Your Simple Guide to NFT Art

All you need to know.

September 19, 2022

The blockchain is revolutionizing the way artworks are collected, sold, and verified. There's no better time to be an art enthusiast than now. NFT, or non-fungible tokens, are making it easier than ever to collect digital art like never before. Here's a brief guide of what NFT art is, how it's made, and what you can expect from it.

What is NFT?

Non-fungible tokens, or NFTs, are cryptographic assets that are each unique and can be distinguished from one another. NFTs typically have identification codes and metadata associated with them that allow them to be tracked on a blockchain.

Why is NFT art gaining traction?

NFT art is gaining traction over the last few years for a number of reasons. First, it provides artists with a new avenue for monetizing their work. Secondly, it allows people to utilize cryptocurrency and take advantage of its benefits. Finally, NFT art collections can give artists more freedom and exposure. In an increasingly digital world, NFT art provides a unique and exciting way for artists to showcase and sell their work.

How to create an NFT?

NFT creation isn't as easy as it sounds. Well, that was a few years ago. It's just as easy to create an NFT as it is to buy Dogecoin and meme your friends.

1. Create an image/collection - the first step to creating an NFT is just to design the picture or a collection.

2. Set up a Metamask account - selling NFTs is possible via cryptocurrencies. For this reason, you should create a Metamask account to be able to trade NFTs.

3. Open a marketplace account - you need to find a dedicated place to sell your NFT art. NFT marketplaces are your best bet. There, it's easy to set up an account, link it to your Metamask account, and then start selling.

4. List your collection - now, it's time to list your collection. Remember, cryptocurrency prices fluctuate. You need to think in perspective. Marketplaces don't allow you to up your prices, as smart contracts don't work this way.

How do transactions happen?

Sales of non-fungible tokens (NFTs) are conducted via smart contracts that run on the Ethereum blockchain. The transactions happen almost instantaneously. IBM explains in detail what smart contracts are. But put in simpler terms, smart contracts are settlements between a buyer and a seller. The transactions are transparent, meaning you can track everything on the chain. Also, it's also important to say that transactions are irreversible, meaning that if someone buys your NFT art, you'll receive your funds, and there's no chance for a chargeback.

Royalties - the key to success

One of the best things about NFT art is that it can come with royalties. Different marketplaces let you set a royalty fee, so when your art gets re-sold, you get a portion of the sale. This way, even if you sell your art for cheap, you won't miss out on a big payday later. Royalties can provide a great stream of income for artists, and help to ensure that they are compensated for their work even after it has been sold. Depending on the marketplace, they can get up to 50%.

NFT marketplaces

NFT marketplaces are a great way to buy and sell NFT artwork. The most popular NFT marketplaces are OpenSea and Rarible. These marketplaces offer a wide variety of NFT artwork from different artists, making it easy to find the perfect piece for your collection. NFT marketplaces are also a great way to promote your recent collections, as they provide a platform for you to reach a wider audience.

Summary

NFT art is becoming increasingly popular as it allows artists to take control of their work. The liberal NFT market gives them opportunities to capitalize on their art. Thanks to the NFT marketplaces, they can also earn royalties if their art gets re-sold. This is a great way for artists to ensure that they are getting compensated for their work, and it also allows them to have more control over how their art is used.