Non-fungible tokens (NFTs) are gaining traction not just in the virtual currency market but around the world. Many people have become interested in making NFT art due to its growing popularity and have eventually joined the craze.
To begin, non-fungible tokens are blockchain-based digital assets that represent a variety of rare and unique objects such as virtual real estate, digital works of art, collector sports cards, and more. Many traders (collectors) and developers make a lot of money from these tokens (artists).
How To Create NFT Art Online
What Are The Benefits Of Creating An NFT?
Artists have struggled to make more money from their work throughout history, even as the value of their work has increased. However, this example does not fall under the scope of NFT art. Nevertheless, because of these three key reasons, if you are an artist, you should consider producing an NFT:
Artists can earn money from their digital art tokens for as long as they exist, rather than only selling them once. In addition, you can integrate royalties into your digital artwork to receive a part of the sale profit whenever the artwork is sold to a new user.
The percentage encoded into the artworks can range from 2.5 percent to 10%, ensuring that you get paid interest on NFT art resales for the rest of your life.
Setup is less expensive.
You won’t have to spend money on auction houses or art galleries because the NFT art sale is handled online via several peer-to-peer markets to a global audience. This permits you to keep a substantial amount of the sales profit.
Verifiable and Authentic
Although anybody can view, connect to, or download your digital artwork token, it is only held by one person at a time. Because the creator, purchase price, and future owners and acquisition prices are visible and travel with the item once it is registered into the blockchain, it has an undeniable certificate of authenticity. This leads to a level of market openness that has never been seen before in the realm of conventional painting.
The following part includes a step-by-step tutorial on how to make NFT art.
How To Create NFT Art Online
1. Select an NFT Marketplace
This is the first and most crucial step in making your NFT artwork. This peer-to-peer marketplace has two categories from which to choose:
This NFT marketplace category allows only authorized artists to mint or create digital art tokens. They are mainly focused on high-quality digital art tokens, not just simple and low-quality collectibles. Platforms like SuperRare are curated NFT marketplaces. They have higher transaction fees and lower flexibility on the royalty percentages you can program into your artwork.
This category of the peer-to-peer marketplace allows everyone to create their NFT with whatever they like. So, you can make yours with either a photo, a video, or an audio file. It also allows you to set whatever percentage of royalty you would like to charge for each token sale—platforms like OpenSea and Rarible fall under this category. One risk associated with this category of NFT marketplace is that there are usually too many imitators and fraudsters.
Once you have selected the marketplace you want to use and opened an account, it is time for the next step. However, since this article promises to be beginner-friendly, it uses the marketplace, OpenSea, as a case study on creating your digital arts token.
2. Set Up a Digital Wallet
The next step is to build a digital wallet to keep both your coins and NFTs. Yes, cryptocurrencies, specifically Ether, are required for the construction of NFTs.
Because several NFTs are created on the Ethereum blockchain, it would be advantageous if you possessed Ether. However, before publishing any token you’ve made, you’ll need to pay the gas fee, which is the cost of an Ethereum network transaction.
OpenSea usually suggests downloading the MetaMask cryptocurrency wallet’s Google Chrome plugin, purchasing ETH, and getting ready to mint NFTs. Assume, however, that you already have ETH in another cryptocurrency wallet. In that situation, you can create a Metamask wallet and move your ETH from your original wallet to it.
The cost of gas expenses while building an NFT range from £10 to £200 in ETH. So, if you have sufficient finances, proceed to the next step.
3. Create Your Collection
At this time, you are not creating your digital arts token. Instead, my Collections will appear on the interface of your OpenSea account; click it. It functions as a digital art store or gallery.
Now you can personalize your collection by giving it a name, adding a description, and uploading a display image. This lays the basis for you to show off your work once you’ve finished it.
4. Creating Your Digital Arts Token
It’s time to start the primary process of making your NFT once you’ve finished your collection. When you click Add New Item, you’ll be given a choice to upload metadata for your token, which includes visual (JPG, PNG, GIF, etc.), audio (MP3, etc.), and 3D files (GLB, etc.) as well as give it a name.
You have the option of minting a limitless amount of tokens, but you must do so one by one. Therefore, it’s also crucial to consider how many different copies of the same receipt you want to make.
- Stand-alone Token: This implies that you can only create one copy of that particular digital art token, making it even more valuable.
- The Edition Tokens: Here, you create as many copies of the same token as you can. You only have to add the edition number to differentiate between each replica.
Then, when appropriate, add attributes, levels, and analytics to help customers sort your artwork as they browse your collection. The date you produced the token is an example of a property.
Click “Create” to add your NFT to the blockchain after you’ve added all of the essential details, such as social links, an updated image, a description, and a name. This step will require ETH to pay for approval and gas fees.
After that, you may select the payment tokens you want to accept for your digital work. You can also choose the royalty percentage you want to get on secondary sales of your artwork.
5. Listing Your Artwork For Sale
After you’ve finished creating your NFTs, the following step is to sell them. You can pick between a fixed-price listing and an auction where you can choose your price.
You must pay a gas cost before listing your artwork if it is your first time creating and selling an NFT.
6. Promote Your Work On Social Media
You’ll need to cultivate a large fan base to increase your chances of selling your work. As a result, you should share your direct connection with potential purchasers and promote your artwork on social media to help people find it.
Can you create NFT art without coding?
You can create your NFT art without writing any codes.
The step-by-step guide provided above is a typical example of creating a digital art token without coding. It is beginner-friendly and will set you on the right path to owning property rights over your digital art tokens.
Meanwhile, some NFT platforms also provide a guide on how to do it, and you will probably be able to do it as long as you can use the internet.
Are NFTs Cryptocurrencies?
Even though NFTs are a sort of cryptographic token, they are not the same as cryptocurrencies. This distinction is because they are not interchangeable.
Cryptocurrencies can be exchanged for the same amount of money. One bitcoin, for example, can be exchanged for another bitcoin without losing or gaining value. A non-fungible token, on the other hand, cannot be exchanged for another at the same rate. Thus, even if they come from the same pack, no two NFTs are the same.
What Risks Are Associated With NFTs?
The minting and trading of NFTs are not all sunshine and rainbows. There are several risks attached to it. They include:
Too Much Speculation: At this time, the market is highly speculative, with many new investors looking to get quick returns on their money. This increases the risk of people losing funds, especially if the initial ‘hype’ fades.
High Gas Fee Rates: At times, the rate charged for the transaction on the Ethereum blockchain can get very high, which will simultaneously affect the price of the NFT. Sometimes if the tokens are too exorbitant without much value, it loses potential buyers and results in losses for the creator.
You might not make sales as soon as you create your NFTs. Your artwork might be lost in the vast majority of other paintings, and you will need to work hard to bring them to the attention of collectors. It would also be best to have a large fanbase to sell your tokens for large sums of money.
Where Can I Buy and Sell NFTs?
Unlike cryptocurrencies, NFTs are not traded in exchanges mainly because of their interchangeability. However, they can be bought and sold on various peer-to-peer marketplaces. Famous examples include OpenSea, Raible, SuperRare, Maker’s Place, etc.