What is NFT , how to sell your NFT at the right NFT market place.

 

Nonfungible tokens (NFTs) are tokens that are not fungible. In economics, the word "nonfungible" is frequently used to describe characteristics such as uniqueness and non-interchangeability. Nonfungibility basically means that one item cannot be traded for another in the crypto world.

As a unit of account, a "token" is essentially a certificate of validity kept on the decentralized blockchain, which makes digital assets traceable and accessible to all. As a result, NFTs are a one-of-a-kind virtual currency that can appear in various forms, including paintings, movies, music, collecting items in video games, and any other type of creative digital production.

Since the emergence of NFTs in early 2021, everyone has been buying and trading these tokens all over the planet. But how does one go about converting genuine art into NFTs and selling them? Is it difficult? Is coding required to create an NFT?

In a nutshell, the steps are straightforward. Read this concise guide to learn about the primary operation and its details.

What is crypto art, exactly?

The most prevalent application for NFTs is art; thus, crypto art in NFTs has suddenly grown in popularity. The revolutionary blockchain technology now allows artists to make millions of dollars from their digital paintings, drawing many creative people who previously could only dream of such ease and accessibility.

The public's attention has been drawn to sensational high-profile auctions of NFTs tied to digital art. The most costly sales made headlines because they brought in millions of dollars. "Merge," by pseudonymous digital artist Pak, was the most expensive NFT in 2022, with a price tag of $91.8 million.

Everyday: the First 5000 Days NFT collection by artist Mike Winkelmann, known as Beeple, was auctioned for $69.3 million in 2021, making it one of the most expensive auctions ever.

Crypto art refers to one-of-a-kind works of art created by well-known artists and sold at auctions on markets such as prominent NFT platforms and traditional auction houses like Sotheby's and Christie's. Despite this, most crypto art is done by unrecognized brilliant amateurs.

However, generative art may be found in some NFT collections, such as the pioneering CryptoPunks or the most popular dubbed Bored Ape Yacht Club. Typically, this form of art is generated with the assistance of various autonomous systems. These popular collections' images are made by combining multiple simple graphic components in multiple combinations.

How do you make your art an NFT?

If you're already debating whether or not you should turn your art into an NFT, the obvious answer is "why not?" The process of constructing an NFT is not difficult, expensive, or technical. It only takes a set of creative talents and a computer.

It's worth noting that NFTs can convert not just photos but also songs, films, GIFs, and other digital files. So, first and foremost, you must select an appropriate art field that best matches you. Based on this, you'll be able to figure out what skills you'll need to become an actual NFT creator.

For example, as a graphic artist, you will be required to use graphic editing software such as Adobe Illustrator, Adobe Photoshop, MS Paint, CorelDraw, and others. Alternative methods, such as three-dimensional (3D) modelling, are known to be more difficult for novices. If you choose 3D animation, you will be expected to create animated images and characters using 3D modelling software such as Blender or Cinema 4D, which will subsequently be transformed into NFTs.

After that, you'll need to develop a distinctive concept for your single piece of artwork, or perhaps a whole collection, and consider the content that it will eventually become.

Is it required to code NFTs?

Without coding, creating an NFT from digital art is extremely simple. Minting is the process of making them. The act of releasing a unique instance of the token on the blockchain is what it is all about. NFTs are minted once they are created, in the same way as metal coins are created and circulated.

Following this method, the digital artwork becomes secure and tamper-proof, as well as difficult to change. This digital item can now be bought, sold, and digitally tracked when it is resold or recollected since it became an NFT.

Minting NFTs into digital art is a creative approach for artists to fairly monetise their labor. Artists can implement a royalty clause upon minting on most NFT markets so that secondary sales of their creations produce passive cash for them. The artists can benefit if the demand for the artwork grows, it becomes well-known, and its value rises.

On most NFT marketplaces, minting is an automated operation. To get started, you'll need to follow the steps listed below:

If you have prior experience in this field and desire to work as an NFT developer, you can try to code an NFT yourself. If you want to learn more about NFT programming, keep in mind that the Ethereum network still has a monopoly on NFT development.

