Globally, non-fungible tokens have gained popularity outside of the virtual currency industry as well. The popularity of NFT art has led many people to search for information about creating their own and ultimately become part of the craze.
A non-fungible token is a blockchain-based digital asset that represents a number of unique and rare objects, such as digital art, virtual real estate, and collectible sports cards.
Why Should An Artist Create An NFT?
Artists have struggled to earn a living from their creations throughout history, even as their value increased. However, this case does not fall within the scope of NFT art. If you are an artist, you should consider creating an NFT for the following primary reasons:
- Lifetime Royalties
Lifetime royalties are earned not just on sales of digital art tokens, but for as long as those tokens exist. Digital artwork can be included with royalties, which entitle you to a percentage of the sale profit each time the artwork is sold. NFT art can be programmed with a percentage ranging from 2.5 to 10%, ensuring that you receive interest on all sales of the art.
- Setup is less expensive
The NFT art sale is conducted online via various peer-to-peer marketplaces, it is accessible to a global audience without the need for auction houses or art galleries. This enables you to retain a sizable portion of the profit generated by sales.
- Verifiable and Authentic
Anyone can view, link to, and download your digital artwork token, but it is only in the possession of one individual at a time. The blockchain automatically grants the piece an unmistakable seal of authenticity, since the purchase price, the creator, and acquisition prices and subsequent owners are all visible and are all tracked in the blockchain. As a result, traditional art markets are experiencing unprecedented transparency.
Also Read: Top 10 NFT Games
How To Create NFT Art?
Steps to Create NFT Art:
1. Choose An NFT Market Place
This is the initial step in the process of creating your NFT artwork. This peer-to-peer marketplace is divided into two categories:
- Curated Platforms: Only authorized artists can mint or create digital art tokens in this NFT marketplace category. They are primarily concerned with high-quality digital art tokens rather than low-quality collectables. Super rare is an example of a curated NFT marketplace. They charge a higher transaction fee and limit the royalty percentages programmed into your artwork.
- Self-Service Platform: This category of the peer-to-peer marketplace enables anyone to create their own NFT. Therefore, you can create your own using a photograph, a video, or an audio file. Additionally, it enables you to specify the royalty percentage you wish to charge for each token sale. This category includes platforms such as OpenSea and Rarible. One risk associated with this segment of the NFT market is that there are frequently too many counterfeiters and fraudsters.
2. Establish A Digital Wallet
Creating a digital wallet to store cryptocurrencies and NFTs will be the next step. NFTs can only be created using cryptocurrencies, such as Ether.
As many NFTs are generated on the Ethereum blockchain, it would be advantageous if you owned Ether. When you list your tokens on the Ethereum blockchain, the ETH is used to pay a gas fee – the cost of a transaction.
3. Setup Your Collection
You have not yet created your digital arts token. My Collections will appear on the interface of your OpenSea account; click on it. It functions as a repository or gallery for your digital artworks.
Now that you’ve created your collection, you can customize it by giving it a name, writing a description, and uploading a display image. This lays the groundwork for you to exhibit your artwork once complete.
4. Tokenizing Your Digital Arts Work
Once your collection is complete, it’s time to begin the primary process of creating your NFT. When you click Add New Item, you will be prompted to upload metadata for your token, which may include visual, audio, and 3D files.
You may mint an unlimited number of tokens, but they must be done one at a time.
The NFT market is still in its infancy, and there is considerable room for growth. Not long ago, the entire NFT market was valued at less than 30 million.
However, in recent months, as the hype surrounding non-fungible tokens has grown and prominent figures and institutions such as Mark Cuban, the National Basketball Association, and many others have jumped on board, the market has risen to over 300 million.