In 2014, Kevin McCoy was the first to create a non-fungible token (NFT). Both established and new artists have created sought-after collections that are worth millions. NFTs have been created by celebrities and big brands. Notable institutions such as ArtNet and Christies have also joined the fray.
What’s the boom? I have been an artist advisor and blogger for over a decade.
Artists are taking advantage of this opportunity to create NFTs, and getting in on the ground floor. But like many industries evolving toward the imminent crypto-revolution–the hype around the NFT movement is met with growing skepticism.
This article will cover NFT basics, the pitfalls and advantages of Blockchain technology. We’ll also talk about how to make your own NFT and put it on a marketplace.
- What’s NFT?
- Selling your NFT
- Is NFT really worth it?
- 5 NFT Examples on the Market
What is NFT?
Digital art is not new. Digital art isn’t a new concept. Even well-known artists have adopted digital media such as David Hockney (84).
When it comes to artworks, authenticity and its market value can only be established by careful observation and connoisseurship. It’s easy to re-download and copy and paste and even to interchange.
Transparent authentication and monetization are possible with NFTs. NFTs can include any number of forms but most commonly they are associated with images, audio and video files.
Why is NFTs so appealing to artists and collectors?
A blockchain can reveal the true location of an NFT. It is possible to find out who the owner of an NFT is, and what their value is. Any NFT minted will be unique and cannot be duplicated.
You can download any file you want (even NFTs) but only one person can own the address. The imitation can be enjoyed but you cannot claim ownership.
NFTs are able to identify the owner of digital works of art and assign a value to them. This has led many collectors to turn to the NFT market. Many freelance artists were also inspired by it.
Do you want to create your own NFT? Send your art via DeviantArt to get alerts when someone attempts minting it on a public Blockchain.
Making your own NFT
A new venture, such as starting a freelance business, like creating an NFT requires some planning and strategy. Anyone interested in purchasing an NFT can send me an e-mail.
Tip – NFTs are dynamic and can be new. I suggest that you do your research and keep up to date with the latest developments in your field of NFT creation.
- Create a digital wallet
- Add cryptocurrency
- Choose a market
- Connect your digital wallet
- Upload digital artwork
- Put your item on the market
- Choose minting type
- Add title, description, or a royalty payment
- Sign up to share
- Create a portfolio for your NFTs
1. Create a digital wallet
Create your blockchain foundations prior to creating an NFT. To store your cryptocurrency, you will need a digital wallet.
You can use a digital wallet to make transactions on the NFT market.
To create a digital account, you will need to install a wallet app ( Coinbase or Metamask)
To receive your secret recovery code, sign up with an email address. Your digital wallet software will not be able to recover this twelve-word phrase. Make a note of the code, save it in a password storage application, and make sure it is secured.
2. Add cryptocurrency
The NFT marketplace does not accept cash or cards. Instead, you’ll use cryptocurrencies–the secure, decentralized payment form based on blockchain technology–to purchase, mint, and sell NFTs. Ethereum (ETH) is the primary cryptocurrency that can be traded in the NFT market. You can buy it directly from Metamask.
3. Select a market
It is important to choose the right market for your NFTs.
These marketplaces offer lazy minting. This is great for beginners. The marketplace usually takes a percentage of what you sell (usually between 2.5 and 3%).
4. Connect your digital wallet
To sign in to your marketplace, connect your digital wallet. You can browse NFT collections, and most importantly, you can create.
5. Upload digital artwork
Once you click “create”, you can access the digital world of art. After you’ve selected the file, you can upload it.
6. Put your item on the marketplace
Before you can make your digital file a NFT you sell, you must first make certain decisions.
- Your NFT can be priced. You can place your NFT directly on the market by setting a fixed price, or allowing users to bid. You could also set up an auction-style timed auction.
- After you have purchased, you can add content. Many artists send high-resolution images of their artworks to collectors.
- Choose a collection: You can add additional artwork to your series by creating a collection.
7. Select the minting type
Now, it’s time to “mint,” which authenticates the NFT. You can either pay a gas charge (the cost that Ethereum charges to create the NFT), or just do a lazy mint.
Gas prices can fluctuate depending on the market. Lazy minting stores your work and charges the buyer the gas fee.
