If you’re an artist considering how to sell NFTs, you have come to the right place. Many artists are investigating transforming their work into nonfungible tokens as a viable way to monetize it. NFTs enable the digital sale of art by establishing safe ownership of an original digital asset, and they can provide access to active new communities of potential buyers.
Despite recent instances of the nonfungible token (NFT) works being stolen or misused and marketplaces being compromised, nonfungible passes are here to stay and are gaining significance among artists. Even galleries are beginning to exhibit NFT collections in reality.
In simple terms, “nonfungible” refers to the quality of being unique and irreplaceable. Nonfungible tokens, abbreviated NFTs, give scarcity and consequent value to otherwise readily replicable digital assets. This transformation happens by creating a digital register on a blockchain containing a verifiable ownership record for the original digital file or item.
Internet, specifically Web3, changed the global art market. Artists no longer produce one-of-a-kind works with the expectation to sell reasonably at a local auction.
Art has evolved into a nonfungible asset that cannot be duplicated or replaced. This practice grants each artist exclusive rights.
This comprehensive guide presents a step-by-step procedure on How to Sell NFTs, offering the opportunity to generate income from your artwork.
Table of Contents
What is NFT?
Nonfungible Tokens (NFTs) are digital assets that represent ownership over a specific item or portion of content. These assets can be purchased, sold, and traded on various blockchain platforms. In contrast to cryptocurrencies such as Bitcoin, NFTs are not interchangeable; each has its value and cannot be exchanged for another NFT.
Art that cannot be duplicated or replicated inevitably gains exclusivity and value. This art can be a photograph, a painting, a song, a music album, or anything else that can exist in the digital realm and be experienced by internet users.
The artwork is kept on the blockchain, an online ledger. It is regarded as a piece of data or a token. Consequently, it is known as an NFT or nonfungible token. You may have encountered some terms that seem excessively technical.
“Where can I sell NFT?” you’re undoubtedly wondering. That is an excellent question. Before we go into How to Sell NFTs art, let’s define a few terms.
Also Read: How To Make Money With NFT In 2023 (6 Ways)
Five Essential Terms You Need To Understand
The Internet is changing more quickly than ever before. New online apps and skills have been made possible by faster internet speeds, more people using technology, and better computers.
Web3 is the new version of the old World Wide Web. Web3 is not a piece of software or hardware. Instead, the idea is that the Internet could be used for much more than just quick dating, listening to music, and gaming.
You can now buy and sell things on the Internet, trade in currencies not controlled by a central authority or government, and even use your digital avatar to host virtual talks. You will come across these terms as you learn how to sell NFTs art. We’ll help you figure them out.
Cryptocurrency, as the name indicates, is a currency that no one can decode since it is cryptic. Are you even more unclear now? Don’t be concerned. Let me simplify things for you.
Simply stated, cryptocurrency is a form of digital currency. It is only accessible via the Internet. No central bank or federal authority has jurisdiction over virtual currencies. It is genuinely money created by and for the people.
There are numerous cryptocurrency options, such as Bitcoin and Ethereum. The vast majority of cryptocurrencies are finite, meaning there will be a fixed amount in circulation on the blockchain. ‘Finite’ cryptocurrencies are more valuable than ‘infinite’ cryptocurrencies.
2. Crypto Wallet
Just as you get your physical cash and store it in a wallet, you need a place to store the cryptocurrency you earn. When you discover how to sell NFTs art and make a transaction, you want the proceeds stored in a secure online location.
Wallets for cryptocurrencies, such as Coinbase, Electrum, and Metamask, enable consumers to trade cryptocurrencies freely. Before selecting a cryptocurrency wallet, it is advisable to conduct research.
Every financial transaction requires the use of a ledger. In the world of cryptocurrencies, where there is no central authority to assess the currency’s history, the blockchain plays an important role.
It documents where the money originated, how it was spent, and who had access to it. It is essential to comprehend this concept when preparing how to sell NFTs art online.
Consider the blockchain to be a network-wide distributed digital ledger system. It consists of information blocks connected by a chain. As multiple entities access the data or NFT, the chain grows.
Every transaction on the blockchain records the asset’s value, making it more secure and transparent to use. Blockchains are universally accessible and possessed by all network participants.
When governments create new currency notes, this process refers to as minting. In the context of blockchain technology, there are no tangible notes and coins to print. You do possess valuable objects.
To mint an NFT, you can introduce a new token (any form of art) into the digital universe. The blockchain mints and allocates a code to this asset. A new ledger is created for the object you desire to mint, and its journey in the blockchain begins.
5. Gas Fee
This peculiar term refers to the cost associated with opening a ledger. The blockchain is stored on multiple devices and top servers. These devices are actual, physical devices that require maintenance and continuous operation.
Those who use a blockchain have to pay “gas fees.” Depending on how much people want that blockchain, its value can go up or down.
So, how to sell NFTs art without paying upfront for gas? You can do this by selling the product and then minting it. So, adding the gas costs to the price of the NFT can eliminate the need for artists to pay extra to sell.
8 Steps On How To Sell NFT Art & Achieve Significant Financial Gains
Visual content is trending. It’s become an obsession for many. This trend has inspired artists to sell their “wares” on popular marketplaces where consumers are eager to spend.
Knowing how to make and sell NFT art guarantees that the piece will be unique and never reproduced, increasing its value. So how can you access this fascinating market? How do you discover buyers and host your products? So, Selling digital art as NFTs is easy with these eight steps.
1. Create a Digital Wallet
It makes no difference if you don’t have a wallet offline. To transport your cash, a pocket would suffice. It’s a different story in the digital world.
