So you want to figure out what an NFT is, and maybe create a single piece or even a collection to sell online, that’s great! Congratulations, because making that decision means you’ve already taken the first step toward sharing your art with an entirely new pool of potential customers online. Go you! In this piece, we’re going to help you figure out what an NFT is, explain you on How Can Artists Make An NFT, and show you how you can make one (or a collection!), and how to best select your NFT marketplace to begin selling your work.
Table of Contents
- How Can Artists Make An NFT (Easy Steps)
- SO, YOU WANT TO FIGURE OUT WHAT AN NFT IS…
- Okay great, so how the heck do I create an NFT?
- Conclusions on How Can Artists Make An NFT
How Can Artists Make An NFT (Easy Steps)
At Artists In Business, we can help give you even more super detailed guidance when it comes to making and marketing your NFTs when you check out our Profit Canvas Program. Have a second? Give it a peek!
Alright, so let’s get into it!
SO, YOU WANT TO FIGURE OUT WHAT AN NFT IS…
As we went over a bit in our article Build A Profitable Art Business Today, A Comprehensive Guide To Web 3.0, NFTs & Art (WRITER’S NOTE: link to SEO article #3) an NFT stands for non-fungible token… which we know, kind of sounds like the name for a moldy quarter you’d find under the backseat of your car. But, thankfully, it’s not.
NFT is just a fancy way of saying it’s a unique digital piece of art that is non-replaceable and can be traded and sold on an NFT marketplace. It can be a drawing, painting, sketch, photo, music, rendering, etc… NFTs are designed to give the purchaser ownership of the original work in a digital space. The purchaser also gains the ability to post the image online, set it as their profile picture, and flex about it to their friends so they can say, “I got the original, baby!”
Think of it like the Mona Lisa, many have copied it but there is only one original. In the case of your NFT, people may try to copy it, but the original and its registry as the original will be irrevocably recorded on a blockchain (more on that later). Plus, unlike the Mona Lisa, nobody will be able to throw cake on your NFT. Bonus!
Okay great, so how the heck do I create an NFT?
STEP 1: TIME TO TURN PHYSICAL ART INTO NFT ART
How do you turn physical art into NFT art? Magic. Just kidding. First and foremost, you must be the creator and owner of the piece of art that you want to turn into an NFT. You’re an artist, you’ve got work, so this should be no sweat!… not that you sweat a lot, or maybe you do, we don’t judge, so, um keep sweating!
Now it’s time to digitize the work. (All that means is put it online, and as long as you have an internet connection, you’re good!).
One way to go about this is to simply take a photo of your work with your smartphone or digital camera and upload your file. If your artwork is a flat piece (painting, drawing) you can also scan it with a 2D scanner specially made for artists.
However you digitize it, you want to ensure that the colors, dimensions, and presentation of the digitized piece are accurate and true to your original piece. Like let’s say you want to upload your file of an orange tomato, but when you upload it, it looks purple, and more like a pear. Interesting, perhaps, but not what you’re going for.
There are all kinds of ways to adjust, and a simple search online should be able to give you the tips you need to ensure your digitized art is perfectly colored, sized, and presented. (Photoshop anyone?).
Your digital file can be a JPEG, MP3, GIF, PNG, just make sure that when you upload your file it is compatible when you eventually select your NFT marketplace. And voila! You’ve now got artwork digitized and ready to go! How simple was that?
STEP 2: CHOOSE YOUR BLOCKCHAIN
A blockchain, in laypersons’ terms, is a highly secure, online record of all transactions made in bitcoin (or other cryptocurrencies) making it very difficult to steal or distort. As reported by NFT Now, one of the most popular blockchains with NFT artists is Ethereum. “It’s highly decentralized and provides all the financial and legal services one typically needs for transactions without the need for any intermediaries.”
However, it’s also one of the most expensive blockchains and it does use A LOT of energy. Understandably, those who may be a bit more fiscally conservative or worried about the impact of Ethereum on the environment may want to go with different blockchain technology for this reason. Tezos and Polkadot have much smaller carbon footprints than Ethereum.
