NFT Art: How to Sell Digital Art as NFTs?
Are you a digital artist tired of earning pennies for your exclusive art pieces? What if we told you that you can now sell your digital artwork as NFTs and earn royalties over a lifetime? Sounds great, no? With the existence of non-fungible tokens, which are basically digital representations of physical assets, it is now possible for artists to retain the rights of ownership to their work and also find attractive sale prices for their work. In this article, we are going to walk you through the process of selling NFT art.
Why Should You Sell NFT Art?
You should sell your digital art as NFTs because it can be extremely profitable, especially for artists. NFTs offers a unique way of reserving the rights to an original piece of art. In a world where it is a matter of a few seconds to create as many copies as you want to create of an image, or a file, NFTs act as a boon for artists to get the due credit for their work. In addition to this, even if the artist sells their art as NFTs, they can earn royalties over a lifetime. This lets them generate a good amount of passive income from their digital artworks.
How to Sell NFT Art?
Selling your digital art as NFTs is pretty easy and can be done in five simple steps. These are given as follows.
1. Setting up a Crypto Wallet
First things first. A crypto wallet is necessary to send and receive money or approve transactions related to your digital art NFT. Without a wallet, you have no place to store the payments related to your artwork. The most commonly used and accepted crypto wallet is the Metamask wallet. It can be downloaded as a browser extension and easily connected to any marketplace.
2. Adding Money to the Wallet
Now you can not pay the fee for showcasing your art on marketplaces with the fiat money that you have. NFTs can be bought and sold only via cryptocurrencies. Even among cryptocurrencies, Ethereum is the most widely accepted crypto for NFT payments. It is because most of the NFT marketplaces are built on the Ethereum blockchain. Therefore, you will need to add Ether in your Metamask wallet.
3. Preparing the Artwork
The third step is to create the digital art that you would like to sell as an NFT. You can create videos, stickers, GIFs, images, etc., and turn them into NFTs to get a decent attraction. The key to making top-selling pieces is to be creative and original in your work. While there is no harm in taking inspiration from the hot-selling NFT arts, you must always build something unique in order to get high bids for your work.
4. Posting the Art for Sale
The next step is to post the digital art NFT for sale on an online marketplace like OpenSea. Here’s an example of minting an NFT on the OpenSea platform. To do this, sign up on the OpenSea platform with the help of your Metamask wallet. Approve the transaction to connect the wallet. Set up your account by filling in details like name, email address, and a short bio, and complete the verification process.
On your OpenSea dashboard, click on the Create button and Submit NFT option. Create the collection by adding a description, logo, collection name, etc. Once the collection is created, click the Edit button and upload your art here. Add details like Properties, Levels, Stats, and so on. Click on the Create button and approve the transaction from your Metamask wallet.
The platform will take up to a few hours to some days to approve your digital art NFT. once approved, you can set up the pricing models and post your listing. Once again, you will need to sign the transaction from your wallet. When done, your NFT art will be live for sale.
5. Promoting the Artwork
The last step is to promote your artwork on social media platforms and communities to create hype about your NFT. This will create FOMO among the users and help you to find the best price for your art NFT. The best way is to talk about why people should buy your NFT, what makes it so special, what is the process that you have taken to build such a masterpiece, and so on.
Where to Sell Your NFT Art?
There are a number of marketplaces that allow you to sell your digital art NFTs. However, not all of these platforms are genuine and may be designed to steal money from wallets. So, here we are mentioning the 5 best NFT marketplaces to sell your digital art as NFTs.
OpenSea is the largest NFT marketplace, featuring a wide range of NFT assets like digital art collectibles, musical NFTs, domain names, other digital assets like ENS names, etc. For NFT creators, OpenSea offers a seamless platform to create and mint NFTs without the need for any coding knowledge. In addition to this, there are three pricing models that the sellers can set for their NFTs. These are fixed prices, declining price lists, and auction listings.
Rarible focuses on art-based NFTs like books, movies, digital arts, etc. It distributes over 75,000 RARI tokens every week to the active users of the Rarible platform. The platform allows the NFT creators to show a sneak peek of their work to all the users on the platform but limit the complete access to the buyers of the NFT.
As the name suggests, SuperRare features NFTs that are extremely rare. Almost all the artworks on the platform are single edition pieces, cryptographically tracked and stored on the blockchain. Therefore, SuperRare works only with a few hand-picked artists. However, if you are keen on getting on their radar, you can fill out a form available on the platform and wait for their reply.
Foundation aims to revolutionize the concept of value by bringing together crypto enthusiasts, creators, and collectors on a single platform. The platform awards the creator of the NFT with a 10% fee every time the artwork is resold at a higher value to a new buyer.
5. Nifty Gateway
Nifty Gateway is a one-stop solution for digital artists to sell their art for good money. Powered by one of the biggest crypto exchanges, Gemini, the NFTs featured on the platform are known as Nifties. The platform stores the NFT on the native platform instead of allowing the collectors to store their NFTs in their personal wallets.
Tips to Price Your NFT Art
While setting a sale price for your NFT, it is extremely necessary for you to know the value of your art and be clear about the money you are expecting to make from it. Here are three things to keep in mind while selling your digital art NFTs.
- Keep the initial floor price of your NFT Art low
Especially when you are new to the marketplace, it is good to keep a low floor price. This attracts the buyers and helps you build a loyal customer base around your existing and future NFT collections.
- Increase the price slowly
Once you have successfully sold the first few pieces of your NFT art collection, it is a good time to raise the prices slowly and steadily. As you launch newer NFT collections on the marketplace, you can ask for a higher price and you will know that your loyal customers will buy it.
- Know the selling price to royalty fee ratio of your NFT Art
There are two ways in which artists earn money for their artworks, one is by selling them and the other is by earning a royalty fee every time the digital art is resold to a new buyer. In the case of fine artworks, the NFTs are rarely sold for a second or third time. However, in the case of digital collections, the NFTs change hands multiple times. This is how artists earn royalties for their work. So, artists must keep a predefined royalty fee ratio.
Now that you are aware of the way you can sell your digital art as NFTs, would you like to try your hands on it? While selling digital art NFTs, make sure that you set a fair price for your work, depending upon your expertise, the originality of the work, the effort that went into creating it, and so on. Also, be sure to do the diligence in promoting your work on social media and other platforms.