A step-by-step tutorial to making and selling an NFT and maybe generating an income stream for your work.
Look at this Bored Ape Yacht Club art to get motivated to learn how to manufacture and market an NFT; cartoons of apes in hats.
Many artists and graphic designer are researching how to create and market an NFT as a potential new source of income. However, NFTs are more than just a new way to sell art; they may also be used to ensure ownership of digital goods, get access to new communities, and even register ownership of physical things.
NFTs, or non-fungible tokens, are a fancy way of saying non-replaceable or just one. They make digital goods scarce and costly. An NFT is a blockchain-based digital token that represents ownership of a certain file or item, such as artwork, films, in-game assets, or even real estate.
If you’re still unsure what a non-fungible token is, we highly recommend reading our explanation of NFTs. We also go over what NFT drops are and how to spot a fake NFT. You may also move forward to our FAQ section, where we answer the most commonly asked questions.
Despite recent incidents of work being taken and mis-issued, as well as NFT markets being hacked, non-fungible tokens are here to remain and are becoming increasingly crucial to artists. Galleries are starting to recognize the importance of displaying NFT collections in person, and the greatest NFT displays are being designed to make your digital art appear beautiful.
It must also be noted that artists like Beeple, who sold his NFT collection for $69 million, are extremely successful. Most NFT art sells for similar rates as good art; the key difference is that digital artists may now earn royalties on future sales.
There are also other expenses associated with creating, maintaining, and selling an NFT. Though certain NFT markets now enable fee-free NFT minting, which places the expense on the customer rather than the producer. If you want to learn how to make an NFT for free, we have a guide for you.
Having said that, yet more artists, illustrators, and designers are generating more money than ever before by selling NFTs. Nonfungible.com estimates that primary and secondary sales on the Ethereum blockchain would exceed $15 billion in 2021, up from $67 million the previous year.
There is so much to profit from NFTs, it’s worthwhile to master the fundamentals of how to create and sell an NFT. Below, we walk you through the process step by step and discuss NFT markets, NFT crypto, and anything else you need to know.
Marketplaces for making and selling NFTs
First, you must create, or mint,’ your NFT. To create an NFT of your artwork, you’ll need to select an NFT platform and a payment wallet, the latter of which you’ll need to use to pay fees and get cash if your NFT is successful.
There are several online sites where you may create and sell an NFT. OpenSea, Rarible, SuperRare, Nifty Gateway, Foundation, VIV3, BakerySwap, Axie Marketplace, and NFT ShowRoom are some of the most popular NFT auction platforms. For a comparison of some of the most popular NFT markets, see our guide to NFT marketplaces.
We’ll walk through the steps of creating and selling an NFT using the NFT platform Rarible.
There are several NFT payment platforms, including Coinbase, MetaMask, Torus, Portis, WalletConnect, MyEtherWallet, and Fortmatic. To demonstrate the process, we’ll use the NFT platform Rarible and the bitcoin payment platform MetaMask to create and sell an NFT.
You might use any of the platforms described above, as well as many others, and in most cases, the process will be identical. Before making a decision, we recommend thoroughly researching the expenses involved (we’ll return to the fees later).
Step#1:Purchasing cryptocurrencies in order to finance your wallet
Most systems accept the Ethereum cryptocurrency, although additional low-carbon blockchains are increasingly available.
You’ll need bitcoin to create and sell an NFT. All of the above-mentioned NFT auction sites will need a fee to’mint’ an NFT, which is the process of converting your artwork into a non-fungible token that you may sell.
Most payments must be made in cryptocurrency, which means that before you can earn any cryptocurrency by selling an NFT of your work, you must first purchase some to cover the expenses.
Since Ether (abbreviated as ETH) is the native cryptocurrency of the open-source blockchain platform Ethereum, where NFTs initially debuted, it is the most widely accepted currency. However, some platforms are beginning to accept various payment formats and construct NFTs utilizing other blockchains, some of which are healthier for the environment.
There are several cryptocurrency exchanges where you may purchase ETH or other currencies.
If you already have any ETH, make sure it’s in a digital wallet that you can link to your preferred NFT platform to make (and receive) payments. If you don’t already have cash, there are several cryptocurrency exchanges where you can purchase ETH or other currencies, but the fastest and easiest way is generally to buy ETH directly using your preferred digital wallet.
As previously said, there are several solutions for this, but to demonstrate the procedure, we’ll utilize MetaMask, which is available as a browser extension and a mobile app. If you want to choose another service, or if you already have a digital wallet and understand how it works, go to step 4. Otherwise, in the following step, we’ll walk you through setting up your wallet and purchasing ETH.