When you choose your blockchain just make sure that it aligns with your values, is supported by the marketplace you go with, and checks all the boxes when it comes to being the hub for your NFT. To hear more about top-rated blockchain technology, you can read the full article by NFT Now here.
STEP 3: SET UP YOUR DIGITAL WALLET
Once you’ve chosen the blockchain technology that you’d like to move forward with, the next step is to set up your digital wallet. Ah, the digital wallet, one benefit is… you’ll never get your pocket picked! Take that sticky fingers at the train station! A wallet will allow you to hold onto cryptocurrency without fees and store NFTs for buying, selling, trading, or transferring to someone else. Cool!
As outlined in this piece by Wired, your digital wallet is decentralized so you control the account, meaning, “Only you are responsible for what’s in the wallet, remembering the password and secret seed phrase that unlocks the wallet, and managing the fund that it holds.” (Whatever you do, don’t forget your password and secret seed phrase! Write it down, commit it to memory, or tattoo it on your arm, whatever you need to do!).
You’ll want to set up your digital wallet so that it will be compatible when you select your NFT marketplace. As we mentioned before, you’ll also want to be comfortable with the blockchain technology that the NFT marketplace operates on.
As Wired details, the OpenSea NFT marketplace, one of the biggest in the world, is a popular option for beginners and “supports Ethereum, Polygon, and Klatyn blockchains; most transactions use Ethereum and a lot of NFT traders use Metamask to buy, sell, store, and list for purchase NFTs they got through OpenSea. Some of the top NFTs on OpenSea include ‘CryptoPunks’ and ‘Bored Ape Yacht Club.’”
Bored Ape Yacht Club is one of the most popular collections of NFTs which you may already be familiar with, you know like the ones Jimmy Fallon and Paris Hilton bought and hyped up in this somewhat cringe interaction. And CryptoPunks, in short, pixelated zombies with beanies, recently sold the CryptoPunk 7523 for $11.7 million. (Wow! But do you really want to invite a zombie into your home?).
In addition to Metamask, other popular digital wallets include Coinbase, Rainbow, Trust Wallet, Phantom, Solflare, and Sollet. If you’re having trouble deciding which wallet to select, (we get it there are tons of choices!), then this article detailing the best NFT wallets for 2022 should be able to help!
Once you’ve set up your digital wallet, it’s time to purchase cryptocurrency. According to the Motley Fool, “Most NFT platforms accept Ether, the cryptocurrency of the Ethereum blockchain platform. If you already own some cryptocurrency elsewhere, you’ll want to connect your wallet so you can use it to create and sell NFTs.”
STEP 4: SELECT YOUR NFT MARKETPLACE
Okay! Now it’s time to select your NFT marketplace. OpenSea, as we’ve already mentioned, is a good place to start for beginners, because you can mint your NFT with them. Minting is the process whereby your NFT is published on the blockchain and becomes purchasable online.
Once you’ve chosen your marketplace, you’ll want to connect your wallet so you can pay the minting fees (usually minimal, but make sure to double-check) and hold the payments you get from sales. OpenSea accounts are free (other than the cost of minting) though there can be fees, called “paying gas,” associated with sales and trades, which we will get into later. You can see some of the “gas” here on OpenSea’s support page.
This marketplace is also very user-friendly for making trades. And remember, as we stated earlier in this article, it’s important to make sure you’re happy with how you digitized your piece of art (coloring, dimensions, presentation) because once you mint it on the blockchain you WILL NOT be able to alter it. Yikes!
According to Decrypt.co, “OpenSea generated more than $5 billion in total trading volume in January between Ethereum and Polygon sales, breaking the previous record from August 2021.” As Bugs Bunny might say, “Dat’s alotta carrots!”
Other NFT marketplaces that are good for beginners are Rarible, LooksRare, and Binance. Some NFT Marketplaces are highly-specialized. NBA Top Shot, for example, is basketball-focused, so you wouldn’t list an NFT on there that didn’t have to do with basketball. For more information on popular NFT marketplaces, check out this article by Wealth Of Geeks.