Solidity, which was intended for writing smart contracts that run on the Ethereum blockchain, is the most common scripting language used for NFT development. Javascript and HTML/CSS are two others. The InterPlanetary File System is also commonly used to store the NFTs of artists.

Making and selling your NFTs on the NFT marketplace

Choosing an appropriate NFT platform is an important aspect of the NFT minting process. The best option is determined by a number of factors, including supported file formats, crypto wallet compatibility, user accessibility to the platform, and the cost of minting an NFT, or transaction fee, which is a payment made to compensate for the computing power required to process and validate transactions.

In the crypto sector, there are a number of different online NFT marketplaces, each of which runs slightly differently. The most important thing for artists to know is if the platform is curated or self-service, and then selecting the one that is most appropriate, visited, and user-friendly for them.

All artists have free access to self-service or non-curated NFT platforms. To upload NFTs to them, all you have to do is register with a crypto wallet and pay the transaction cost. OpenSea and Rarible are two of the most prominent mass self-service NFT marketplaces.

Artists on curated NFT platforms are more picky. To register and begin minting your work on these platforms, you must first fill out an application that includes all relevant information about the NFT collection as well as your previous artistic skills.

Another obvious drawback of curated NFT marketplaces is the lengthy time it takes for experts to make a choice. However, because of the tough selection standards, only the best digital artworks are displayed on these platforms, giving customers more faith in the artists who partner with them. SuperRare and Nifty Gateway are two well-known curated sites.

How to Create a Cryptocurrency Wallet

You'll need a bitcoin wallet to access NFT platforms, sign transactions, and manage your balances.

The most crucial thing to do before setting it up is to make sure that the wallet matches the cryptocurrency that will be utilized on the NFT platform. Because most NFT marketplaces are built on Ethereum, they only take Ethereum's own coin, Ether (ETH). As a result, having a crypto wallet with some ETH on hand is essential.

There are a slew of cryptocurrency wallets with millions of users. Many of them offer a variety of features, and some even have their own mobile apps and browser extensions for quick access to blockchain-based platforms.

The type of bitcoin wallet you choose is determined by the level of security you are willing to accept. Custodial, noncustodial, and hardware wallets are the three basic varieties. Because customers' cash are automatically maintained in it by a third party, a custodial wallet is also known as a hosted wallet, similar to how banks hold money in checking and savings accounts.

It is thought to be the most user-friendly and straightforward to set up. A noncustodial wallet allows consumers entire control over the security of their cryptocurrency and eliminates the need for a third party to keep assets secure.

A hardware wallet, also known as a cold wallet, is a physical device that can keep users' cryptocurrency off the internet and secure it even if their computer is hijacked in the worst-case scenario.

How to sell digital art as NFTs

Your NFT minting will most likely come to a stop with the selling of NFTs. Most NFT platforms allow you to select a selling method or set a price for your NFT while it is being created.

The two most common methods for selling NFTs are fixed price sales and auctions. A fixed-price transaction is thought to be the simplest, as well as the most clear and straightforward. You will simply need to mention the price at which you wish to sell your newly minted NFT to sell it this way. Some platforms also want you to choose a royalty %, which is the amount you will receive if your art is sold in the future, so keep that in mind.

Another approach to sell your NFT is to hold an auction where customers can look at it and bid on it. Some auctions are conducted solely online, while others conclude with a full-fledged live auction. They are usually divided into two categories.

The first is an English auction, which is a price-increasing auction in which the highest bidder wins in the end. A timed auction is a type of English auction in which an NFT can be bid on for a set amount of time and the collector who submits the highest bid at the end wins. The second is a Dutch auction, which is a decreasing-price auction in which the price declines until your NFT is purchased.

It is entirely up to you to decide how to sell NFT. Each method has advantages and disadvantages, such as a potential lack of understanding of the true value of your artwork when setting a fixed price or a reliance on time during auction sales.