NFTs, non-fungible tokens, have been sweeping the whole internet, Twitter, and celebrity news. We heard of it and even thought of simply trading it. A crypto “token” is technically an asset traceable and accessible to everyone on the blockchain. NFTs are virtual currencies that could involve almost all types of arts, videos, music pieces, or collectible items. Since the 2001 boom, now everyone has been buying and selling NFTs? So we naturally pop up ideas in our heads about what is NFTs and how can we sell them; how do we convert our NFTs to arts?
NFTs received significant liquidity depth since 2021; Public attention is also pouring into the NFT market. In 2022, the pseudonymous digital artist Pak merged the most expensive NFT with the price of $91.8 million. The same year, 5000 days NFT collection sold for $69.3 million from an artist named Mike Winkelmann.
NFTs are not only sold on famous NFT platforms but also on traditional auction houses like Sotheby’s and Christie’s. Also, many unknown artists are creating their art pieces in crypto spaces. However, many innovative NFT collections exist, such as Cryptopunks or the recently popular Bored Ape Yacht Club. Those NFTs are primarily combinations of simple pictures and different topping elements. After all, it would be best if you came up with your idea for a single artwork or maybe a complete collection and think about the content into which you finally want it to turn.
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Minting NFTs
You do not have to code to create an NFT. You can use your digital art and publish it on the blockchain; the process is called minting. After the process, the art you minted will become secure and temper-proof with its unique blockchain identity; no one will be able to manipulate it since only you can sell them. It can be tracked when it’s resold or recollected. Minting NFTs brings a significant income to the artists. In most NFT markets, artists can attach a royalty clause to their NFT works to earn passive income from their NFTs while the NFTs are being resold.
However, if you have profound knowledge in this field, you can still code NFTs to become NFTs developers. When you work on programming, you may remember that the Ethereum network is still prevailing in the NFT market. For NFT development, the standard coding language is Solidity, which is designed for smart contracts running on Ethereum. Others are Javascript and HTML/CSS. Additionally, the InterPlanetary File System is usually used to store artists’ NFTs.
NFT minting steps
NFT Market Place
Curated NFT platforms are more selective about artists. They will require you to submit the application field about your artistic experience and information about your NFTs. You need to wait in a long line to receive a reply from the website. Since they have a high threshold, buyers are more confident in buying NFTs from those platforms. Curated NFT platforms are SuperRare and Nift Gateway, and so on.
Self-service-based or non-curated NFT platforms provide free access to all the artists, no matter which background you are from. To upload NFTs onto them, you must register through a crypto wallet and pay the transaction fee to mint an NFT. The most popular ones are OpenSea and Rarible.
Setting Up the Cryptocurrency Wallet
Before setting up your wallet, you need to ensure that the NFT platform you use will support your wallet. Most NFT marketplaces are Ethereum based. So Eth based wallets are more commonly used.
A cryptocurrency wallet also depends on what kind of safety you are considering. Custodial wallets are mostly user-friendly; they resemble banks. A third party will store your assets. Noncustodial wallets leave the ultimate control of the wallet to the user. A hardware wallet, or cold wallet, is a physical device that can keep users’ crypto offline and protect it in the worst scenarios, such as someone’s computer is hacked.
Selling NFTs
NFT marketplaces usually support you with two main features: auction and fixed price sales. A fixed-price deal is the easiest way, and it’s transparent. If you choose this method, you need to set your price for selling it. Some NFT marketplace also asks you to set a royalty percentage, which gives you passive income by sharing a particular portion of the benefit when your NFT is reselling in the future.
Through an auction, users bid on your NFTs. It could be online, but sometimes it could be an offline auction. There are mainly two types of auctions, one is the biggest bid in a fixed term wins. Namely, the most considerable bid will win during a defined time and duration. Another auction is the price will keep decreasing till the buyer buys it.
You could assess your needs to choose to go for a fixed-time auction or put a fixed price on your NFT works.
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