With the rise of cryptocurrencies like Bitcoin and Ethereum, everyone is looking for opportunities to capitalize on the raging mania to make more money. This has led to the emergence of non-fungible tokens (NFTs), which have made it possible for artists and other digital creators to make money from their work by turning it into valuable tokens. But since this is a fairly new idea, many people still don’t know how to make NFT artwork or even how to make money off NFTs.
If you want to take advantage of the growing popularity of NFTs to make money, you have to understand how the entire process works. This article will teach you how to sell NFT artwork. But if you feel like the process is not for you, yet you still want to get involved with the world of NFTs, you can consider finding NFT developers for hire and having them do the work for you.
What Are NFTs?
Non-fungible tokens are irreplaceable collectibles stored on a blockchain platform. A blockchain is a type of digital ledger that has tokens that can be bought or traded. In short, NFTs are digital files, such as images, videos, drawings, audio files, among others. Previously, NFTs were only thought to be related to pieces of art like drawing and images, but today people are also selling tweets and other related files.
For example, in March 2021, Twitter founder Jack Dorsey sold his first-ever tweet as an NFT to a Malaysian-based businessman for the equivalent of $2.9m (£2.1m). Although NFTs are implemented by blockchain, they are different from blockchain cryptocurrencies like Bitcoin and Ethereum because they’re uniquely identifiable and cannot be substituted for something else.
Furthermore, since the NFT is on a blockchain, you will have a public certificate of authenticity and proof of ownership. So, while it’s not illegal to copy or share an NFT, the copyright remains with the creator. This has enabled content creators an opportunity to continue enjoying royalties for their work and be part of what has led to the steady growth of the NFT industry, with Nonfungible claiming that $400 million worth of NFTs have exchanged hands on various NFT marketplaces since 2019.
How to Sell Your NFT Artwork
As a content creator, you should grab every available opportunity to make an extra dime from your work. The NFT industry offers you a perfect chance to earn royalties and make more money from your work without spending money exhibiting your pieces at auction stores and art galleries. But you have to learn how to make your NFTs.
Fortunately, there are numerous NFT developers for hire that can help you to create the right NFTs. Once you’ve created your NFTs, you need to know how to sell them. Here are the important steps you need to take to sell your NFT artwork.
Creating a Blockchain Wallet
Since NFTs are digital assets that live on a blockchain, you’ll need a blockchain wallet to make, sell, and obtain them. You also need to have money in your wallet to pay the transaction fees when you are selling NFTs. And since most NFTs are implemented via the Ethereum blockchain, you’ll need an Ethereum wallet funded with Ether (ETH), its native currency.
You may be required to use a Metamask wallet extension on your browser to connect with your preferred NFT marketplace. Once your Metamask wallet extension is up and running, you’ll get a 12-word recovery catchphrase. You need to back the phrase up in an offline location and copy your ETH address.
Fund Your Wallet
To fund your blockchain wallet, you need to purchase ETH from a broker or cryptocurrency exchange. Then, send the coins to your Metamask wallet address. Some brokers will only ask for your wallet address and transfer the coins directly. But if you purchase your coins from an exchange, you have to withdraw them after the purchase and deposit it into your wallet.
Creating Your NFT Artwork
Put your NFTs together and make sure you create a collection that will attract the highest number of collectors (buyers). You should take time to browse through different NFT marketplaces to see what NFT artwork is selling more. Once you’ve identified the top-selling collectibles, include them in your collection.
Submit Your NFT Artwork
Go to your preferred NFT marketplace and link your store with your Ethereum wallet. The process of submitting your NFTs for approval involves the following steps:
- Approve the transaction fee to secure your Ethereum wallet
- Go to your account page and update your profile by providing your name, a brief bio, profile image, etc.
- Click ‘Create New Collection’
- Name your collection and provide a short description
- Submit and wait for approval
- Once it’s been approved, click Edit and customize it with a header image, social media links, payment currencies, etc.
- Submit the changes for approval
- Go to Collections and click ‘Add New Item’
- Upload your tokens together with any other necessary information like properties, stats, and levels
- Click ‘Create’ and approve the transaction
- Submit your collection for approval
- Once approved, click the link for your item and choose ‘Sell’
- Choose your preferred pricing model and select ‘Post Your Listing’
- Sign the transaction to make your NFT artwork available to collectors for purchase
Finally, remember that the process of selling your first NFT artwork may not be smooth. But it’s worth it in the long run, especially if your objective is to acquire new buyers.