As the word Non-Fungible Tokens are gaining prominence, there are more and more queries from creators and artists who want to sell their items on the Blockchain. For many of them, the initial steps to do so could be confusing and challenging. What are Crypto wallets? Ethereum? It’s all very confusing. To help you, we will explain how you can convert your art into NFT’s.
Key Terms Related To Digital Art NFT
Non-Fungible Tokens (NFTs) –Non-Fungible Tokens (NFTs) are digital items that are owned and managed by blockchain. Some examples of the same are virtual reality items, collectibles, digital art, ownership records of physical assets, and crypto domain names.
Ethereum –Ethereum is a blockchain, and ETH is the currency that we can use to make any transactions on this blockchain.
Gas fees –Gas fees you can understand as the Ethereum blockchain transaction costs. OpenSea does not have any say in setting up the gas fees. It is determined by the demand/supply across blockchain networks.
Crypto Wallet –Crypto Wallets can be an application or hardware device that allows the customers to store the digital assets they have.
Wallet Address –The wallet address has to be unique. This is the address they will use when they start sending crypto or NFT’s to the wallet.
Secret Recovery Phrase – The secret recovery phrase will be a list of words that you use to recover the crypto in case you forget the password or you lose access to the wallet. When you start trading with a wallet, find this phrase and save it at a safe location or multiple locations. Do not share this password with anyone, and also, do not share it on an online cloud storage service.
Collection –A collection is a body of work, more like a gallery or store. Suppose you see someone calling the OpenSea collection a store, Do not get confused. They are all identical. The term is used to keep things simple.
Where Can You Sell Your Digital Art NFT’s?
At present, OpenSea is the largest NFT marketplace in the blockchain industry. On the website, you find trading cards, art, virtual world materials, collectibles, domain names, utility, and sports tokens.
This platform indexes the art items for other NFT marketplaces. That is why it has a vast collection of art listings. The articles are priced in ETH, and some of them are available for a specific price while others can sell through the auction.
Although the artists can easily apply to list their art on the Open Sea platform, this submission goes through a vetting process of the team. Only then is it approved for trading on that platform. The artists could also define the royalty parameters for the works.
Rarible is an excellent platform if you want to mint and sell NFT art. On Rarible, the items are priced in ETH, and you can either select the ‘Buy Now’ option or choose to buy through an auction.
But if you want to derive the best benefit from Rarible, you have first to apply and receive a verified badge from the team. This approval takes less than a week, and you have to submit proof of the originality of the work.
Apart from that, the artists have to provide links of their social media channels. These channels should have a strong following and an active community base, and only then can you get a verified badge. Artists who do not have verified badges may find it tough to attract buyers.
The top sellers on Rarible can get around £100,000 weekly and even receive a 10% royalty. Rarible also comes with an OpenSea Integration that lets the artists to use OpenSea to manage the assets they have added on Rarible.
SuperRare is known as a marketplace where you can collect and trade “single edition digital artworks.” The Artists could list the work under multiple tags like animation, 3D, painting, abstract, surrealism, illustration, etc.
Anyone could sign up to start buying the NFT art on SuperRare, but for artists, it is different. The SuperRare platform is still in the beta phase, and all the artists need to submit the form before they release the final product.
All the creators get 85% of the amount they sell. Also, if the collector resells their work, you get a 10% commission on it. The buyer, on the other hand, pays a 3% transaction fee which will go to SuperRare.
Now we will talk about how you can sell NFT art in 5 easy steps.
How To Sell NFT Art In 5 Easy Steps
1. Create A Web3 Wallet
NFT’s are blockchain-based assets, and therefore, you require a wallet to create, send, and start receiving them. You will also have to fund that wallet so you can pay the transaction fees.
Most of the NFT platforms are operating on Ethereum. That is why you require an Ethereum wallet that ETH funds. This way, you will not have to pay the transaction fees.
You can install Metamask wallet extension on your Chrome or any other browser you are using. With the extension, you can connect with the NFT marketplace and use the computer’s browser services.
When you install Metamask, you get a 12-word recovery phrase. You can back this up in a secure location and copy the ETH address.
