NFT Art Explained; How are they changing the art world?
What is NFT Art?
NFT art is a digitized work of art that has been tokenized on a blockchain. No physical copies of these digital files exist; rather, they exist only online, where investors and art buyers can buy and sell them.
Digital art files could easily be shared online without being clearly owned before the advent of NFT art. However, NFT art cannot be transferred, which establishes ownership and creates a sense of scarcity. As with physical art, anyone can buy a reprint of a well-known NFT, but the original NFT is a valuable collectible because only one person has legal ownership of it.
Advantages of NFT Art
Both investors and artists can benefit from the world of NFT art. The following are some of the benefits of art in the NFT metaverse:
1. Removal of intermediate links:
NFTs eliminate the need for digital artists to sell and market their creations through an art gallery or showroom. In addition, there is no need for agents and auction houses. Instead, the digital artist sells his creations directly to the consumer. Through this process, artists have more control over their own production.
2. Diversification possibilities:
NFTs offer investors the opportunity to diversify their portfolios and enter the art market because they differ from traditional stocks and bonds. NFTs also give investors the opportunity to own different types of assets. But despite that they come with their own set of risks, such as fluctuating resale prices.
3. Authenticity and ownership confirmation:
NFT collections trade using various technological platforms that protect against hacking and data alteration. Due to the impossibility of changing or deleting an artwork, NFT markets are extremely secure. By displaying the creator, owner, and artwork coin date and time on the blockchain, NFT sales act as forms of crypto-art that also serve as a means of proving ownership and authenticity.
Also read: Blue Chip NFTs: What it is, the projects and how to identify it?
How to make and sell NFT Art
Everyone wants to start making their own NFT art. But the question is how. To get started, follow this step-by-step guide:
1. Decide on a concept
Before you do anything else, choose a theme for your art. To choose a style that best expresses your concept, research popular NFT art trends. You have pixel art, cartoons, 3D characters, realistic artwork, freestyle pieces and vector art as options. Remember that your choice of cryptocurrency wallet or NFT marketplace will be influenced by the creation you are making. As an illustration, if you want to create a 3D model, you must use a marketplace that accepts 3D files.
2. Choose your blockchain
Next, you decide which blockchain technology will be used to build and develop your NFT. This step is crucial because it affects how viewers engage with your artwork.
3. Set up a digital wallet
To start making NFTs, you first need to set up a digital wallet. A digital wallet that stores your public and private keys acts as a kind of cryptocurrency bank account. You enter these keys to access your NFTs.
There are two different types of accounts to think about.
- Self-custodial wallets are the most secure wallet account type because users have full control over their private keys.
- Custodial wallets are managed by a third party.
4. Choose the right NFT market for you
The next step is to choose an NFT marketplace after deciding on a blockchain. Your NFTs will be created, issued and sold here. Be sure to review these before you begin, as each marketplace has different policies. You need to do some research and choose the one that is best for your specific NFTs because each one offers users something different. You should think about the platform’s token standard, user verification procedures, price discovery functionality, token fractionation, wallet compatibility and other rewards and features.
5. Market your NFT
Now is the time to start marketing your NFTs before you create them. An NFT is useless if no one is aware of it, after all. There are many ways to spread the word and generate interest in your NFTs.
- Create a press release.
- Hire help
- Organize an auction
- Create a website
- Make use of social media.
- Create a blog and join Discord servers.
6. Upload and stamp your art token
Users must mint their art token after choosing a platform. A special digital asset that can be bought, sold or traded on the open market will be produced through this process. Using an NFT marketplace like OpenSea, creating your art token is easy. All you need to do is create an account and link it to your wallet. After that, they can upload their artwork and start minting tokens.
Users must pay a fee called “gas” when creating an NFT. The miners who handle and verify your transaction are paid with this gas. The amount of data in your transaction and the current gas price are used to determine the gas fee.
7. Price the chip and put it up for sale
Once the artificial token is produced, it’s time to set a price and put it up for sale. They need to do some research to find out how much NFTs are similar to your seller at this point. They can use this chance to set a price that they think is reasonable. Take into account the costs involved in producing the piece when displaying your NFT. The price to create and list your NFT can be around $250 when you factor in listing and commission fees, gas costs and other expenses. They should include these transaction costs in the price.
Also read: What is meant by NFT rarity? Why is rarity important to NFT?
Top selling NFT artists
The art world is in a frenzy over NFT art. Even if buyers and sellers never actually handle the art they own, they are still willing to pay top dollar to get distinctive works created by digital artists. Many of these artists promote their work via social media, while others only use the NFT markets.
- PACK
- PIPE
- SNOW FROG
- TYLERXHOBBS
- XCOPY
What are the main art-focused NFT marketplaces?
There are many different NFT marketplaces. Even when the range is limited to NFT art-focused marketplaces, it’s still quite substantial. However, for art-related NFTs, the following NFT marketplaces are generally considered to be among the best of the best.
- Open sea
- Rare
- Nice gateway
- Foundation
Also Read: NFT Assets: How to Store NFT Assets Online and Offline; Quick guide for beginners
Examples of NFT Art
- Beeple’s “Everydays: The First 5000 Days”
- William Shatner’s Personal Memoirs
- Grimes releases WarNymph
- Nyan Cat GIF
- Jack Dorsey’s first ever tweet
Conclusion
There is something in the metaverse for everyone. While viewing NFT artwork is undoubtedly more expensive for the digital wallet than viewing physical art in a museum, it is still just as accessible. As more new artists with works that appeal to all genres enter the art market daily, NFT collections have increased. NFT art is definitely something to see for yourself, whether you love traditional art or are looking for a new medium.
Also read: Reddit NFT explained; How can you get one for free?
