How To Sell NFT Art In 2024: A Simple Step-by-Step Guide

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What is an NFT?

Art that is unique and cannot be duplicated holds intrinsic value and exclusivity. This type of art includes images, paintings, songs, music albums, or any digital content that can be shared and enjoyed by online audiences.

This exclusive art is stored on the blockchain, which functions as a digital ledger. Each piece is treated as a distinct piece of information or a token, hence the term non-fungible token (NFT). While these technical terms may seem intimidating at first, they simply refer to the unique digital assets that artists can create and sell in the online marketplace.

If you're wondering where to sell NFTs, it's essential to understand the basics of this innovative technology before delving into the process of selling NFT art.

NFT 101: 5 terms you need to understand

The rapid evolution of the internet, characterized by enhanced internet speeds, widespread technology adoption, and advancements in computing devices, has led to the emergence of new online applications and capabilities.

This transformation has given rise to a new era of the classic World Wide Web, now known as Web3. Unlike conventional notions of software or hardware, Web3 embodies the concept that the Internet has boundless potential beyond its traditional functions of social networking, entertainment, and gaming.

In the realm of Web3, the Internet serves as a platform for buying and selling digital assets, engaging in decentralized currency transactions free from central authority oversight, and even hosting virtual conferences using personalized digital avatars. As you navigate the process of selling NFT art, you will encounter these concepts, and we are here to provide clarity and guidance on understanding them.

Cryptocurrency

Cryptocurrency, as the name implies, is a type of digital currency characterized by its encrypted nature, which can be perplexing to many individuals. However, we are here to simplify this concept for you.

In essence, cryptocurrency functions as a digital form of money that is exclusively transacted online. Unlike traditional currencies, cryptocurrency operates independently of reserve banks or governmental authorities, embodying a decentralized and democratic financial system.

Various options exist within the realm of cryptocurrency, with popular examples including Bitcoin and Ethereum. Most cryptocurrencies have a finite supply, meaning there is a predetermined limit to the number of units that can be in circulation on the blockchain. Cryptocurrencies with finite supplies tend to hold higher value compared to those with unlimited availability.

Crypto wallet

Similar to how you store physical cash in a physical wallet, you require a secure location to store the funds earned through cryptocurrency transactions when you engage in selling NFT art.

Cryptocurrency wallets, such as Coinbase, Electrum, and Metamask, serve as digital tools that enable users to trade and manage various cryptocurrencies securely. It is advised that individuals conduct thorough research before selecting a specific crypto wallet, ensuring that it aligns with their security and trading needs.

Blockchain

In the realm of cryptocurrencies, where traditional financial oversight is absent, the blockchain plays a vital role as a ledger system for documenting and verifying transactions. Understanding this technology is crucial when considering how to sell NFT art online.

The blockchain serves as a decentralized digital ledger distributed across a network, comprising interconnected blocks of information. As various entities access the data or NFTs, the blockchain chain continues to expand.

Every transaction on the blockchain is meticulously recorded, enhancing security and transparency within the system. This technology is accessible to all users and collectively owned by the network participants, fostering a secure and inclusive environment for financial interactions.

Minting

In the context of blockchain technology, the process of creating new digital assets is referred to as minting, analogous to the printing of physical currency by governments. Unlike traditional currency, these digital assets do not involve the production of physical notes or coins. Instead, valuable items such as artwork can be tokenized to mint a non-fungible token (NFT) in the digital realm.

When a new token, such as a piece of art, is minted on the blockchain, a unique code is assigned to it, and a new ledger is established to track its ownership and transaction history. This initiates the asset's journey within the blockchain network, ensuring a secure and transparent record of its existence and provenance.

Gas fee

Gas fees in the context of blockchain technology refer to the charges incurred for processing transactions on the network. These fees are essential for maintaining the decentralized nature of the blockchain, which operates across multiple computers and servers that require upkeep and continuous operation.

The cost of gas fees can fluctuate based on the demand for a particular blockchain network. To sell NFT art without incurring upfront gas fees, artists can adopt a strategy of selling the product first and then minting it later. By incorporating the gas fees into the overall cost of the NFT, artists can avoid the burden of paying fees during the selling process, thus safeguarding their financial interests.

8 steps on how to sell NFT art and rake in the big bucks

The increasing popularity of visual content has sparked a craze among individuals seeking to own unique pieces of art, either in part or in whole. This trend has motivated artists to showcase their creations on well-visited online marketplaces, where eager buyers are willing to invest in exclusive digital art pieces.

Understanding how to create and sell NFT art ensures that each artwork remains one-of-a-kind and cannot be replicated, consequently enhancing its overall value. To tap into this dynamic market, it is essential to know how to connect with potential buyers and where to showcase your digital creations effectively.

