Recently, a GIF file sold for $600,000 at an auction. If that comes as an unexpected surprise, then it may be time to reconsider your understanding of fine art and begin exploring the world of cryptocurrencies and non-fungible tokens.
Here is a tutorial on how to turn your art into a NFT.
Digital art is experiencing a renaissance and in this guide we’ll cover everything you’ll need to know to start making and selling your own art.
NFT stands for Non-Fungible Token. You can think about it as a digital certificate for authenticity. Real-life examples of classic works of art, antique, and other historical items that were sold at auction include receipts certifying their authenticity.
Creating an NFT is called minting, and it refers to the act of making a new token on the blockchain that will forever be attached with that content. When an artist creates a new collectible item, they usually attach a built-in commission (usually 10-30%). They will receive any sales made from that item in the future.
Should You Convert Your Art Into A NFT?
It depends on many different factors, but there is nothing wrong with trying things out and seeing if they work for you.
To succeed in a creator economy, first you need to build an audience who would be willing pay for your work. It’s a different skill set from what most artists are used to. Many artists don’t want to spend their time building communities, they just want create art.
However, understand that communities are important for NFTs.
Also, when you mint an NFT (nonfungible token), you need to pay a fee in ETH.
When you sell your NFTs, Opensea doesn’t pay you in dollars, but instead pays you in ETH, which you need to convert back into USD, and it’s fairly easy if you use a platform such as Coinbase.
Turn Your Art Into A NFT (Guide)
Even artists from America or England can transform their analog pieces of art into digital NFTs.
But how do I make an NFT with my art?
These instructions should help you through the process.
For example, take a picture of a painting you’ve created yourself. Or you start by creating the artwork digitally from the get-go. For example, an image, a picture, or a video.
Step.1 Find A NFT Marketplace
The first step is finding an NFT marketplace. There you upload the image file and create a NFT.. Only when interacting with the blockchain technology can your artwork be considered an NFT. To ensure the uniqueness of one’s artwork, we use a unique digital. signature.
Luckily, you do not need to get techy for this. You can simply use OpenSea, which is the largest NFT marketplace. for this whole process.
Step.2 Register On OpenSea
Next, open the Opensea website in your web browser. It’s the most popular and easiest way to buy and sell virtual NFTs. You can create, sell or buy digital goods using the blockchain. Before you click the “Create” button on Opensea you need to connect your crypto wallet to it. You need the wallet for receiving payments and paying a small one-time fee.
Step 3 - Buy Ethereum
You can pay by credit card, debit card, or checking account and thus load the wallet with the cryptocurrency.
You can deposit Ethereum on your wallet by using any of the crypto platforms, including Coinbase and Metamask.
It is important that artists have enough Ethereum on their wallets. You need have some cryptocurrency in your wallet because otherwise you won’t be able to pay the transaction fees that come after. You will only be required to pay these fees if your own artwork is actually turned into an NFT.
You only need to pay one time fee when you create your first nonfungible token. You don’t have to pay a fee each time you create a new NFT, it’s just a one-time transaction, which is why you will need some Ethereum available in your wallet.
Step 4 - Create Your NFT
Go back to Opensea and select your wallet you have created before. Opensea.
You’ll then be prompted with a popup to connect your wallet and to accept the terms of conditions.
Step. 5 Create Your First NFT
Now that you’ve set up a wallet and connected it to OpenSea, you’re ready to create your first nonfungible token. One of the best ways to do so is by making a collection. Why create collections when uploading an individual file would be easier? Well, NFT collectibles receive the most visibility and they’re best sold as being part a collection. You can make different variants of one NFT with different colors, shapes, and so on.
To create a collection: Follow these steps.
- Go to your OpenSea profile, then select “My Collections.”
2. Click on ”Create Collection”
Step 6 - Mint Your NFT
Once you’ve made your first collection, it’s easy to add an NTF to it. Follow these steps:
- Click the collection you just created
- Click on ”Add Item’
You can now upload your NFT, add a description and set your desired price.
How Much Fees Do I Have To Pay?
First-time sellers must pay two fees before their sales start. These fees aren’t a set price, and you can adjust them if you know how to.
These fees are transactions that run using Ethereum’s blockchain network. Because of this, creating them requires some processing power. To compensate for that extra energy, you pay a fee. Depending on the price of the gas at the time, the fee can be either higher or lower.
The first fee to initialize your account to sell is usually between $50 and $250. To get OpenSea’s approval for your NFTs, they usually charge between $10 and $25.
To save your money and pay for your account at its lowest, you’d want to sign up on days when gas prices are lower. There’s a website called GasNow that allows you to track gas prices. The best days to make payments are when the number is below 100.
When selling an NFT on OpenSea, you must pay 2.5% of its sale price to OpenSea. Nearly all NFT marketplaces, like Rarible charge a 2.5% fee. There is no way for you to lower this
You can use a number of different payment tokens to sell NTFs. The platform recommends the coins below.
- Ethereum
- WETH
- DAI
Should You Use OpenSea?
OpenSea is the world’s largest market place for buying and selling NFTs Minting these digital asset anywhere else means less visibility for them and lower chances of closing deals. That’s one reason why most sellers feature their work on this platform.
