An easy guide to becoming an NFT artist

Teenager Jaiden Stipp sold a digital illustration (a waving astronaut) for 20 ETH (or $ 62,000 at the going rate). Victor Langlois, 18, grossed $ 18 million in NFT sales in 2020. His digital artwork, titled The Eternal Beauty, brought in the staggering sum of $ 550,000.

Meanwhile, digital artist Beeple sold his artwork, EVERY DAY: THE FIRST 5,000 DAYS, for $ 69.3 million – the most expensive digital art sale to date.

No wonder NFTs have captured the attention of the art world.

While the level of success achieved by Stipp, Langlois and Beegley is certainly not the norm, markets for digital collectibles are flourishing.

Here we have put together an easy guide to understanding NFT art nuts and bolts.

What are NFTs?

NFT stands for “non-fungible token”. Each NFT is a unique digital file stored on a blockchain.

While your digital art can still be viewed, captured, and downloaded by anyone online (at roughly the same quality), the explicit purpose of NFTs is to place an agreed-upon property value on your digital art. The blockchain guarantees the ownership and validity of NFTs.

“Imagine owning a pair of expensive Air Jordans. If Nike were to go bankrupt, these sneakers wouldn’t suddenly disappear from your wardrobe. Why should digital products, like a Fortnite skin or an original Beeple be any different? Says Duncan Cock Foster, founder of Nifty Gateway (the online marketplace that hosted the Beeple auction).

Meanwhile, billionaire entrepreneur Mark Cuban has likened his possession of NBA Top Shot reels to collecting baseball cards instead of printing them. According to him, digital goods are as valuable as physical goods and operate according to the same principles of supply and demand.

Who owns what?

Here is a brief summary of the relationship between the NFT platform, crypto artists and NFT buyers.

  • The NFT platform charges a service fee for using its marketplace.
  • The artist owns the copyright to the work. Additionally, the sale of digital art through blockchain technology allows automatic resale royalties to flow back to the artist. However, the automated resale royalty is not guaranteed if the work is resold on another platform.
  • The buyer receives a smart contract that verifies their ownership, which also tracks the previous owners of the work.

NFT extraction process

In order to strike and sell an NFT, you need to take the following steps:

  1. Before you can create an NFT on any platform, you must be in possession of a crypto-wallet (since most NFT markets operate on the Ethereum blockchain).

Before choosing a wallet, you might want to determine whether you want a software wallet or a hardware wallet, which offers the best protection, and check which wallet is accepted by the NFT market that interests you.

  1. The next step would be to select a market.

There are several different markets to choose from, including Nifty Gateway, SuperRare, Decentraland, MakersPlace, OpenSea, and Rarible.

Platforms like Nifty Gateway and SuperRare are curated and invite-only, while others (called open NFT marketplaces) simply require user verification before transactions and allow anyone to create new works (such than Rarible and Foundation).

Most of these platforms charge a service fee: for example, Foundation charges a 15% commission, while Nifty Gateway charges 5% plus $ 0.30 for each secondary sale. The fees are used to cover the energy costs required to convert a digital work to NFT on Ethereum, and typically fluctuate with network demand. However, there are platforms like OpenSea which offer a “lazy monting” option,

allowing artists to defer payment of gasoline charges until they have made a sale. mint

Fund is helping first-time crypto creators cover their gasoline costs.

  1. Build the hype for your product and connect with other artists and collectors

The value of TVNs depends on the narrative around them. The more interesting or absurd the story behind your collection, the more press you’ll get and the more people will be drawn to it.

Hype is the name of the game. It would pay off to invest time in researching the market and learning trends. You should also spend time cultivating followers by posting on social media, producing daily content, and building your own website to catch the eye.

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