To assist you in establishing a distinctive revenue stream by selling your digital art as NFTs, we have outlined eight straightforward steps that will guide you through the process and help you navigate this exciting and evolving market successfully.

Create a digital wallet

While a physical wallet suffices for carrying cash, the digital realm necessitates the use of digital wallets for storing cryptocurrency. These wallets play a crucial role in digital transactions by providing a secure space to store and manage your digital assets. Additionally, digital wallets offer various convenient features that enable users to earn and make payments using cryptocurrencies.

It is important to note that different crypto marketplaces support various types of wallets, emphasizing the need for thorough research before selecting one. For individuals new to cryptocurrency and blockchain technology, creating a wallet compatible with Ethereum, one of the most widely used currencies in NFT exchanges, is a prudent choice. Establishing a digital wallet early on in your journey as a buyer and seller of NFT art can streamline the online purchasing process and enhance your overall experience.

Choose an NFT marketplace

Now that you’ve picked your wallet, you can proceed to choose a marketplace. Many marketplaces are available for NFT buyers and sellers. Here are some of the most popular ones:

OpenSea.io

One of the pioneering platforms in the blockchain space is OpenSea.io, which offers free sign-ups for users (unlike some other crypto marketplaces). OpenSea.io provides an inclusive environment for sellers, accommodating both large enterprises and small businesses, allowing anyone to list and sell their NFTs on the platform

OpenSea.io is user-friendly and does not demand any coding expertise from its users. It offers a feature called "lazy minting," which enables creators to mint an NFT only after it has been sold. This approach shields artists from incurring upfront costs for gas fees, providing a convenient and cost-effective solution for selling NFTs on the platform.

Rarible.com

Rarible, another prominent NFT marketplace, provides sellers with the option of lazy minting, similar to OpenSea.io. Recognized for its cost-effectiveness and reputable standing, Rarible streamlines the purchasing process by pricing products in ETH, making transactions quick and straightforward for buyers. Sellers on Rarible receive a verified badge from the platform, signifying their trustworthiness and credibility.

While obtaining this badge may take a few days, it is a crucial step for establishing trust with potential buyers. Some users opt to bypass this verification process, potentially jeopardizing their credibility and reputation on the platform.

SuperRare

SuperRare serves as a social media platform tailored for artists, offering a virtual space for creative individuals to connect, collaborate, and sell their works. Leveraging the secure environment of the blockchain, SuperRare facilitates virtual interactions and transactions, allowing artists to showcase their portfolios to a wide audience of potential buyers. In essence, it functions akin to a digital marketplace like DeviantArt but specifically curated for NFTs.

In addition to SuperRare, there are several other thriving crypto marketplaces dedicated to the sale of digital art, providing artists with diverse platforms to exhibit and sell their unique creations.

Buy Cryptocurrency

For newcomers to the realm of cryptocurrencies, Ethereum is a recommended starting point due to its widespread acceptance and compatibility with various marketplaces. As one of the most commonly used cryptocurrencies, Ethereum is likely to be supported on the majority of platforms you may opt for.

It may seem counterintuitive to invest in cryptocurrency before generating income, but transactions on the blockchain incur fees. Whether you are a buyer or a seller, there are costs associated with listing and minting NFTs. Therefore, having an ample balance in your crypto wallet is essential to ensure smooth and uninterrupted transactions without any unforeseen obstacles.

Connect your wallet to an NFT marketplace

Once you have set up your crypto wallet and chosen a marketplace for your NFT art, the next step is to seamlessly integrate your wallet with the platform to showcase your creations effectively. Different marketplaces have distinct processes for linking your digital wallet with their services.

For instance, platforms like OpenSea.io offer a user-friendly interface that simplifies this process. By clicking on the 'Create' button and completing the provided form with detailed information, you can effectively present your art to potential buyers. A comprehensive and descriptive description is crucial, as it serves as the primary source of information for interested buyers.

It is advisable to explore whether your chosen marketplace supports royalty options. OpenSea.io, for instance, enables you to establish royalty percentages, ensuring you receive a share of the proceeds each time your NFT art is resold in the future.

Given the fluctuating nature of cryptocurrency values and marketplace prices, there is no fixed cost associated with these transactions. Additionally, it is essential to be mindful of potential gas fees that may be incurred during the minting process of your NFT art.

Upload the file you want to turn into an NFT

The highly anticipated moment has arrived: the unveiling of your art to potential buyers eagerly awaiting your creations.

