NFTs for Dummies: How to start art business (updated) - NFTOCO (2022)

NFTs came into our life rapidly. Probably, with the same speed as it appears in lives of hundred thousands people around the globe. However, we must say that there are still more questions than answers about what is NFT and how to get money out of NFT art. That’s why we decided to start this blog and tell about our own experience in NFT business and all the magic behind non-fungible tokens.

What is NFT?

Any Google request will give you the answer to this question. And most of the answers say that NFTs are:

  1. Non-fungible tokens;
  2. Unique, irreplaceable and “one-of-a-kind” assets;
  3. Digital assets and does not have tangible or material form of their own; and
  4. The assets, which can be traded.

In other words, NFTs are very special pieces of non-material property which exist in digital world and can be bought or sold.

For example, if you have ever successfully used any drawing tool in your computer or smartphone to create a new image with any type of pictured object, then, congrats! The first step is done.

It does not mean you have created your NFT, unfortunately, as of May 2021, it’s still not so fast. However, creating a digital image is the first step to have you own art NFT.

How to make NFTs from a digital assets at OpenSea?

Step 1 – Create a digital asset

In our example above we used the simplest form of digital assets. However, in fact, the world of NFT is much wider and brighter.

Any digital assets can be NFTs, for example:

  • Photos and videos.
  • Songs, music files, animations and presentations.
  • Design files.
  • Word documents, PDFs and emails.
  • Company branding, including logos, and marketing content.

However, don’t worry if you have something extremely unique but made by hand. These items can become adigital assets. For example, a painting or handwritten notes easily becomedigital assets. All you need to dois to scan and upload them to a computer.

As of now (May 2021) there are 11 acceptable formats: JPG, PNG, GIF, SVG, MP4, WEBM, MP3, WAV, OGG, GLB, GLTF. Max size of any file must be up to 40 MB.

Step 2 – Add your name to your digital asset (optional)

This step is optional because, the fact that you have created a digital asset and it was born in your computer or laptop is enough. At the same time, just to be sure:

  1. do the right-click (press the right mouse button) and find the properties of your file. If you are on Mac, then you need to choose Get Info;
  2. in Comments put something like “This digital asset was created by Your Name on Date” or any other relevant information
  3. Close the window.

This brief instruction looks like this (we purposefully use a real file, which will be later sold as NFT):

NFTs for Dummies: How to start art business (updated) - NFTOCO (1)
NFTs for Dummies: How to start art business (updated) - NFTOCO (2)
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Also, speaking about the digital art, it’s possible to sign a paint (add an artist’s signature on it). This signature may give additional value, and will mark the digital asset as a complete and sellable digital asset.

However, that’s, probably, not applicable for all types of digital assets.

Step 3 – Create a cryptocurrency wallet

There is a good choice of cryptocurrency wallets available for any operational system and browser.

Personally, we started with MetaMask. We really like the fox in their logo :). But more than fox, we appreciate the flexibility these guys provide. MetaMask gives you browser extension but also a mobile application. And you can buy, sell and swap tokens with it.

NFTs for Dummies: How to start art business (updated) - NFTOCO (4)

Additionally, I’ve heard about Exodus, Trezor and Wasabi. But as of now, we are pretty confident with our crypto currency wallet. Anyway, we plan to dive into the topic of crypto wallets and write better overview of these hot topic later on during our NFT journey.

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Step 4 – Register on NFT marketplace

Again, we have already got a plenty of NFT-marketplaces. There are some more popular and some more niche places. However, the principles to work there are approximately the same.

To start the journey, I’ve selected OpenSea. And the overall experience was quite good and smooth.

Firstly, you need to connect your crypto wallet to the OpenSea. This is a standard type of registration for NFT-based world.

Step 5 – Create your NFT collection

As a first step of art business on NFT, you need to create a collection of your works. Hence, you must write its name and put some icon. This icon is a square with recommended size of sides 350px. You can download and use our temporary cover until you will have a more attractive cover :).

Then you are ready to make the next important step – fill your collection with valuables.

Step 6 – Add assets to your collection of NFTs

Here you can read once again which assets can become a part of your collection. Hence, when your collection is named and ready, go ahead. Download your first digital asset, which may become your NFT.

IMPORTANT: Your digital asset, uploaded to NFT market place is NOT an NFT yet. To make it a real non-fungible token, you must put it on sale and make it available for buying.

MK

Step 7 – Sell your NFTs

On one day we will definitely write more about this incredibly interesting and promising topic as selling NFTs. However, as of now, to sell NFT art on OpenSea you have a choice.

