What is NFT crypto art?
Hearing and reading a lot about NFT?NFT has become a trend in recent years. You would have noticed many celebrities’ pictures or other artwork getting sold at a good amount as NFT. As the NFT is becoming more common and familiar to people they are also becoming a topic to be explored and understood more.
If you are also one of those who are wondering about what is NFT then no worries we are here to guide you to the bank of this deep river. Let’s dive into this river from basics and we will make sure we end up with a quick and easy guide for you.
What is an NFT and how does it work?
NFT stands for Non-Fungible Token. An NFT is an asset that you can’t touch or feel but you can own it, buy it and even sell it. Typically speaking it is a digital asset. An NFT can be any kind of digital file like art, an article, music, or even your self-made meme. NFT provides you with original ownership and authority.
Now that you are clear about the NFT let’s look over how it works. NFTs are created and used through a process called minting. Minting has all the information on the NFT on the blockchain. Or in other words, we can say that minting is a process that creates a block and the important information of NFT is validated and recorded by the validator. This process also assigns smart contracts like ownership and manages the transferability of the NFT.
Once your NFT is created and uploaded they are called a token and are assigned a different and unique identifier which is directly linked to a blockchain address. Every token has owner and ownership information. No matter how many NFTs the same user creates each of them has a unique identifier to distinguish them from the other.
What are the benefits of NFT Crypto Art?
NFT has become a famous and most loved platform for digital creators and artists. As NFT has created an amazing way for crypto and art communities to collaborate for the first time. There are numerous benefits of NFT art and it’s going to go for a long term as it gives advantages to both crypto users and artists. The main benefits of NFT art include:-
- Reach Global market
NFT has given an easy platform for artists to reach a wider audience on a global level without physically crossing borders or even their bedrooms. NFT is entirely in a digital universe. Hence, small artists can reach out to targeted global audiences if they are unable to take their art to exhibitions, galleries, or any other places.
As mentioned before NFT is a digital asset and assigns every token with a unique identifier and authorized ownership. You don’t have to worry about physical damages or shipping problems or anything else. NFT allows you to trade your artwork easily and in a transparent manner.
- Lower Entry Barrier
NFT gives freedom to everyone who wants to publish and sell their content. Artists who are beginners and don’t want to or can’t assemble their work normally in their location can benefit from NFTs. NFT isn’t as complex as it seems and an artist can sell their art in a hassle-free manner.
- Easy Monetization
Monetization is one of the most common problems and big barriers artists face when they think of getting a commission for their artwork. They have to focus and give a lot of time to make an art account, build a good reputation, and strong relationships for mere commissions. Whereas NFT is way easier than this.
NFT helps artists by providing them a platform where they can build their profiles and reputation among the artist community while making money through their artworks at the same time. Hence, there is no doubt why NFT is getting popular among artists.
- True valuation
We all know that when an artwork gains its true value after a long time that too only if it is taken to market. And in the traditional market, we notice that once the artwork is sold they get a small portion of the actual value and don’t get anything if it’s sold further. But NFT is quite different from this.
NFT gives a fixed percentage of earnings from all future sales of an artwork to the creator. Hence, if you sell your work at a lower rate but the buyer sells it with more profit, then no worries you are still going to get a certain amount from the profit automatically.
- Highly Convenient
You would have already got hints on how easy and helpful NFT art is compared to traditional artwork. From creating and promoting the artwork to selling them you can do all this hassle-free on NFT. Artists neither need to worry about equipment nor storage on this platform.
How to create and sell NFT art?
Creating an NFT is very simple: any digital file can be minted as NFT. However, images are most commonly talked about and used in the form of NFT. When we talk about images it includes photography, animations, videos, and more.
And if you are looking forward to any image or art as NFT like drawing, painting, or anything else then you don’t need to worry anymore NFT is pretty simple to upload. Moreover, if you are not sure whether your art is going to work out and pay you or not you can also look over other well-known NFT arts for inspiration. You can also use software tools to create unique artwork.
As now you are clear with NFT or NFT Crypto Art Whatever you say, benefits and creations let’s now talk about how to sell and make a little commission from your work. Here are a few simple steps to be a part of NFT’s seller market.
- Create a digital wallet
As NFT is totally in the digital world, having a digital wallet is very important. Digital wallet lets you spend and store cryptocurrency which can be used to transact on the marketplace to buy and sell NFTs. Make sure you choose a compatible wallet with the Ethereum blockchain. Ethereum is the most common and preferable cryptocurrency used in the NFT sales market. Metamask is one of the most known and simplest cryptocurrency wallets available online.
- Select a good NFT market for your art
Once you are ready with your wallet and art, start looking for an NFT market to list, mint, and sell your artwork. There are many NFT marketplaces like Opensea, Nifty gateways, etc And most of them support and have resources to help beginners to get started with trading.
Besides this, when you choose a marketplace make sure about the fees they charge for listing your NFT art and what type of cryptocurrency they use. So that you can connect your wallet with your marketplace and use it for hassle-free trading.
- Buy Cryptocurrency
As mentioned before Ethereum is the most commonly used cryptocurrency in the NFT market. And you should connect your wallet to the marketplace. Therefore, you should have cryptocurrency in your wallet to get started with trading.
However, no matter which cryptocurrency your decided marketplace takes or uses, just make sure any transactions on the blockchain including minting and listing may cost you fees. Hence, you should invest some money in buying Ethereum and other needed cryptocurrencies to list your artwork for sale.
- Upload your artwork
As you are ready with your wallet, art and marketplace now you are completely ready for buying and selling NFTs. You just look for the create NFT option and choose the marketplace, follow the prompts, and here you go. You are ready with your NFT
The open sea is the most suggested and simple marketplace for first-time NFT selling as it is user-friendly and gives the original creator a 10% cut of the future sales of their artwork even if they have sold it before.
- Setup fixed price or an auction
Coming to the last and most awaited step. As you have uploaded your artwork it’s time to decide its value or price. Most marketplaces allow you to set your listing as a fixed price or auction.
In an auction they allow you to set a minimum required bid to start with the sale of NFT. And if no one puts a bid matching the reserved price the sale doesn’t proceed. Whereas Fixed price is listed and predictable price. It stays as it is and the buyer can buy it at only that price. What makes an auction special is that it is very unpredictable. You may get even double the minimum mid or no sale at all.
NFT Crypto Art is a great place for small artists to showcase their talent and earn at the same time. The scope of NFT is increasing day by day because of its simplicity. To start with NFT one must be ready with a digital wallet, the right type of cryptocurrency, a marketplace, and most importantly an art to sell.