2. Fund Wallet With ETH
Now you must buy ETH from a cryptocurrency exchange or broker and forward it to the Metamask ETH wallet address.
If you use a broker, you have to give your address when you purchase the product, and they will transfer the coins to your address. But if you use an exchange, you may have to withdraw the ETH after you have purchased it.
Most of the platforms will allow you to make the purchase through your bank or credit/debit card. You can make the purchase and send around £150 worth of ETH to the Metamask address.
3. Prepare Your Artwork
By now, you must have prepared your artwork. If you have not, you must prepare a unique sample artwork.
Go through all the marketplaces we have mentioned to find which is the top-selling NFT art. This NFT could be a video, audio, image, or 3D-sized model having a maximum size of 100 MB.
4. Submit Your Work On An NFT Marketplace
Go to the platform you want to use and connect your Ethereum wallet to it.
Follow the steps to do so:
- Use your Metamask wallet to sign in to OpenSea. (Just click on the blue icon on the top right and then click on Sign In).
- Approve the Sign transaction header that is created to secure the wallet.
- Once you are done, the website will take you to the account page.
- Choose a username and write a bio
- Enter the email and complete the verification of the same.
- When you back up on OpenSea, you should select Create from the top right and then submit NFT from the dropdown menu.
- Under ‘Create New Collection,’ click on Create.
- Add a name for your collection, a description (1000 characters), and a logo (350*350).
- Click on Save. Wait for the message that confirms that the collection is created.
- On the next page, click Edit and customize the settings like header image, payment currencies and royalties, social media handles, display themes, etc.
- Now Submit the changes and come back to the collection’s page.
- To create the NFT, you have to click the Add New item that you see under the collections.
- Upload your artwork; you must add all the information required, like description and external link.
- Fill in the properties. Levels and stats using the information like year of creation and edition of NFT you are uploading. You may later upload more editions under the same collection with OpenSea as it allows the minting of one NFT at a time.
- Now Click on Create and approve your transaction through Metamask.
- You have now minted your first NFT.
- Go back to the Edit in Collections tab and toggle the option that allows you to submit the collection of reviewing and approval.
- Your art is available even if the approval is not granted, but it will show as an unapproved collection tag.
- Once you are approved, the NFT will show under the approved Collection tag when you see it on the OpenSea listing.
- Click on the link for any of your art and then select Sell.
- Decide the pricing model (fixed or auction). And then select on Post your Listing.
- Follow the prompts and sign the transaction using Metamask.
- The NFT is now available in the public domain only after the transaction gets approved.
5. Promote Your Content
Social proof is one of the criteria that OpenSea and other marketplaces use when they have to approve content creators. OpenSea clearly wants that you write down the social media channels that you manage. You will also have to share the NFT collection with the public at least once.
Therefore, you have to tell your audience know that you are dealing with NFT’s. Do this as soon as you can mint the first collection. Experts also suggest that you should release free edition NFT’s so you can build followers. To get more engagement, you should add the upcoming NFT to your calendar.
F.A.Qs On Digital Art NFT
How Do Royalties Work in NFTs?
When the creators mint their NFT art on OpenSea, they get 85% of the amount coming from the sale. On the other hand, the royalty for a secondary sale by any buyer would be around 10%.
Can I Mint NFT on Other Blockchains?
Yes, even though most of the thriving NFT marketplaces operate on Ethereum, other blockchains like Tezos, Binance, Zilliqa, etc., also provide NFT minting facilities for cheaper fees. Still, Ethereum is the preferred platform as a prominent developer, and the user base is investing in the NFT’s on this network.
How Much Can I Make From Selling NFT Art?
Some of the NFT’s sell for very high prices. Yet there is no assuredness that the artists could also sell their art for similar prices. Therefore the amount you earn after selling the NFT art will depend on your followers and the exposure you have received after listing the work.
It may not be easy for you to mint the first NFT. Still, it may be worth the effort, moreover, if the goal is reaching out to the audience with your exotic creations.
As the artists learn how to take advantage of this unique opportunity, this market will continue to grow. If you take the lead, you can guide others and claim a top position in the industry.