Wallets are necessary for digital transactions since they hold your cryptocurrency. Digital wallets have various useful features that allow you to earn and pay. One important consideration is that each crypto marketplace supports a variety of wallets.
Perform research before selecting one to use. Moreover, if you are unfamiliar with cryptocurrency and the blockchain, establish a wallet with Ethereum, the most popular NFT exchange currency. Developing a digital wallet to expedite the online purchase process as a buyer or vendor of NFT art makes sense.
2. Choose an NFT Marketplace
After selecting a wallet, you can then select a market. Numerous marketplaces are accessible to buyers and vendors of NFTs. Here are a few of the most common:
Oh, have you heard about OpenSea.io? It is one of the first platforms to launch on the blockchain. Here, registration is free (not all crypto marketplaces offer free registration). The platform does not impose any restrictions on its vendors, so you can sell on it whether you are a large corporation or a small grocery store.
Moreover, OpenSea.io requires no coding. “Lazy minting” lets you mint an NFT after it sells. It shields artists from upfront gas fees.
The lazy minting choice is available to sellers on Rarible. Many people consider it to be one of the most well-known and cost-effective NFT markets. Since items on Rarible are paid in ETH, it’s quick and easy to buy them. When a seller on Rarible gets a certified badge from the site, people know they can trust them.
Obtaining the emblem requires a few days of effort. Some users disregard this step at their own risk.
SuperRare is a social networking site for artists. They may gather, collaborate, and sell jointly. Due to the blockchain’s inherent security, virtual meetings are becoming increasingly appealing. Besides, an extensive artist portfolio is accessible to buyers. Consider it to be the DeviantArt of NFTs.
There are a variety of other cryptocurrency marketplaces that survive selling digital art.
3. Buy Cryptocurrency
If you are new to cryptocurrencies, you should start with Ethereum. It is one of the most popular cryptocurrencies and widely recognizes on any market.
You may wonder why it is necessary to purchase money before earning it. Besides, the cost of blockchain transactions is monetary. Even for sellers, listing and minting incur expenses. Moreover, sufficient funds in your cryptocurrency wallet will allow you to avoid complications.
4. Link Your Wallet To an NFT Marketplace
You must prepare to create an impact with your artwork now that you have a Bitcoin wallet and marketplace. You can attach your cryptocurrency wallet to your NFT marketplace once you’ve created and stored your cryptocurrency wallet. Each market has its method for linking a digital wallet to its services.
Moreover, OpenSea.io and other platforms have easy-to-use interfaces that only take up a little of your time. Simply select “Create” and supply the necessary details to complete the form.
Be careful and precise in your description because this is what potential buyers will use to learn more about your art before they buy it.
Check your marketplace for royalty. OpenSea.io lets you set royalty amounts and gives you a percentile payout for future NFT art sales. Cryptocurrencies and marketplace values fluctuate; thus, there is no fixed cost. Beware of gas fees when minting your NFT.
5. Upload The File You Want to Turn into NFT
Here’s the moment you’ve been waiting for unveiling your artwork to unsuspecting customers.
Now that you have completed all payments, filled out all forms, and prepared your artwork in the best possible shape and format, it is time to click the upload icon.
Before uploading, ensure your file is flawless and exactly as you intended.
6. Setup an Auction For Your NFT
There are two pricing structures available when selling NFT artwork. You have two choices: post your artwork for auction and let bidders compete to raise the price or set a fixed price.
This is the answer to the question of how to make money from NFT art. Moreover, in the case of an auction, you determine the product’s minimum selling price. There, the auction commences. In the case of a fixed-price NFT, you know how much your artwork will garner.
We made this decision based on a comprehensive analysis of how we appreciate your art and fundamental human behavior. If you are certain that the artwork is valued at a lower price, then set a fixed price. It could be horrible to discover that your artwork could have sold for significantly more had you not fixed its price.
7. Add a Description To Sell Your NFT
Typically, art exhibitions include descriptions that discuss the artist and the work of art, including the artist’s motivation for creating it, their interpretation of its meaning, and advice for appreciating it.
The only description of your humble work of art on the blockchain will be the one you provide when uploading. Be as specific as possible. This description can either make or break a transaction. Since it is art, purchasers adore the work of someone with profound thought.
In addition, as a digital piece, the buyers’ concentration span is shorter than in an art gallery. Moreover, it would be helpful if you elaborated on your expressions and quickly got to the point. Your description should mention and explain the name of your NFT.
Those NFTs with a story behind them are among the most popular. Even NFTs that feature an animal in some form, significant moments, or major characters from films perform reasonably well.
8. Pay The Listing Fee To Sell Your NFT
There is a fee for every service. Even selling your own NFT will require an initial investment, and no, it’s not the time and effort you spent perfecting your craft. Considering your artwork’s cost, listing fees can be quite costly.
Moreover, you must make this payment immediately after clicking ‘Create Item.’ The marketplace will link your wallet and automatically deduct the funds. If your wallet requires additional funds, you will receive a prompt to add more.
The listing fee is one of many costs you will incur. If your artwork sells, you will be subject to a commission and transaction fees. The difficulty is that these fees need to be specified.
Conclusion: How to Sell NFTs Like a Pro
The NFT market is something that everyone wants to be a part of. So many people want to learn how to invest in NFTs, and many others want to know how to start their own NFT collection.
At first, it might seem hard and time-consuming to make and sell an NFT. But if you have done all your studies, the process will be easier than you might think. Furthermore, it is essential to be ready to pay a significant price if you are stepping into the captivating realm of cryptocurrencies and pondering ‘how to sell NFTs art in 2023.’
The Site builder programmers and customer service reps at Temok are there whenever you need them, day or night. Feel free to speak with our hosting experts. Put in your call request as soon as possible.