8. Enter a description, name, and the amount of the royalty
Titles are essential for all works of art. To make it easy for collectors to find your NFT on the market, add a description and a personal name.
After creating your NFT, you can charge a royalty fee up to 50%. Creators can track sales history and get paid for each sale.
9. Register and share
Once all details are sorted out, you can put your NFT on the market. Depending on your platform, you may need to pay an initialization fee.
10. To showcase your NFTs, create a portfolio
To attract attention to your work, you can rely on the NFT markets’ natural hype. There are many other ways to attract attention online and sell your artwork. One popular strategy is to make an online portfolio.
Mike Winkleman, also known as Beeple, ushered in a new era of art market sales when he sold his NFT Everydays for $69,000,000 to Christies. The website contains a large selection of works. However, Beeple doesn’t allow visitors to buy NFTs but provides a link under the attractive label “collect” that seamlessly takes interested visitors directly to Beeple’s NFT collection.
These top portfolio websites created by Kobe Digital can be used as inspiration to create your portfolio.
Is NFT really worth all the hype?
The NFTs fill a need in the creative sector by being accessible. Artists may see the NFTs to be a way for them to make new income from their talents by creating a decentralized marketplace for digital collectibles that is safe, secure and decentralized.
Now let’s examine the pros and cons to this strange phenomenon.
NFTs are more marketable
NFT has been called the “word of 2021” It has grown from $100 million in 2020, to 40+ billion by 2021.
These numbers look promising but it is impossible to predict how the market will develop in the future. Insta and other social media platforms talk about NFTs being introduced for future users.
Inspirations for artists include creativity and collaboration.
NFTs have been adored by many people and there is a strong tendency towards innovation. Big brands and other creators offer new ways to use the digital medium.
Artists and creatives have a huge opportunity to create with a variety of formats and topics. Photos, unique illustrations and GIFs are all available. You also have the option to purchase tweets ( see this Cent example, who sold a tweet worth $3 million in 2021 ).
Smaller brands may follow the example of large brands that work with designers. Digital artists, graphic designers and illustrators have many options to create unique branding assets that can be used as NFTs.
NFT Marketplaces are a great way to reach new customers
Developing a professional network in the digital art market is an essential part of your job. Selling is not as important when you’re just starting your career.
NFTs are a great way for collectors to see your work. This will let people know you keep up to date with art trends.
Many platforms have fluctuating gasing charges
Gas fees are required for every transaction on Etherum’s Blockchain. Gas fees are subject to fluctuating costs and can be used to purchase or mint anything on Etherum’s blockchain.
In a static state, the NFT market is not possible.
Despite what you might have heard, collectors will not flock to your NFTs and make a profit.
Human activities have an environmental impact
The most popular NFT platform is the Ethereal blockchain. This creates a large carbon footprint and is not sustainable. There are however many platforms and creators who advocate for clean NFTs.
Five examples of NFT on the market
A deep dive into NFT markets, we have examined the most popular artworks and transactions over the past year.
01. Ponderware, Mooncat #21, 2017
MoonCats are the oldest NFT art on Ethereum blockchain. They were launched in 2017. Now, there are 25,440 pieces in the MoonCats collection.
02. Rewind Collective, Double Exposition – Frida #1 2021
ArtNet’s 2021 premier NFT sale saw another NFT sold. Double Exposure – Frida #1 is Frida Kahlo reflecting on her identity struggles. This image uses double exposure to illustrate Frida’s identity struggles.
03. Pak, Mass banner, Merge collection 2021
The Merger by Pak was the most expensive NFT of 2021. The NFT was sold to 266,445 buyers on platform Nifty gateway. The NFT cost $91.8 million.
04. Finestrares (Jason Rosenstein), Salvadore Pepe – Series 13- Rarepepe, 2017
Rosenstein’s Rare Pepe collection includes 20 pieces valued between $20-40 million. Salvador Pepepe-Series 13, an homage to surrealist artwork, was included in Art Net’s first NFT auction, ArtNFT: The Beginnings in 2021. It is also the first NFT to be featured in a modern museum.
05. Beeple, Everydays. The First 5,000 Days. 2007-2021
Beeple’s Everydays – The First 5,000 Day NFT – This was Mike Winkelman’s first NFT that was sold by an auction house. He made the digital collage using 5,000 photos, and has been posting them daily since 2007.