Step#2: Setup a digital wallet to pay for your NFT
The MetaMask website is simple to use and may be put on your browser for a mobile version.
To establish a digital wallet using MetaMask, which is required to produce and sell an NFT, go to its website and click on the blue ‘Download’ button in the top-right corner. We’ll install the browser extension because we’re using a desktop computer, but there’s also a mobile app.
You will be prompted to confirm your want to ‘create a new wallet and seed phrase.’ Don’t be concerned about what the term “seed phrase” implies (it’s a list of words that holds blockchain information). Say yes, and then it’s only a question of agreeing to the conditions, establishing a password, and going through basic security checks to have your account set up.
Step#3: Inserting bitcoin into your wallet
After you’ve created your MetaMask wallet, or any digital wallet, you’ll need to fund it with ETH. If you don’t already have some ETH, you’ll need to purchase some now, so click the ‘Buy’ button and choose ‘Buy ETH with Wyre’.
You’ll be brought to a screen where you may buy ETH using Apple Pay or a debit card. You may delay this stage till later if you don’t want to part with any money yet; it simply takes a bit more faff (you’ll want to check your preferred NFT platform’s costs to know how much you’ll need to buy).
The cryptocurrency jargon might make this phase of learning how to produce and sell an NFT fairly intimidating, but purchasing money is really simple. Just keep in mind that the value of Ether, like bitcoin and many other cryptocurrencies, may vary dramatically.
The price of one ETH has risen from about $1,000 to over $4,700 at the time of writing, with several peaks and valleys along the way. The value of the currency might fluctuate by hundreds of dollars in a matter of hours.
Step#4: Integrating your wallet with an NFT platform
Rarible is one of various digital collectibles markets.
Most digital wallets function in the same way. Whichever one you choose, you must link it to the NFT platform via which you will sell the NFT. We’re using Rarible as an example, but there are many more NFT platforms to pick from, and the procedure will be broadly similar to what we detail below.
Go to Rarible.com (shown above). There’s a ‘Connect wallet’ button in the upper right-hand corner of the screen. Click here, then on the following screen, you’ll be prompted for your wallet provider, which in our instance is MetaMask. A window will appear with the option to connect your wallet to Rarible. Click ‘Next,’ then ‘Connect,’ agree to the terms of service, and confirm you’re above the age of 18
Click ‘Next,’ then ‘Connect,’ accept the terms of service, and confirm you’re above the age of 13.
Step#5: Create NFT using AI
An AI-Generated NFT, or non-fungible token, is a digital asset crafted through artificial intelligence algorithms. Employing sophisticated machine learning techniques, particularly utilizing General Adversarial Networks (GANs), these algorithms produce distinct images, illustrations, and video graphics, each possessing a unique composition.
Much like an artist honing their craft through years of practice, AI undergoes extensive training to create these one-of-a-kind visuals. The result is a fusion of creativity and advanced technology, culminating in a digital masterpiece that stands apart from the commonplace.
What sets AI NFTs apart from traditional images is their exclusive ownership value derived from their unparalleled composition. In stark contrast to ordinary online photographs available for purchase, an AI-generated NFT is truly exceptional, existing nowhere else in the digital realm. This uniqueness bestows upon it the status of a genuinely distinctive piece of art.
There are many AI NFT generators out there like:
Step#6: Uploading the file you wish to convert to an NFT
So you’ve got a wallet linked to ETH for payments, and you’re ready to learn how to produce and sell an NFT. Click the blue ‘Create’ button at the upper right of the Rarible website. You will then be offered the choice of creating a single, one-time work or selling the same thing several times.
In this case, we’ll go with ‘Single.’ You must now upload the digital file that you wish to convert to an NFT. Rarible allows up to 30MB PNG, GIF, WEBP, MP4, and MP3 files.
To demonstrate, we developed a humorously bad work of art based on David Hockney’s contentious London Underground painting. Upload your (hopefully much improved) digital file, and you’ll see a preview of your NFT post on the right.
Step#7: Organizing an auction for your NFT
You’ll need to pick how to sell your NFT artwork in the following section of the form. There are three choices. ‘Fixed price’ allows you to set a price and sell your NFT immediately (similar to eBay’s ‘Buy it now’ option). The ‘Unlimited Auction’ option allows individuals to keep bidding until you accept one. Finally, a ‘timed auction’ is an auction that only lasts a certain amount of time. As an example, let’s go with that choice.
