Non-Fungible Tokens (NFTs) are gradually gaining popularity not only in the virtual currency industry, but globally. This growing popularity prompted many people to search for ways to create NFT art and eventually join the raging mania.
First, non-fungible tokens are digital assets built on blockchain technology that represent various rare and unique items such as virtual real estate, digital artwork, collectible sports cards, and many others.
Many people are making a lot of money from these tokens, both traders (collectors) and creators (artists).
This article will reveal the benefits that digital artists get from creating NFT art. It also provides a step-by-step guide on how to create NFT art and answers frequently asked questions you may have about the emerging industry.
Why you should create an NFT if you are an artist
Throughout history, artists have struggled to make more money from their works even as their value has increased. However, this case is inconsistent with NFT art. If you are an artist, you may want to consider creating an NFT for these three main reasons:
Lifetime Royalties: Artists don't just make money from the one-time sale of their digital art tokens, they can make money from them for as long as those tokens exist. You can program royalties into your digital artwork, allowing you to receive a percentage of the sales profit whenever the work is sold to a new user.
The percentage programmed into the artwork can range from 2.5% to 10%, ensuring that you earn interest from the lifetime sales of NFT art.
Cheaper setup: Since NFT art sales are done online through various peer-to-peer marketplaces to a global audience, you don't need to spend money on auction houses and art galleries. This allows you to keep a significant portion of the profit from the sale.
Verifiable and Authentic: While your digital art token can be viewed, referenced, or even downloaded by anyone, it is owned by only one person at a time.
Once entered into the blockchain, it has an unmistakable certificate of authenticity because the creator, purchase price and subsequent owners and acquisition prices are visible and travel with the piece. This contributes to a level of market transparency that has never existed in the traditional art world.
The next section contains a detailed step-by-step guide on how to create NFT art.
How to Create NFT Art in 6 Easy Steps
You can create a digital art token by carefully following the following steps:
Select NFT Marketplace
Open sea
(OpenSea.io is the largest NFT market in the industry)
This is the very first step to creating your NFT artwork. There are two categories of this peer-to-peer marketplace to choose from:
Curated Platforms: This category of NFT market allows only authorized artists to mint or create digital art tokens. They focus primarily on quality digital art tokens, not just simple and low-quality collectibles.
Platforms like Super Rare are curated NFT marketplaces. They have higher transaction fees and less flexibility in the royalty percentages you can program into your artwork.
Self-Service Platforms: This peer-to-peer market category allows anyone to create their NFTs with whatever they like. So you can create it either using a photo, video or audio file. It also allows you to set whatever royalty percentage you want to charge for each token sale.
Platforms like OpenSea and Rarible fall into this category. One risk associated with this category of the NFT market is that there are usually too many copycats and scammers.
Once you've chosen the marketplace you want to use and opened an account with it, it's time for the next step. However, as this article promises to be beginner-friendly, it uses the OpenSea marketplace as a case study on how to create a digital art token.
Create a digital wallet
Metamask
The next step is to create a digital wallet to store both your cryptocurrencies and your NFTs. Yes, cryptocurrencies, specifically Ether, are needed in the NFT creation process.
It would help if you had Ether, as there are several NFTs created on the Ethereum blockchain. ETH is used to pay the gas fee, transaction costs of the Ethereum blockchain before listing any token you have created.
OpenSea usually recommends using Metamask cryptocurrency wallet Google Chrome extension, buy ETH and prepare to mint NFT.
However, let's assume that you already have another cryptocurrency wallet with ETH. In that case, you can create a Metamask wallet and transfer ETH from the original wallet to the Metamask wallet.
It costs about £10-£200 worth of ETH to pay gas fees when creating NFTs. So, if your funds are ready, proceed to the next step.
Create your collection
You are not creating your digital art token at this time. In your OpenSea account interface, you will see My Collections; click on it. It serves as a store or gallery for your digital art.
Now you need to customize your collection by naming it, writing a description, and uploading a featured image. This creates a base for displaying your artwork as you create it.
Creating a digital art token
Create a new NFT token
Once you've completed your collection, it's time to enter the primary process of creating your NFT. Click Add New Item and it will give you the option to upload metadata that includes visual (JPG, PNG, GIF, etc.), audio (MP3, etc.) and 3D files (GLB, etc.) and provide a name for your token.
You can choose to mint an unlimited number of tokens, but you do it one at a time. It is also important to note how many editions of the same token you want to create.
Single Token: This means you can only create one copy of this particular digital art token, making it even more valuable.
Edition Tokens: Here, you create as many copies of the same token as you can. You just need to add the release number to differentiate the individual replicas.
You can also add properties, levels and starts where relevant as they allow buyers browsing your collection to filter your artwork. Properties can be something like the date you created the token.
Once you have added all the necessary details including social media links, updated image, description and name, click "Create" to add your NFT to the blockchain, and this step would require ETH to pay approval fees and gas.
You can also choose the payment tokens you want to accept for your digital art. You can also choose the percentage of royalties you receive for secondary sales of your artwork.
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