Price of your NFTs

The first option is sell it with a specific price either immediately or after some time. The second option is to make a bid. There is also a third option, but it is not available for sellers like me 😊 – with just one digital asset in the collection.

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Set a Fixed Price

If you want to sell your NFT at a specific price, then you can put it. For example, in a screenshot above, the suggested price for future NFT is 1 ETH (one Ethereum).

By the way, you can choose your cryptocurrency: DAI or USDC are also available at OpenSea (as of May 2021). However, more crypto currencies are coming. The stronger whole ecosystem of cryptocurrencies and NFTs will grow, the better opportunities we will get.

Also, there is a promising option to sell the digital asset at its declining price. If you want to activate it, just toggle “Include ending price”. Adding an ending price will allow your NFT listing to expire, or for the price to be reduced until a buyer is found.

NFTs for Dummies: How to start art business (updated) - NFTOCO (7)

Highest Bid

This is the auction to the highest bidder. Hello to predecessors like Ebay and Christies 👋.

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NFT auctions are the same as bidding for stuff existing in real world like paintings, vintage vases or Andy Warhol artworks. You need to set a starting price and the end date of the auction.

Additionally, you can set reserve price for NFT. This is the smallest amount of money, which you can accept for this NFT.

For example, if we set a reserve price for our “Smile of Jokonda” at 1.001 ETH, this means that bidding higher of this number are warmly welcomed. However, 1.0001 ETH is unacceptable and we won’t even see this bid.

Fee for NFT sale

Fees are everywhere. As a result, NFTs also have fees and they are not hidden at all.

NFTs for Dummies: How to start art business (updated) - NFTOCO (9)

The most intriguing phrase is: “Listing is free! At the time of the sale, the following fees will be deducted”. In fact, this is true. You are not charged for any NFT until it is sold. BUT! You need to pay the price of gas. Gas is required to make your NFT alive, functional and fully blockchain-based.

We promise to write about NFT gas prices soon. But as of now, all you need to know is: the price of gas to sell your NFT artwork depends on the starting price.

Price for each digital asset, which goes for sale as NFT, is the core factor. For example, if you will set the starting price as 0.0001 ETH the price for gas to make your NFT alive will be around $50 – $60.

By the way, for advanced owners of NFTs and for creators who hurry up to sell their artworks, there is an opportunity to make NFT faster. However, as in real life, time costs money.

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Share your listing

The final step after putting your digital assets on sale as NFTs is always the same.

Golden Rule of NFT Art Sellers: Create hype around your NFTs and they will grow in price.

MK

NFT marketplaces provide the needed toolkit to share information about the item and collection in social media and through private messaging. Use these opportunities. The value of digital asset grows if more people have seen it.

Step 8 – Get royalty and follow success of your NFTs

Indeed, this is the time to celebrate 🥳 ! If you sell your NFTs either art or any other type of digital assets, you still get money out of them.

we believe, this is the highly valuable concept of you as a Creator is extremely fair. Despite the future owners of your NFTs, you are its Creator forever. Hence, any new transaction related to your NFT will bring you royalty.

Royalty is a sum of money, paid to the Creator, each time, when the digital asset is sold. Sure, this concept is still underdeveloped and exists on some NFT marketplaces (not all). However, we stand in front of the changes, which are coming to digital industry. Hence, let’s just wait.

Update from May 2021: we are still not ranked by Forbes with our NFT art business. However, o snail, climb mount Fuji but slowly, slowly! Fingers crossed soon it will happen 😁🤞

FAQs

How do I start an NFT art business? ›

Follow this step-by-step guide to get started:
  1. Decide on a concept. Before anything else, determine a concept for your art. ...
  2. Choose your blockchain. ...
  3. Set up a digital wallet. ...
  4. Select the right NFT marketplace for you. ...
  5. Promote your NFT. ...
  6. Upload and mint your art token. ...
  7. Price the token and list for sale.
22 Jun 2022

How do I create an NFT art and sell it? ›

  1. How to make and sell an NFT. ...
  2. Choose a digital wallet. ...
  3. Set up a digital wallet to pay for your NFT. ...
  4. Add cryptocurrency to your wallet. ...
  5. Connect your wallet to an NFT platform. ...
  6. Upload the file you want to turn into an NFT. ...
  7. Set up an auction for your NFT. ...
  8. Add a description to sell your NFT.
10 Aug 2022

Are NFTs profitable for artists? ›

NFTs are making some collectors and artists rich, but success in this high-risk marketplace is more art than science.