This brings us to the most difficult part: deciding on a starting price. If you sell your NFT too cheaply, the massive fees will eat away your profit, perhaps leaving you out of pocket. We’ll set our price at an aggressive 1 ETH (now $4,700) and offer people seven days to bid.
Following that, you have the option to ‘Unlock once bought.’ This allows you to present your eventual customer with a full, high-resolution version of your artwork as well as other content via a secret web page or download link. The option marked ‘Choose Collection’ is the most perplexing. This is a highly technical inquiry concerning how the blockchain works. The default setting is ‘Rarible,’ and we recommend leaving it that way.
Step#8: Including a description to help sell your NFT
You may now give your listing a title and a description. Take some time to consider this if you want to increase the likelihood that your NFT will sell. You are then asked to consider what proportion of royalties you want to claim on any future sales of your art.
Again, a greater percentage will net you more money per sale in the long term, but it will also discourage people from reselling your art in the first place since they will be less likely to make a profit for themselves. Finally, there is an optional box where you may enter the characteristics of your file. You’re almost through with it.
Paying the listing cost in order to sell your NFT
The last step in learning how to build and sell an NFT is to click ‘Create Item,’ after which you’ll be prompted to connect with your wallet to pay the listing cost. Don’t worry if you don’t have enough money in your wallet: you won’t have to start again. Simply click on the wallet icon in the top-right corner, and you’ll be able to add funds from within Rarible.
Before we begin, a final word of caution. The listing charge may appear to be low: in our instance, it came to just $5.91 in US dollars. But this is merely the beginning.
. Before you can proceed, you must agree to pay an additional cost to construct your NFT, which in our instance would have been the equal of $42.99 in ETH.
If someone purchases your NFT, you must pay a commission charge on the NFT sale as well as a transaction fee for the money to be transferred from the buyer’s wallet to your own. At the time we tested it, none of this was very evident on Rarible’s website.
You are forced to take the risk and wait to see how much you will be charged overall if you make a transaction.
We’d love to be able to clarify how to calculate the potential cost of making and selling an NFT in clear and simple terms, but the perplexing nature of blockchain technology, the wild fluctuations in cryptocurrency values, and the lack of clarity on the platforms themselves make that impossible.
You’re forced to take the chance and wait to see how much you’ll be charged overall if you make a sale, hoping to still earn a profit. If you do decide to take a chance and invest in developing NFT art, we wish you the best of success. We’d love to know how you did it in the comments area below. Thank you for your time.
Dear readers, it has been an exhilarating journey as we explored the captivating world of creating and selling NFTs. Throughout this blog post, we have delved into a myriad of fascinating topics, each providing valuable insights into the process of transforming digital assets into unique and valuable tokens. As we approach the conclusion, let us take a moment to reflect on the key headlines that have guided us on this immersive exploration.
Here is thing gyus. As you know, embarking on the journey of creating and selling NFTs requires a series of deliberate steps, beginning with the acquisition of cryptocurrencies to finance your digital wallet. Step by step, we explored the process of setting up a digital wallet, enabling you to securely store and manage your NFTs. Integrating this wallet with an NFT platform, such as MetaMask, proved to be an essential move, ensuring a seamless transaction experience while maintaining the highest level of security.
Once the technicalities were in place, we ventured into the realm of inserting Bitcoin or other supported cryptocurrencies into your wallet, providing the necessary means to make purchases within the NFT marketplace. With the financial aspect covered, we embarked on the pivotal step of uploading the file that you wished to convert into an NFT. This process, often accompanied by thorough metadata detailing the essence and significance of your creation, marked the transformation of your digital asset into a unique token.
To maximize exposure and potential revenue, we explored the option of organizing an auction for your NFT. Through this method, collectors have the opportunity to bid on your artwork, driving up its value and generating excitement within the community. Additionally, we highlighted the importance of including a captivating and informative description that showcases the essence and allure of your NFT. This description acts as a persuasive tool, captivating potential buyers and allowing them to truly grasp the essence and value of your creation.
As we conclude this journey, I want to express my sincerest gratitude to each and every one of you, cherished readers, for joining me on this enlightening expedition. Your unwavering support and dedication have made this experience truly exceptional. May your foray into the world of creating and selling NFTs be filled with boundless creativity, success, and fulfillment. Until we meet again, stay inspired, and keep pushing the boundaries of artistic expression.
NFTs may be perplexing, with a lot of information to process and disinformation to sort through. If you want to produce and sell an NFT, we’re here to help you understand the process. The following are some frequent questions you may have before establishing your first NFT.