What is an NFT?
are NFT non-fungible tokens. The adjective “non-fungible” is often used in economics to represent characteristics such as uniqueness and non-interchangeability. In the crypto space, non-fungibility simply means that one item cannot be exchanged for another.
A “token” as a unit of account is basically a certificate of validity stored on the decentralized blockchain that makes digital assets traceable and accessible to everyone. As a result, NFTs are a unique virtual currency that can fall into pretty much any category, typically taking the form of paintings, videos, music, video game collectibles, or any other type of creative digital production.
Since NFTs boomed in early 2021, everyone is now buying and selling these tokens around the world. But how can anyone convert real art into NFTs and how can they sell them? It’s hard? Is coding required to create an NFT?
In short, the steps are quite simple. To understand the main procedure and its specifics, read this quick guide below.
What is crypto art?
Art is the most common use case for NFTs, and it’s no wonder crypto art in NFT form has exploded in popularity lately. The fact that the new blockchain technology is creating conditions that allow artists today to earn tens of millions of dollars from their digital paintings has attracted many creative people who previously could only dream of such ease and accessibility.
Sensational high-profile auctions by NFTs related to digital art have garnered significant public attention. The most expensive sales made headlines when they brought in millions. 2022 the most expensive NFT with a price of $91.8 million was “Merge” by pseudonymous digital artist Pak.
In 2021, another very expensive auction was Everydays: the First 5000 Days NFT Collection by artist Mike Winkelmann, known as Beeple was sold for $69.3 million.
Crypto art is associated with unique works of art created by well-known artists and sold at auctions on marketplaces that include not only popular NFT platforms but also traditional auction houses such as Sotheby’s and Christie’s. Still, most of the art in the crypto space is created by unknown talented beginners.
Some NFT collections, including the pioneer collection called CryptoPunks or the most hyped one recently called Bored Ape Yacht Club, are examples of generative art. This type of art is usually created with the help of various autonomous systems. The images in these popular collections are created by assembling a selection of simple image components in various combinations.
How to turn your art into an NFT?
If you’re already wondering whether you should convert your art into an NFT, the obvious answer is “yes, why not try.” The process of creating an NFT is not complex, expensive, or technical. All it requires is a set of creative skills and a PC.
Again, it’s worth noting that NFTs may be able to convert not only images, but also songs, videos, GIFs, and other digital assets. So, first you need to choose an appropriate art field that suits you best. Depending on this, you will understand what skills you need to become a true NFT creator.
For example, as a graphic artist, you need to use graphic editing tools like Adobe Illustrator, Adobe Photoshop, MS Paint, CorelDraw, and the like. You can also try alternative methods such as B. Three-dimensional (3D) modeling, which is known to be more difficult for beginners. If you decide to go into 3D animation, you’ll be expected to use 3D modeling tools like Blender or Cinema 4D to design animated graphics and characters, which are then turned into NFTs.
After that, you need to come up with a unique idea for your single work of art, or perhaps a full collection, and think about the content that it will ultimately be transformed into.
Is coding required for NFTs?
It’s easy to create an NFT from digital art without coding. The process of creating them is called embossing. It is basically publishing a unique instance of the token on the blockchain. NFTs are minted after they are created, much like metal coins are created and circulated.
After this process, the respective digital artwork becomes secure and tamper-proof as well as difficult to manipulate. Because this digital item has become an NFT, it can now be bought, sold, and digitally tracked when resold or taken back.
For artists, imprinting NFTs into digital art is the novel way to fairly monetize their work. Most NFT marketplaces allow artists to program a license clause when minting, so secondary sales of their work will generate passive income for them. As the demand for the artwork increases and it becomes famous and appreciates in value, the artists can benefit.
Minting is an automated process offered on most NFT marketplaces. To start it you need to follow a few simple steps which are mentioned below:
However, you can try to program an NFT yourself if you already have experience in this area and want to become an NFT developer. To dive deep into NFT programming, you need to keep this in mind the Ethereum network still has a monopoly on developing NFTs.