What type of NFT art sells? ›

Many artists sell NFTs of physical art like paintings, drawings, and photographs, while others create them digitally first. Being an NFT artist involves a solid understanding of three key layers: The artwork.

How do I start NFT with no money? ›

How to Create and Sell NFTs for Free
  1. Connect an ETH Wallet to OpenSea. First, you'll need to connect an Ethereum wallet to OpenSea. ...
  2. Create an OpenSea Collection. ...
  3. Set Up the OpenSea Collection. ...
  4. Pick the Correct Blockchain. ...
  5. Begin Minting NFTs. ...
  6. Profit!
10 Mar 2022

How do NFTs make money as a beginner in 2022? ›

  1. Create and Sell NFTs. The direct and effective method of making money with NFTs is to create and sell them. ...
  2. Trade NFTs. Trading NFTs is a smart and easy way of making money easily and efficiently. ...
  3. Rent Out NFTs. ...
  4. NFT Gaming. ...
  5. NFT Royalties. ...
  6. Licensed Collectibles. ...
  7. Stake NFTs.

What software do NFT artists use? ›

Adobe Photoshop - best NFT creator software for professionals ↗ Another incredible application from Adobe is “Adobe Photoshop” which can also be used as a graphics application to produce high-quality artwork and graphics. You can create NFTs in Adobe Photoshop if you are comfortable with it.

How do I price my NFT? ›

Another tip is knowing how many copies of a particular piece of NFT you're looking to sell. The general rule of thumb is – the more copies the lower the price, the fewer the copies, the higher you can afford to price it due to the rarity of the item.

How much do NFT artists make? ›

Across the United States, the majority of artists' pay is now between $12.50 (25th percentile) and $18.51 (75th percentile), with ZipRecruiter reporting the best NFT artists hourly rate as high as $27.40 and the worst as low as $6.25.

Why is my NFT not selling? ›

Lack of Hodlers. Another reason that items in NFT collections fail to sell is a lack of collectors wanting to hodl their investment. Some of the hottest collections out there suffer from flippers looking to buy low and sell for a modest or even high profit.

Is it hard to sell NFT art? ›

It's extremely hard. As with any other business, it requires work and intelligence. Merely listing NFTs without having a prior audience or online presence and expecting these to sell is short-sighted.

What sells best as NFT? ›

Art. Art is the most popular form of NFT out there. Because of that, art is also the kind of NFT that sells the best.

What is the highest selling NFT? ›

Sale details: The most famous NFT sale (and the most expensive NFT sale to date) was Beeple's Everydays: The First 5000 Days for $69.3 million.

What NFT art style sells best? ›

What is the best NFT art? If by best you mean, most expensive and most popular NFT art, then Beeple's piece titled “Everydays – The First 5000 Days” is the best NFT art so far. The masterful collage piece took 13 years to make and includes over 5000 digital images and sold for $69.3 million.

Can a normal person make NFT? ›

Technically, anyone can create a piece of art, turn it into an NFT on the blockchain (a process called 'minting') and put it up for sale on a marketplace of choice.

Can NFT convert to cash? ›

Like pieces of art, an NFT can be sold for money or cryptocurrency. However, the token's asset transfer is recorded in the blockchain just like cryptocurrency.

How much does it cost to mint an NFT? ›

Cost to mint 10,000 NFTs on Ethereum

The upfront cost to mint NFTs on Ethereum is higher than Solana. However, this blockchain offers more compelling options for creating an NFT collection. The mint fee on Ethereum requires a gas fee ranging from $70 to $100. Ethereum blockchain operates just like an auctioning square.

How can I get money without a job? ›

15 Ways to Make Money Without a Job
  1. Participate in paid market research. ...
  2. Become a virtual assistant. ...
  3. Transcribe audio and video. ...
  4. Sell online. ...
  5. Housesit. ...
  6. Write online reviews. ...
  7. Start a blog. ...
  8. Game on Twitch.
5 Aug 2021

How can I get money fast? ›

How to make money online
  1. Pick up freelance work online. ...
  2. Test websites and apps. ...
  3. Pick up tasks on Amazon's Mechanical Turk. ...
  4. Take surveys for money. ...
  5. 5. Make money from your blog as an affiliate. ...
  6. Sell your wares on Etsy. ...
  7. Get advertising revenue from your blog or YouTube channel. ...
  8. Become an Instagram influencer.
8 Aug 2022

Is NFT real money? ›

NFTs (non-fungible tokens) are unique cryptographic tokens that exist on a blockchain and cannot be replicated. NFTs can represent real-world items like artwork and real estate. "Tokenizing" these real-world tangible assets makes buying, selling, and trading them more efficient while reducing the probability of fraud.

