Are you an artist looking to take your creative work to the next level, and make money while doing it? Or you’re just simply looking for a way to monetize your artwork? NFTs (Non-Fungible Tokens) may be the answer you’re looking for.
NFT artworks are digital assets that are stored on a blockchain, enabling creators to tokenize and sell their work online. It is a unique form of digital asset ownership. The opportunity to create NFTs offers creators several advantages over traditional methods like print sales or physical gallery displays. The process of tokenizing and selling artwork on a blockchain is relatively simple. NFTs or Non-Fungible Tokens are digital collectibles that can be bought, sold, and traded on a blockchain. An NFT represents ownership of a virtual asset like artwork, music tracks, video clips, and more. However, making money with NFT art requires you to follow certain steps to present your artwork for sale.
How to Make Money with NFT art?
Wanting to know how to sell NFT artwork and make a side income? Learning how to make money with NFT art has transformed numerous people’s lives. Creating an NFT from your artwork and selling it online presents a great opportunity! With the advent of the Metaverse and Blockchain, everyday people can turn their creative passion into a profitable venture. To get started, here are the steps you need to take:
Choose Your Platform
The first step is choosing the right platform to create and sell your NFTs. Popular platforms like OpenSea, Rarible, and SuperRare are good places to start. Each platform has different fees and terms of service that you should read carefully before making your choice. Platforms such as OpenSea do not charge any fees upfront fees for listing your artwork. However, make sure you understand the commissions that may be charged on the back end. Usually, platforms require a 2-4% fee for processing the payments. Additionally, you should be aware that there are Blockchain fees. You can find more about Gas fees Here. It is important to do your research and make sure you understand the terms and fees of the platform before making your choice.
Prepare Your Artwork
Once you’ve chosen your platform, it’s time to prepare your artwork for sale. Make sure it is compatible with the platform and that it meets any requirements for its resolution, size, etc. You can also use tools like Adobe Photoshop or GIMP to touch up your artwork before selling it. The more pristine and perfect your work is the better it will sell! It’s also a good idea to create a detailed description of your artwork! Of course, providing as many pictures as possible helps influence potential buyers.
Create Your NFT
Now it’s time to create the NFT of the art that you wish to sell. This involves the following:
- Generating the necessary code
- Uploading all relevant documents (your artwork, description, etc.)
- Setting the parameters for sale such as the price and number of copies
NFTs also allow creators to set royalties or other special conditions. Make sure you understand the specifics of your chosen platform before proceeding. You do not want to leave money on the table by missing some options.
Set Your Price
Setting a price is one of the most important decisions you will make when selling your NFTs. Consider how much you think your artwork is worth and remember that the market will have its own opinion. Generally speaking, it pays to be realistic and start with a lower price so you can attract more buyers. Pricing your artwork too high may lead to it not selling at all. Buyers are more likely to take a chance on artwork when the price is right. Having said that, however, there is no one size fits all approach to pricing your NFT. Feel free to experiment with different price points and see how the market responds.
Promote Your NFT
Once your NFT art is ready to sell, you need to promote it so that people can find out about your work. Connect with other creators on the platform and let them know about your work.
Options for marketing include:
- Share it on social media
- Send out press releases
- Join forums dedicated to selling NFTs
- Create blog content around your artwork.
Marketing your NFT is an essential part of selling it.
Collect Payments and Get Paid
The last step in the process is collecting payments from your buyers and getting paid for your work. Make sure you understand the payment system on the platform you have chosen. You will need to have relevant banking information available before getting started. This way you can get the payment processing options set up from the very start. Once a buyer has purchased your NFT, you should receive payment quickly and securely. Secure payment systems like PayPal or Stripe are good options to consider.
Finalize the Sale
Finally, when someone purchases your NFT, you need to complete the sale. This includes transferring ownership of the NFT and sending any additional materials (like a physical copy of the artwork) that may have been included in the purchase. It’s also important to thank the buyer for their purchase. After the sale, it is imperative to stay in touch with them in case they have any questions. A strong customer service policy will keep buyers coming back! You can even send them discounts for future purchases.
Keep an Eye on the Market
As you create more artwork and continue selling NFTs, keep an eye on the market to stay informed of any shifts that could affect your sales. Monitor trends, look for opportunities to buy and sell, and adjust your pricing accordingly. It’s also a good idea to keep up with industry news and keep an eye on your competitors. That way you can so you can stay ahead of trends and market changes. Trends can change quickly, so staying up to date is crucial.
These are the essential steps to follow when selling your NFTs. Importantly, make sure to do your due diligence and research the different platforms before you commit. NFT sales involve a certain level of risk, so you must understand the terms and conditions of the platform you choose. Additionally, it’s highly recommended that you consult with a lawyer or other legal professional before engaging in any NFT sales.
Take it like a business.
The process of how to make money with NFT art is not going to be the same for every artist or piece of art. However, you must establish a plan detailing how to sell your NFT art. You may follow the 8 steps above, break them into smaller and more detailed steps, or you may streamline some. Whatever your plan is be consistent. The market loves consistency.
From the above outline, you can see the process of creating and how to sell NFT artwork is not as difficult or intimidating as many may think. Now all that is left is just get out there and do it. The biggest impediment to success is simply getting started.
Finally, make sure to stay informed of market trends and keep an eye out for opportunities to buy and sell. With the right preparation, knowledge, and resources, you’ll be on your way to success in no time!