Select the NFT Marketplace to craft and sell your NFTs
An essential part of the process of minting NFTs is the selection of an appropriate NFT platform. The right choice depends on various factors such as the file format supported, crypto wallet matching, the accessibility of the platform to users, and a price for minting an NFT or transaction fee, which is a payment used to Compensation is provided for the computing power required to process and validate transactions.
There are a number of different online NFT marketplaces in the crypto space and each of them works a little differently. Crucial for artists is knowing whether the platform is curated or self-service based and choosing the one that is best suited for them, visited and user-friendly.
Self-service based or non-curated NFT platforms offer free access to all artists. To upload NFTs to them, you just need to register via crypto wallet and pay the transaction fee to mint an NFT. The most popular are such self-service NFT mass marketplaces as OpenSea and Rarible.
Curated NFT platforms are more selective with artists. In order to register and have your art shaped on these platforms, you must submit an application with full details of the NFT collection and your previous artistic experience.
Another visible disadvantage of curated NFT marketplaces is the long waiting time for the decision of the experts. However, due to these strict eligibility criteria, such platforms tend to exhibit top-of-the-line digital artworks, giving buyers more confidence in artists collaborating with these platforms. Well-known curated platforms include SuperRare and Nifty Gateway to name a few.
Setting up a cryptocurrency wallet
A cryptocurrency wallet is a tool you need to access NFT platforms, sign transactions and manage your balances.
Before you set it up, the most important thing is to make sure the wallet matches the cryptocurrency used on the NFT platform you intend to use. Since most NFT marketplaces are based on Ethereum, they accept Ethereum’s native cryptocurrency, Ether (ETH) as payment. Therefore, it is necessary to have a crypto wallet with some ETH on hand.
There are many crypto wallets with millions of users already. Many of them have diverse features and some of them have their own mobile apps and browser extensions for easy access to blockchain-based platforms.
Choosing a suitable cryptocurrency wallet depends on what kind of security you are willing to have. The main types of them include custodial, noncustodial, and hardware wallets. A custodial wallet is also known as a hosted wallet because users’ funds are automatically stored in it by a third party, similar to how banks store funds in checking and savings accounts.
It is considered to be the most user-friendly and easiest to set up. An uncustodial wallet gives users complete control over the security of their crypto and does not rely on a third party to keep funds safe. A hardware wallet, also known as a cold wallet, is a physical device that can keep users’ cryptos offline and secure even in the worst-case scenario of someone else’s computer being hacked.
How to sell digital art as NFTs
The NFT sale is likely the end point of your NFT minting. Most NFT platforms have a feature that allows you to choose a selling method or an option to set a price for your NFT while minting it.
Fixed price sale and auction are currently the two main ways to sell NFTs. A fixed price sale is considered to be the easiest way, as well as fairly transparent and direct. To sell your freshly minted NFT this way, all you have to do is provide the price you want to sell it at. Some platforms also require you to set a royalty percentage, the amount you will receive in the event of future sales of your art, so keep that in mind as well.
Another way to sell your NFT is through an auction so buyers can browse and bid on your digital art. Some auctions may only take place online, while others will end up in a fully-fledged live auction. There are usually two types of them.
The first type is an English auction, a rising price auction where the highest bidder ends up winning. A timed auction is a special form of English auction in which bids can be placed on an NFT over a defined period of time and at the end the collector with the highest bid wins. The second type is a Dutch auction, a declining auction where the price goes down until someone buys your NFT.
It is up to you which way of selling NFT you choose. Each route has its pros and cons, whether it’s a potential misunderstanding of the true value of your artwork when setting a fixed price, or being dependent on time while selling through auctions.
https://cointelegraph.com/news/how-to-convert-your-digital-art-into-nfts-and-sell-it How to convert your digital art into NFTs and sell them