Can a drawing be an NFT? ›

NFTs (non-fungible tokens) are one-of-a-kind digital assets. Given they're digital in nature, can physical works of art be turned into NFTs? The short answer is that yes, physical artworks can be minted and sold online as NFTs.

Can I create NFT on my phone? ›

Creating an NFT on your Android phone works much like creating an NFT on your computer, but you usually need dedicated apps for it. Before creating an NFT on Android, make sure that you have the following: An art piece you want to turn into an NFT, saved as digital files. A crypto wallet.

What is the best NFT generator? ›

Here are seven trending NFT art generators in 2022:
  • NFT Art Generator.
  • 2.Hotpot.ai.
  • Filmora.
  • Fotor.
  • UniqMyNFT.
  • Appy Pie.
  • nightcafe. studio.

How much should you sell your first NFT for? ›

How much do NFTs sell for? The average price of an NFT can vary anywhere from $100 to $1,400, depending on its scarcity, utility, and popularity. Additionally, fluctuations in the value of the underlying cryptocurrency may impact a non-fungible token's price.

How do I know if my NFT project is good? ›

This includes a good reputation, its use case, and other factors that make an ICO attractive to potential investors. When it comes to investing in NFTs, one should check whether the project has any significant backing from crypto influencers or a strong use case as well as a developer team.

How do I know if my NFT is valuable? ›

The social proof associated with the project behind an NFT is one of the decisive factors that determine the NFT's value. Checking their profiles on social media platforms like Twitter and Instagram can help one gauge their acceptability.

Do I get paid every time my NFT is sold? ›

One cool aspect of NFTs is that they can be programmed to pay a creator earnings fee each time the NFT is sold, allowing creators to be rewarded fairly for their digital work. These creator earnings are paid every time an NFT moves from wallet to wallet after a purchase.

How long does it take to sell NFT? ›

It's pretty fast to enlist your NFTs for selling on Rarible, it should take approximately 5 minutes. However, to actually sell your NFTs it might take a longer time, depending on how much you invested into making your NFTs known to your community.

How do I make my NFTs successful? ›

5 NFT Tips for Launching Your Next Collection Successfully
  1. Your NFT Community Comes First. Your community is what will ultimately determine the success of your NFT project. ...
  2. Price Your NFT Project Fairly. ...
  3. Plan a Quality NFT Roadmap. ...
  4. Communicate Effectively and Often. ...
  5. Invest in Your NFT Code.
5 Apr 2022

What happens when someone buys my NFT? ›

When someone buys an NFT from the creator, they obtain ownership in the sense that it becomes their property. After all, an NFT is a digital certificate of ownership representing the purchase of a digital asset, traceable on the blockchain.

How do I get people to buy my NFT? ›

So, here are some popular ways to promote your NFT art.
  1. Promote on Instagram. ...
  2. Use Appropriate Hashtags. ...
  3. Join Discord Servers. ...
  4. Promote NFTs on Reddit. ...
  5. Hire an Influencer to Promote Your Artwork. ...
  6. Promote NFTs on Telegram Channels. ...
  7. Use Paid Advertising. ...
  8. It's All About Generating Value.
11 Mar 2022

Can I sell NFT without marketing? ›

Yes, you need to start focusing on Marketing your Non Fungible Tokens. You can't just expect to list them on Opensea or Rarible and start getting NFT sales. You've gotta put all your efforts in marketing your NFTs if you really want to end up selling well and make yourself a good amount of money.

Can you make millions off an NFT? ›

You can invest in NFTs by buying them and selling them at a profit. Pablo Rodriguez-Fraile, a Miami-based art collector, flipped a Beeple digital art piece almost 1,000 times its initial price in less than 6 months! However, not all NFTs are created equal. Some are worth millions, while some are basically worthless.

What makes a good NFT? ›

NFTs should create utility for owners, and unlockable content can be part of that. We recommend including digital experiences that can persist between ownership. It's also important to think about your secondary market.

