A GIF file was recently auctioned for a whopping $600,000. Also, NFTs worth more than $400 million have been exchanged in the last three years. The NFT market is profitable and is growing rapidly. If you would like to join the market as an artist, the time is now to make the bold step and sell artwork as NFT.
NFTs have been around since 2014, although they have only become popular in the last three years. They are stored digitally in blockchain and have exclusive ownership rights. Due to their unique properties, it's hard to exchange NFTs with any other commodity or even replicate them. The term NFT stands for Non-Fungible Tokens. It is a digital asset that represents the ownership of real items (both tangible and intangible), including digital art, GIFs, music, collectibles, video games and virtual avatars and even event tickets. You can think of NFTs as physical items that are stored in digital files instead of keeping them in physical form.
Selling NFTs art is easy when you understand the basics. Here is a step-by-step guide to creating and selling paintings in NFT marketplaces.
Step 1: Choose an NFT marketplace to sell your NFT art
The first step is to select an NFT marketplace where you will sell your digital art. Here are the leading NFT marketplaces that you may consider:
OpenSea is the largest NFT platform with many types of digital art and any other collective. Anyone can apply their art, but there is a thorough vetting process.
Rarible is another excellent marketplace where every item is priced in Ethereum. The approval takes a week or less, and you should prove that the digital work submitted is your original work. Artists should also provide social media links to get a verified badge in the marketplace.
SupeRare collects and trades unique pieces of art. Artists should specify the type of art they want to display, in 3D, abstracts', animation, painting, and other categories provided.
Nifty Gateway is a reputable and trusted marketplace where you can sell NFT art. The platform specifies the types of paintings and art that you can sell.
Step 2: Set up a wallet
All NFT marketplaces require a small upfront payment to turn the digital art into an NFT that you can sell on the platform. Besides, NFTs are based on a blockchain, so you will need a wallet to receive cryptocurrencies when you sell your artwork. An Ethereum based wallet is the best because Ether is the commonly accepted currency for open-source blockchain.
If you have Eth, add it to your newly set up digital wallet. If you don't have Eth, click the 'buy now' option and load it to your wallet.
Here are the main types of a digital wallet to consider for your NFTs:
! Be sure to read your preferred wallet's terms and conditions to make an informed decision.
Step 3: Connect your wallet to the NFT platform
All marketplaces work in the same way and offer an option to connect the wallet to your NFT platforms. Find the options 'connect your wallet', provide the name of your digital wallet provider, and click 'connect'.
Step 4: Create a digital art file for your NFT
There's no specific technique for creating art that can be used as an NFT, provided that it meets the requirements of your marketplace. Be it an image, a video, GIF, mp3, or even a meme, you can create it and submit it to your marketplace for approval.
Step 5: List it on your marketplace
Once approved, your marketplace will give you the go-ahead to list the NFT for sale. Upload it and provide the right price. You may need to review the prices of NFTs similar to yours to provide the best price.
Other than the price, you should also provide a title and a description for your NFT. Be sure to give the correct information to maximize your profit chances. If you have more than one piece of digital art, create a collection of artwork.
Your marketplace should have an area for creating a collection, which you should click and upload your collection of approved art. You can also contact customer support if you experience hardships creating an NTF collection.
Step 6: Promote your NFTs
Many artists are getting into the NFT world following the high demand for NFTs. Therefore, listing alone is not enough. You should develop new ways to create more awareness of your NFT, increase its market and most importantly, increase the buying price.
Here are helpful ways how to promote your NFTs in the marketplace:
- Promote on Instagram — be sure to upload relevant pictures, provide short descriptions and use the right hashtags.
- Promote on Reddit.
- Work with a reputable influencer to help you promote your NFTs.
- Use paid advertising on Google and social platforms.
- Ask your colleagues and friends to help you promote the NFT.
- Write a promotion article providing more details about your NFTs.
Step 7: Wait for bids
There you go! After creating your NFTs and promoting them, the last thing is to wait for bids. Many marketplaces will notify you when you have a bid, but you can always log in to the platform to check for yourself.
Note: you should understand the selling costs of your platforms. Other than the listing fees, you may need to pay a certain percentage for a commission of every sale. In addition, the marketplace may require you to pay the transaction fee for the transaction of funds from your buyer's account to your account.
Final thoughts on selling artwork as NFT
The journey to creating and selling artwork in NFT marketplaces may not always be smooth. However, it's worth the effort, especially when your digital art is compelling, rare, and valuable. Don't hesitate to seek assistance whenever you experience challenges.