access. You can choose which types of tokens you want to accept in exchange for your art, as well as the royalty percentage you get from secondary sales.
Step 5. Selling and promoting NFT Art
Once you make your NFTs, you can put them up for sale or auction. But you have to keep in mind that if this is your first time creating and selling NFT, you will have to pay a gas fee before listing your art.
You can promote your work through social networks, and you can collaborate with influencers to help you promote your work.
Do you need to invest in NFT art?
Our answer is definitely yes. Why? Well, because this method allows you a constant view of earnings and allows you a percentage of sales every time someone new buys your NFT art. Which, in a way, can be seen as a lifelong investment.
Because the sale of NFT art takes place online, it does not require renting space in galleries and auction houses and allows you a certain profit without paying large commissions, and the profit from the sale is only yours.
Story by Chris Johnson
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