How much does the average NFT sell for? ›

By January 23, the average sale price was $1,363. In January 2021, the average sale price of an NFT was $347, according to nonfungible.com.
...
The average price of an NFT swung between $6,900 and $1,400 in January.
MonthAverage NFT price
May 2021$1,464.39
April 2021$1,412.37
March 2021$1,228.18
10 more rows
3 Feb 2022

Can I sell my photos as NFT? ›

The answer is: it's up to you. The NFT world is perfect if you create limited edition digital artwork. Whether it's paintings, photos, videos, or anything else the price is tied to the scarcity of the file and to the reputation of the artist.

Can you create NFT without coding? ›

There is no need to code anything to generate NFT. All you need to do is use the no code NFT collection generator.

How do I convert my drawings to digital art? ›

You can do this using a traditional scanner, scanning at a minimum of 300 dots per inch (DPI). Or, if you don't have a scanner, you can use a smartphone to take a picture of the drawing. Whichever method you use, save the image as the highest possible quality and email or AirDrop it to yourself.

How much does it cost to create an NFT? ›

On average, the cost of creating NFT ranges from $0.05 to over $150. The cost of creating NFTs depends on various factors such as the cost of blockchain, gas fee, marketplace account fee, listing fee etc. Ethereum and Solana are the most expensive and cheapest blockchain, respectively.

How do you become an NFT artist? ›

How to Be an NFT Artist: Getting Started With Binance NFT Marketplace
  1. TL;DR.
  2. Step 1: Begin creating art pieces. ...
  3. Step 2: Go to a platform like Binance NFT Marketplace and upload your digital art to the blockchain.
  4. Step 3: You're all set to start selling your NFT art.
9 Sept 2022

What software do NFT artists use? ›

Adobe Photoshop - best NFT creator software for professionals ↗ Another incredible application from Adobe is “Adobe Photoshop” which can also be used as a graphics application to produce high-quality artwork and graphics. You can create NFTs in Adobe Photoshop if you are comfortable with it.

How long does it take to make an NFT? ›

NFTs can be minted fast

In essence, it takes more time to create the digital asset itself than actually minting it. By following a tutorial like this one or others on What are NFTs, you're able to mint NFTs in any marketplace you choose in less than 30 minutes.

How many layers do you need for 10000 NFTs? ›

To make 10,000 NFTs, you need 10 layers with 4 variations each. Of course, it will be very difficult to combine 10,000 images manually. Therefore, you will need NFT-Generator to do so.

What makes an NFT successful? ›

A good NFT project will have a healthy community following them. The ones with the most engagement are usually the projects which will be the most successful. NFTs are more than just owning a piece of art, they are being part of a community, where a culture has been created, and culture creates a following.

Can anyone design an NFT? ›

Non-fungible tokens can be created directly on NFT platforms, allowing you to mint (the process of creating or producing something) and upload your artwork on a blockchain.

What is the most popular NFT art? ›

What is the best NFT art? If by best you mean, most expensive and most popular NFT art, then Beeple's piece titled “Everydays – The First 5000 Days” is the best NFT art so far. The masterful collage piece took 13 years to make and includes over 5000 digital images and sold for $69.3 million.

Can a drawing be an NFT? ›

NFTs (non-fungible tokens) are one-of-a-kind digital assets. Given they're digital in nature, can physical works of art be turned into NFTs? The short answer is that yes, physical artworks can be minted and sold online as NFTs.

How much does it cost to mint an NFT? ›

Cost to mint 10,000 NFTs on Ethereum

The upfront cost to mint NFTs on Ethereum is higher than Solana. However, this blockchain offers more compelling options for creating an NFT collection. The mint fee on Ethereum requires a gas fee ranging from $70 to $100. Ethereum blockchain operates just like an auctioning square.

Can I create NFT on my phone? ›

Creating an NFT on your Android phone works much like creating an NFT on your computer, but you usually need dedicated apps for it. Before creating an NFT on Android, make sure that you have the following: An art piece you want to turn into an NFT, saved as digital files. A crypto wallet.

How many copies of an NFT should I make? ›

Most platforms allow you to create an unlimited number of NFTs. However, you should think through how many editions of the same NFT you want to issue: 1-of-1. You only issue one copy of the NFT, which makes it more valuable.

How do NFT artists get paid? ›

How Can NFT Artists Earn Royalties? The content creator, or original artist of the NFT, earns royalties through subsequent sales in the secondary market. For example, after the original artist/owner first sells the NFT, the buyer/investor may then sell the NFT to another buyer/investor in the secondary market.

Do NFT creators get royalties? ›

NFTs allow an artist to post a royalty for secondary sales in the NFT itself, which is logged forever on the blockchain. But that royalty is only effective insofar as marketplaces honor it.

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