Introduction
Since we’ve all heard of NFT at this point, and I’m sure for many of you out there, it’s still hazy and unclear.Let alone the idea of making money with NFT as an artist!
Hello there! A new blog post about a trendy hot topic is here for you this week.
I’m here to share with you what I’ve learned in the past few months and also what some NFT artists were kind enough to reveal and share with me about how you can make money with NFT as an artist.
Other reads on how to make money as an artist:
A Guide to Diversifying Revenue and generating more passive income for Artists
How to make money with society6 for artists?
How To Find a Buyer for your NFT? 6 Proven Ways
1- What is an NFT?
Well, that as a first step stands for Non-Fungible Token.
But that’s not really the answer you’re looking for. Right?
What an NFT actually means is “a unique, one-of-a-kind digital something.”
If you are an artist, keep the energy up! I like the fact that you’re looking things up. NFTs are a trendy way to sell and expose your art online.
Go ahead, and create a really cool digital painting, sticker, text, or whatever that might be. But keep in mind that it won’t just sell the moment you put it online.
Also, NFTs have a feature you can enable that will pay you a percentage every time your NFT is sold, which allows you to get some of the benefits if your work gets super popular and balloons in value.
The process of converting your work into an NFT is known as “minting,” and it refers to the act of creating a new token on the blockchain that will be permanently linked to your content. When an artist creates a new NFT, they include a built-in commission (typically 10–30%) that they will get if the piece is resold in the future.
2- What do I need to create an NFT?
You don’t need rocket science or vast knowledge of crypto to create and sell NFTs, but you need:
- A crypto wallet
- Ethereum coin (ETH).
How to make a crypto wallet
To begin, I’m not an expert myself. I’m a very curious human with a peculiar interest in trends. Based on my research, this is how you can create a crypto wallet.
A crypto wallet is, as the name indicates, a wallet to store your crypto so you can sell, buy or create NFTs.
You can use any of the many platforms available online.
- Coinbase wallet
- Rainbow (very user-friendly, probably the best app for NFTs)
- Binance wallet
Let’s move on to the second step which is buying Ethereum.
Why would I buy ETH when I am trying to create an NFT and sell it?
In case you didn’t know, there are fees to pay if you want to turn your content into an NFT, and those fees are paid in Ethereum.
How much Ethereum do I need to get?
You just decide on an amount you’re willing to pay in dollars and get that much ETH (or get it in a stablecoin as USDT, then convert it to ETH, depending on each platform).
Note that cryptocurrencies aren’t stable and volatile; they keep fluctuating.
3- Is it expensive to create an NFT?
Using ETH to mint your art comes with something called a “gas fee,” which stands for the energy that goes into computing work, in case you’re wondering. This fee fluctuates just like the currency exchange rate does, which makes it very expensive sometimes.
Before picking a platform to list and sell your NFT, look up the NFT gas station tool for a general idea of the value of the fees.
Last but not least, you will have to connect your wallet to an NFT marketplace.
4- Where do I sell my NFTs?
In order to make money with NFT as an artist, you need to start somewhere with an already existing audience.
Some popular NFT marketplaces to start with are:
- Rarible
- Zora
- SuperRare
- NiftyGateway
- OpenSea and many more.
5- How do I create an NFT that would make money me as an artist?
1- Make a file for your NFT in the marketplace you choose
There’s no rule here, create your art how you always do. The one thing you pay attention to is the compatibility of the file you create and the format supported by your chosen marketplace.
JPEG, TXT, PNG, GIF, MP4, and any other format you can think of could serve as an NFT.
2- List your art in a marketplace and price it
Let’s start with picking a marketplace. I’ll use Rarible as an example here.
On the top right of Rarible’s home screen, you find the button create.
Once you click that, the platform will ask you to choose which Blockchain suites you best. You have three different choices and general reasons why to pick any of them.
Sign in with your wallet:
Next, you follow the steps required by the platform:
- Choose to either mint your work as a 1 piece or a collection of multiple pieces.
- Price your art for how much you desire.
- Pay the fees needed for creating an NFT, and your work instantly goes live in the marketplace.
6- How to sell an NFT?
1- Wait for bids
Once your NFT is live and listed in the marketplace, people can find it and bid for the NFT. But you will have to check for the bids yourself because platforms don’t inform you about them.
Fun fact: you will have to do the marketing yourself. Make sure you look at how to promote your NFTs online and find buyers either on Discord communities or from your social media fan base.
Don’t lose hope just because you don’t know how to Promote NFTs.
2- Find the buyer yourself
If you wanna learn more ways to market and find buyers or collectors for your NFTs, Click here.
Conclusion :
I covered in this blog post the most common FAQs about NFTs.
- What is an NFT?
- What do I need to create an NFT?
- Is it expensive to create an NFT?
- Where do I sell my NFTs?
- How do I create an NFT?
- How to sell an NFT
This blog post is for beginners, if you want to tackle the marketing part of NFTs, Check this blog post.
