Are you considering becoming an NFT artist? Whether this is a side hustle you want to pursue to earn some extra dollars, a fun new hobby or an attempt at establishing a full-time career, there has never been a better time to get involved in the NFT industry and start selling your digital creations.
To demonstrate how hot the NFT market is right now, a digital artist named Pak recently sold the world’s most expensive NFT in history. PAK’s NFT, titled The Merge, was sold on Nifty Gateway for $98.1 million. In fact, the trading volume for NFTs surged by 704 percent between the second and third quarters of 2021, reaching $10.67 billion.
If this has piqued your interest and you want to get involved in selling your own NFTs, the good news is that there are almost countless types of NFT niches for you to explore. As long as you can turn your work into a digital file accepted on the blockchain (and by the NFT marketplaces), you can sell it as an NFT. Some of the most popular NFT types include:
- Digital mock-ups of physical art
- In-game items
With this in mind, here is a step-by-step guide to take you through the process of creating an NFT, from ideation to minting and selling your artwork.
Choose what type of NFT you want to create
Before you interact with any blockchain or even go near an NFT marketplace, you first need to figure out what type of NFT you want to create. In many ways, this is both the simplest and most complex step at the very same time. The best way to go about this is to start with the end in mind.
What is your goal? Is it to make money, grow your brand, or simply to have fun and experiment with this exciting new industry? Understanding what you want to achieve will help give your direction in your creative process, which is essential if you want to end up with a marketable digital asset and attractive to investors.
If you are already an artist who sells physical works, then this process will be simple for you since you merely need to find a way to transfer the artwork onto the digital realm. However, if you’re starting from scratch, you need to find a way to carve your lane in the busy world and start building a following. The best advice is to stick with something that you are passionate about and hone your skills as much as possible since competition is getting more fierce by the day.
Decide on which blockchain you want to use
Most NFTs are hosted on the Ethereum blockchain using the ERC-721 Non-Fungible Token Standard. The reason why so many NFTs are hosted on this blockchain is its popularity, security, and the fact that it is so widely used by both buyers and sellers. In addition to this, Ethereum acts as a decentralized, transparent public ledger, which allows artists to mint tokens with unique metadata encoded into the smart contract that they can use to represent ownership of their artwork.
With that said, Ethereum certainly isn’t the only kid on the block. There are a growing number of blockchains that support NFTs, so make sure you do your research first before minting your tokens on any one network. Some of the most popular alternatives include Tezos, Cardano, Polygon, Tezos, and Solana.
Buy some cryptocurrency
When creating an NFT, you will need to pay a gas fee. This is the term that we give to the cost of executing a transaction on the blockchain. Therefore, you need to make sure your wallet is funded with the relevant cryptocurrency so that you can cover the gas fees when minting your NFT. For example, if you will use the Ethereum network, you will need ETH in your wallet. If you are using Polygon, you need Matic.
Choose a marketplace
The next choice you have to make is the marketplace where you will mind and sell your NFT. There are dozens of different marketplaces these days, each with its pros and cons. If you want to keep things simple, then you can’t go wrong with industry-leading marketplaces such as OpenSea and Rarible since they sell just about every type of digital asset you can think of.
Mint your NFT
Now it’s time to mint your NFT. This is where you will finally turn your digital file into a fully-fledged non-fungible-token on the blockchain, forever cementing its place in the virtual world. You can enter various metadata that will be etched into the smart contract at this stage. You can even set up features such as automatic royalty payments every time your NFT is sold on the secondary market.
Decide whether or not you want to list your new NFT
Now you have created the NFT; you need to decide what you will do with it. In general, you have two options, hold it, or sell it. If you want to hold onto your NFT, it’s highly advised that you store it on a non-custodial wallet that you hold the private keys for so you can have full control over your digital asset.
If you want to sell your NFT, your best bet would be to use the same marketplace you used to mint the token. Simply choose, set your price and duration, choose between a Fixed Price listing and a Timed Auction, and wait patiently for a buyer.
Making the most out of your NFT creations
All things considered, creating an NFT is a relatively straightforward process, despite the technical jargon and industry lingo. With that said, the hard part isn’t creating the tokens; it’s finding a way to successfully market your work and finding a buyer willing to part with their cash.
As the NFT industry becomes more competitive, you must make an effort to differentiate yourself and stand out from the crowd by building your brand, engaging with your audience, and establishing a presence in the wider community.