After completing all necessary payments, submitting required forms, and meticulously preparing your art in its finest form and format, it is now time to take the pivotal step of clicking the upload button. Before proceeding, it is crucial to ensure that your file is in impeccable condition, exactly as you envisioned it, to guarantee a flawless presentation to your audience.

Set up an auction or fixed price

When selling NFT art, you have the option to choose between two pricing structures: auctions or fixed pricing. In an auction, potential buyers place bids in an attempt to secure your art at the highest price, while setting a fixed price means determining the exact amount buyers will pay for your art.

Deciding between these pricing strategies involves analyzing how your art is perceived and understanding buyer behaviour. Opt for a fixed price if you believe your art may not garner a higher value through bidding. Conversely, auctions can be advantageous if you anticipate strong demand and competitive bidding for your art.

Selecting the appropriate pricing model is crucial, as undervaluing your art due to a fixed price could result in missed opportunities for higher returns if buyers are willing to pay more through an auction format. Careful consideration of these factors will help maximize the financial potential of your NFT art.

Add a description to sell your NFT

Crafting a compelling and detailed description for your NFT art is crucial, akin to the descriptors found in traditional art exhibitions. This description serves as the sole narrative accompanying your digital artwork on the blockchain, emphasizing the significance of providing a rich context for potential buyers.

When composing your description, delve into what inspired the creation of your art, how you interpret its message, and offer guidance on how viewers can engage with and appreciate your work. Aim to captivate buyers with profound insights and thoughtful reflections, as buyers are drawn to the work of artists who convey depth and meaning in their creations.

Given the digital nature of NFT art and the limited attention span of online buyers, it is essential to strike a balance between detailed expressions and concise messaging. Ensure that your description is engaging and to the point, focusing on key aspects such as the title of your NFT and its significance, to capture the interest of prospective buyers effectively.

NFTs that resonate with buyers often have a compelling story behind them, featuring elements like animals, significant moments, or iconic characters from films. By infusing your digital art with meaningful narratives and emotional resonance, you can enhance its appeal and increase the likelihood of a successful sale in the competitive NFT marketplace.

Pay the listing fee to sell your NFT

Various fees are associated with selling NFT art, requiring an initial investment beyond the time and effort spent on perfecting your craft. Listing fees can be substantial, considering the potential high value of your art, and must be paid upon clicking 'Create Item.'

Upon connecting your wallet to the marketplace, the listing fee will be deducted directly from your account. If your wallet lacks sufficient funds, you will receive a prompt to top up your balance to cover the fee.

In addition to the listing fee, sellers are also subject to commission fees on the sale and transaction fees if their art is sold. These fees are variable and not fixed, adding an element of unpredictability to the overall cost of selling NFT art.

Given the volatile nature of blockchain technology and the fluctuating cryptocurrency market, sellers must anticipate potentially significant costs when venturing into the world of NFT art sales. Staying informed and prepared for these financial considerations is essential for navigating the evolving landscape of selling NFT art in the future.

Frequently asked questions about how to make and sell NFT art

What are some commonly asked questions about how to make and sell an NFT? Get your questions answered with these three FAQs.

Is it hard to sell NFT art?

Selling NFT artwork is often perceived as a complex process, but it can be straightforward. There are two main approaches: listing the NFTs on an online marketplace or directly approaching potential buyers. When engaging in NFT sales, key considerations include setting an appropriate asking price and ensuring the security of the transaction.

Is selling art NFT profitable?

The emergence of NFTs has revolutionized the landscape for creative works, offering artists newfound opportunities in the digital realm. While not every artist will achieve the staggering success of Beeple's multimillion-dollar sale of "Everyday," the ability to produce and sell NFT art has empowered creators with greater autonomy over the dissemination and monetization of their work.

How much does it cost to create an NFT?

The cost of creating an NFT can range from as low as $0.05 to over $200, depending on various factors such as blockchain fees, gas fees, marketplace account charges, listing fees, and more. These expenses contribute to the total cost of generating NFTs, which can vary significantly. Among blockchain options, Ethereum is known for being one of the more expensive choices, while Solana is considered one of the more cost-effective alternatives.

In conclusion:

Profiting from NFT art can be a straightforward endeavour with the right approach. Successfully selling NFT art necessitates perseverance and a bit of luck to secure that initial sale, with the true rewards becoming evident once you witness the fruits of your labour.

Embarking on the journey of learning how to sell NFT art may not be instantaneous for everyone, as this concept is still relatively new, and experts are continuing to explore its nuances. Nonetheless, selling NFT art provides artists with a prestigious platform to showcase their creations and potentially earn substantial returns from the comfort of their own homes.

This journey promises to be a rewarding experience of discovery, financial gain, and a desire to repeat the process. Wishing you a successful and fulfilling selling experience in the world of NFT art!