- NFTs are essentially tokens in the crypto market that can be bought or sold in several applications and sites
- Anyone can convert his/her actual art into digital art and then sell it as an NFT
- Here is how you can convert your actual or digital art into an NFT and how you can sell it
NFTs are Nonfungible Tokens. In economics, the adjective “nonfungible” is frequently used to describe characteristics such as uniqueness and non-interchangeability. Nonfungibility in the crypto space essentially means that one item cannot be exchanged for another.
As a unit of account, a “token” is a certificate of validity stored on the decentralized blockchain. This makes digital assets traceable and available to all. As a result, NFTs are a one-of-a-kind virtual currency that can take the form of paintings, videos, music, collectable objects in video games, or any other type of creative digital output.
Since the emergence of NFTs in early 2021, everyone on the planet has been purchasing and selling these tokens. But how does one go about converting actual art into NFTs and selling them? Is it difficult? Is coding required to create an NFT?
In short, the procedures are simple. Read this quick guide below to grasp the primary procedure and its specifics.
What is Crypto art
The most prevalent use case for NFTs is art, and it is no surprise that crypto art in NFT form has recently become popular. The fact that the novel blockchain technology now allows artists to make tens of millions of dollars from their digital paintings drew many creative people who could only dream of such ease and accessibility previously.
The public has been drawn in by sensational high-profile auctions of NFTs connected to digital art. The most expensive sales made news because they fetched millions of dollars. “Merge” by pseudonymous digital artist Pak was the most costly NFT in 2022, costing $91.8 million.
Crypto art is associated with one-of-a-kind artworks made by well-known artists and auctioned off on marketplaces that include not only popular NFT platforms but also traditional auction houses such as Sotheby’s and Christie’s. Nonetheless, the majority of art in the crypto space is produced by unknown talented newcomers.
How to turn digital art into NFT
Again, NFTs have the ability to convert not only images but also songs, videos, GIFs, and other digital items. So, first and foremost, you must select an appropriate art area that best suits you. You will comprehend what set of skills you will need to become a true NFT creator based on this.
As a graphic artist, for example, you will be needed to use graphic editing tools such as Adobe Illustrator, Adobe Photoshop, MS Paint, CorelDraw, and others. You can also experiment with different approaches, such as three-dimensional (3D) modelling, which is known to be more difficult for novices. NFTs will be generated from the letters.
Following that, you will need to come up with a unique idea for your single artwork or possibly a full collection, as well as consider the content that it will ultimately turn into.
Coding is not necessary for NFT
Without coding, it is quite simple to make an NFT from digital art. The procedure of making them is known as minting. It is the process of putting a unique instance of a token on the blockchain. NFTs are minted once they are produced, much like metal coins are created and circulated.
Following this procedure, the specific piece of digital art becomes safe, tamper-proof, and difficult to manipulate. This digital item can now be purchased, sold, and digitally tracked since it became an NFT.
Minting NFTs into digital art is a novel method for artists to fairly monetize their work. Artists can program a royalty clause upon minting on most NFT marketplaces, generating passive revenue from secondary purchases of their works. Artists can benefit if the demand for their work grows, becomes well-known, and rises in value.
How to sell digital art as NFT
Your NFT minting will most likely come to a stop with an NFT sale. Most NFT platforms allow you to select a selling method or establish a price for your NFT while minting it.
The two most common methods for offering NFTs are fixed-price sales and auctions. A fixed-price sale is thought to be the most straightforward and obvious method. You will only need to indicate the price at which you want to sell your freshly minted NFT. Some platforms also require you to set a royalty percentage, which is the amount you will receive if your work is sold in the future, so keep that in mind as well.
Another option for selling your NFT is to hold an auction where buyers can peruse and bid on your digital art. Some auctions may be conducted solely online, while others may culminate in a full-fledged public auction. There are typically two kinds of them.
The first form is an English auction, which is an increasing price auction in which the highest bidder ultimately wins. A timed auction is a type of English auction in which an NFT can be bid on for a set period of time and the collector with the highest offer wins. The second form is a Dutch auction, which is a decreasing-price auction in which the price of your NFT drops until someone buys it.
It is entirely up to you to decide how to trade NFT. Each method has advantages and disadvantages, such as the potential lack of understanding of the true value of your artwork when establishing a fixed price or the reliance on time during auction sales.