STEP 5: TIME TO UPLOAD YOUR FILE AND MINT YOUR NFT!
So you’ve selected a marketplace that’s supported by the blockchain of your choice, you’ve gone through the connect your wallet phase, and you’re raring to go.
Now it’s time to upload your file and mint your NFT! Your marketplace will have a simple process with which to follow to do so. So, um, happy minting! (What do you call it if you mint two NFTs? A DoubleMint? No, no that’s the gum…!).
When creating a listing, entering a title and description is crucial. Write a title that’s attention-grabbing and informative, but not too “salesy.” (Is that a word? We think it’s a word). The description is a great place to tell your Signature Story (WRITER’S NOTE: LINK TO AIB SIGNATURE STORY SEO ARTICLE) and give the potential buyer a peek into your life, process, and journey as an artist.
They want to know the person behind the art so let them in! We cannot stress how important it is to have a solid Signature Story, so if you haven’t developed one yet, our Profit Canvas Program is specially designed to help you do so.
STEP 6: SET UP THE SALES PROCESS
Now it’s time to set up the sales process and choose how you want to sell your NFT. As this article by Oberlo points out, with OpenSea, you get two options:
“On Sale: If you want to sell your NFT for a fixed price, go with this option. To create an on-sale listing, simply enter the price for your NFT and choose the length of time you want the listing to be active.”
OR
“Auction: In this type of listing, you set a minimum price (also known as the reserve price) for your NFT. Then an auction takes place, where the highest bidder gets to purchase your digital asset.”
“Whether listing on sale, or auction, the average price of an NFT can vary anywhere from $100 to $1,400, depending on its scarcity, utility, and popularity. Additionally, fluctuations in the value of the underlying cryptocurrency may impact a non-fungible token’s price.”
To ensure you are not losing money on your NFT sale, be wary of paying gas (fees). Per The Motley Fool, “Depending on the platform and pricing, you could pay a listing fee, an NFT minting fee, a commission on the sale, and a transaction fee to transfer money from the buyer’s wallet to yours.”
Fees can also go up or down depending on the swings in cryptocurrency valuations. So just make sure you fully understand all the fees that may be attached to your NFT when you select your NFT marketplace. Read the fine print folks!
STEP 7: START WITH REASONABLE EXPECTATIONS
Sure we’ve all heard about digital artists like Beeple or PAK selling their NFTs for millions upon millions of dollars. (PAK created pieces of “masses” that people could buy, with the collection eventually becoming known as “The Merge” which has amassed around $91.8 million. As Elmer Fudd might say, “Dat’s a lotta rabbits!”) But we would urge you to be reasonable and start out thinking small and incremental.
Focus on one particular NFT or collection of NFTs that you want to begin selling online. Create a marketing plan to get the word out there, stay engaged with your community and follow trends online.
Let people in your community know that you’ve gone online! Social media, email, phone calls even! After all, your community loves what you do and WANTS you to succeed, so don’t be afraid to give them a buzz! Buzz, buzz, buzz!
There’s no guarantee that you will make money immediately with your NFTs online, but once you start you’ll be able to learn from any mistakes you make, pivot, adjust and continue to grow a community of people online that are interested in your digital art and want to be a part of your journey! Be realistic with what you are willing to spend online, in the beginning, to share your NFTs (know those fees!). Be present and test the waters to make sure you want to sell an NFT.
Conclusions on How Can Artists Make An NFT
Is there a chance that NFTs may not be the road you’d like to travel down? Sure, but you’ll never know until you try, right? It can be a fun and exciting road to take some steps down and we at Artists In Business are all about getting you out of your comfort zone and trying new things that are directly related to you being an artist, sharing your work, and growing your art business.
You’ve got incredible art, so why not explore a new revenue stream and turn physical art into NFT art? Whether it’s physical or digital pieces, art is art! So you go boy, or girl, or however you identify! You got this!
Leave a Reply