NFT, which stands for Non-Fungible token, is a digital asset that exists in the digital universe.
NFT uses blockchain technology which is basically a digital ledger of transactions that can be anything unique such as videos, photos, art, and even audio, therefore, they are not interchangeable.
In this digital age, NFT art which uses the Ethereum blockchain is the future, as the market is endlessly growing. Thanks to the revolutionary evolution of blockchain, anyone with an internet connection can buy, collect and sell NFTs.
How to sell NFT art?
Most marketplaces accept only ethereum-based tokens as payments. You will need to start a crypto exchange account where you can purchase Ethereum.
You would need to mint your NFT digital art, which is a part of the Ethereum blockchain in order to sell it.
The first thing that is required in order to begin your journey and gain profit from selling NFT art is a crypto wallet.
Get your web wallet ready
To set up a digital wallet, you will need to go to the website of your choice and click ‘download’.
There is the option of a mobile app download, as well as a desktop extension version. Here are some examples of crypto wallets for beginners :
Buy ETH to fund your web wallet
Once your wallet is set up, you would need to buy Ethereum. Ether (abbreviated as ETH) is your token / currency that is required in order to start any sort of transaction.
The wallet would then need to be binded to the platform of your choice.
You can either buy ETH with a credit card, debit card or even via Apple pay. The payment gateway on each website is fairly easy and straightforward to follow.
Selling & promoting your NFT
The first thing to do is to merge your digital wallet with the marketplace of your choice. The next step is to upload the digital file that you want to make into an NFT.
Each marketplace is different and you can usually choose between these three options: ‘fixed price’, ‘unlimited auction’ and a ‘timed auction’.
Fixed Price
An exact price is set for the artwork where buyers then purchase according to the amount set by you.
Unlimited Auction
You set a minimum amount that allows bidders to keep offering higher bids, this goes on until you accept a favourable offer.
Timed Auction
A time limit and minimum amount is set, and once the time runs out, the final and largest bid wins the auction.
Bear in mind when setting the price limit, as you will have to pay a ‘gas fee’ when you sell an NFT. You do not want to end up with no profits, or even worse a loss after selling your artwork.
Share your submitted artwork on your social media platforms as soon as you mint your first artwork piece. Social media channels play a fundamental role in gaining maximum exposure and audience reach.
If you’re having trouble getting started, you can check out our simple guide on how to create NFT art.
Where can I sell my NFT art?
There are many collectors and hoarders for NFT generative art nowadays. Just like the value of physical paintings, collectibles and artwork, the value may skyrocket at any time, exceeding the initial capital investment.
There are numerous marketplaces to sell your NFT art. These two are the most well known and commonly used ones.
OpenSea, founded in December 2017, supports the buying and selling of non-fungible assets. It is a decentralized marketplace on the Ethereum blockchain and prides itself as the first & largest NFT marketplace.
The Rarible marketplace uses RARI cryptocurrency, RARI is an Ethereum ERC20 token, which was built on the Ethereum network. Rarible is a community-owned marketplace for collecting, creating, or selling NFTs and by using the platform to buy or sell, active users are awarded RARI tokens.
Other marketplace options:
How do you value NFT art?
As the saying goes “beauty lies in the eye of the beholder”. Buyers tend to choose art that speaks to them and invest in those. Just like investment in trading, you have to have patience and resilience.
Focus on your marketing skills and aim to reach more people, when you make a name for yourself, and gain recognition the price of your art pieces will soar. Therefore, deciding on the price of your art piece highly depends on the buyer itself.
How much can I make from selling NFT art?
The most well known NFT art is a photo collage, called “Everyday: The First 5,000 Days,”. Created by digital artist Mike Winkelmann (Beeple), it is the most expensive NFT art ever sold, at an exorbitant amount of $69 million by Christie’s.
However, not all NFTs are priced so highly. How much you make depends on many factors. These factors include how unique and distinct your art piece is as well as how well known you are as an NFT artist
Conclusion
Strike while the iron is hot – nothing ventured, nothing gained. Invest in yourself by trying something new to ironclad your future towards achieving financial freedom. With passion and willingness to learn, anyone and everyone can profit from selling NFTs.
The beginning is always the hardest step to take. Even if you do not manage to sell your NFT art for millions, there is no harm in trying and taking this step as a future investment. Always remember that ‘Rome wasn’t built in a day.’
This article is part of our comprehensive write up on NFT Art.
