This article will go through the easiest way to create and sell NFT art and Crypto art and sell it on platforms such as The Foundation App, SuperRare, Opensea, and many other marketplaces.
Read: What is NFT?
How to create NFT Art?
There are no requirements for creating NFT art. Because NFT art itself is something so broad and undefined.
All you have to do is to have certain skills
You can create NFT art with platforms such as Photoshop (classic), Unity or Blender. Some artworks are so simple that it looks like they were created in Paint. Yes, we are serious.
Where and How to Sell NFT Art?
We will try our best to explain how and where to sell your NFT art in a few simple steps.
Here’s a step-by-step on creating NFT – how to mint NFT with pictures:
- Log in with a Wallet
- Upload your NFT. It could be in the following formats – File types supported: JPG, PNG, GIF, SVG, MP4, WEBM, MP3, WAV, OGG, GLB, GLTF. Max size: 100 MB
- Add name of the NFT, Description, Links
- Choose a category or colleciton (different topics etc.)
- Enter supply – 1 or more. Each supply is unique.
- Choose a Blockchain Platform (Ethereum is the most popular)
- Choose to freeza metadata or no – freezing means that the ETF can not be edited
What is NFT minting?
The NFT minting is actually a term that stands for the process that goes on when a certain platform processes your crypto artwork and lists it for sale.
NFT minting is only possible when you connect your digital wallet to the platform and pay for transaction fees. After that you are eligible for selling your art for crypto.
What should my NFT collection have in order to sell?
Read more: The MILLION DOLLAR NFT Collection Checklist for Artists: Traits, Rarity, Breeding, Burning etc.
Price: How much does my NFT art cost?
Most platforms allow artists to determine how they want their art to be sold and bought. There are mainly 2 approaches for selling:
- Sale Price
I suggest that you put your artwork on auction and decide on your own whether to accept or not investors’ bids.
The average price for NFT artworks is about 3 ETH which in USD is over $5,000. Everything depends on the platform, but most of the time highest bids are between 0.007 ETH and 10.000 ETH.
Getting Paid When you NFT is Sold & Reselled: What’s a Royalty Percentage in NFT art?
The Royalty percentage in NFT art allows you to get paid every single time when someone resells your work. It is calculated in percentages and it all depends on you.
A popular royalty percentage is between 10-30%.
You set the reward that you want once you’re on the NFT Marketplace of your choice, you upload your file and mint it.
How can you earn and accept rewards by buying, selling and investing in NFTs?
- You can recieve profit once someone buys your NFT.
If you want to have profit, you need to set a price that is higher than all the gas fees and other fees related to the NFT Marketplace, wallets set-up and so on. The gas fee changes all the time, depending on how many people are buying. The more buyers – the higher gas fee.
- Profit when someone re-sells your NFT
- NFT Staking (same as lending)
You can generate income by “lending” your NFT (as collateral) and recieveing rewards (interest). Rewards can be fungible tokens of the platform or new-minted NFTs. The more rare NFT you’re staking, the higher annual return you will be offered.
This means that you’re locking it away (as collateral) and becoming a validator – meaning you help with the process of transactions, helping process blocks on the Blockchain. You do this to get a reward. Buyers believe that they will recieve this anual percent return (APR) if staking their NFT for 12 months.
However, you need to transfer your NFT to a protocol that enables adding your NFT to a staking pool.
- Fractionalized NFTs: Someone can buy a fraction from your NFT
Let’s say someone is selling a CryptoKitten NFT for 1000$. A user wants to buy one, but you afford it. They can ba fraction of the NFT a become part of a “pool”. This is a 100% possible for Fractionalized NFTs.
Fractionalized NFTs are actually interchangeable (fungible) ERC-20 tokens.
What’s an NFT APR / APY for artists?
APR – annual percent return
APY – annual percent yield
APR = APY
When staking NFTs, this is the estemated value for return if you hold the NFT for an year.
NFT Platforms Taxes and Fees: How do NFT platforms make money of artists?
Whoever has the data, has it all.
Each NFT platform works with certain payment methods – certain digital banks, certain wallets that are required in order to connect to their marketplace. All of these platforms want you to choose them as a safe place to store your money. That’s why those platforms are so in right now!
They charge fees and take a portion of your sales, but that’s because they are like your “digital art brokers” and help you get recognized by investors.
So the platform gets the following fees:
- Price for setting up an account on NFT marketplace- No price for Opensea
- Price for setting up a NFT/crypto wallet – no price for Coinbase
- gas fee – fee for the transaction (for example, Ethereum’s gas fees increase when a lot of people are buying NFTs or trading ETH. One there’s a low on the market, the gas fees are lower. The price of gas determines how quickly you buy the NFT, depending on how busy the Ethereum network is. This could be up to 100-200$.
- % of your NFT price – for Opnesea that’s 2.5%
NFT Wallets: Where is the NFT that I bought?
What’s NFT burning?
NFT can’t be deleted, but can be burned.
NFT burning is the process of limiting the supply of the NFTs. It means that the NFT will be no longer available.
An NFT exists only while it’s on the Blockchain. If a certain project decides to BURN the NFT they can send it to an unavailable address. That way it’s no longer available for buying or selling.
But why would you burn an NFT? Well, perhaps a company launched a collection with 100 NFT’s and sold only 60. They may want to burn 30 of the remaining NFTs and make the other 10 NFTs feel more premium, appealeing, special, last-chance NFTs.
What’s NFT breeding?
Popular rewarding system for boosting NFT sales. For example:
Let’s say you bought two Crypto Kitties NFTs in 2007. One Krypto Kittie has the trait hat, while the other one has the trait dress. You go back to your wallet and see the breeding option – allowing you to merge those two and recieve a third unique NFT. You breed them and recieve a brand new unique NFT – Krypto Kittie #3 with both traits from its mom and dad – a hat and a dress.
FAQ on Creating and Selling NFT art
Can you sell one NFT on multiple platforms?
Not a good idea. Let’s say you want to sell one NFT of a photo that you took. You list your photo first, on Opensea, then, a second copy on Rariable. Even though it’s the same photo, you have different “encoded” versions of it on 2 different values. Technically, it’s not illegal, but it takes away from its uniqueness and makes it harder for you to sell it. A typical NFT buyer wants to buy a collectible.
Can you make more than 1 NFT of the same file?
Yes. But it makes it less unique for sellers.
What’s the size for NFTs?
Most platforms don’t have limits for sizes (width and height), only for the maximum size of the file. For Opnesea it’s 100 MB. That can be an image 500×800, 3d model 500×500, video etc.
Not a good idea.
You can’t resell other people’s photos, even if they are photos of famous people. Even though celebrities are public figures, most law regulations around the world are prohibiting the use of celebrities’ photos for commercial use. That means it’s illegal to profit from their looks without their consent. So, it’s possible that they will sue you.
Notice: Egorithms is not a financial provider and is not an investment broker. We are not investment experts and we are not advising you to spend your money anywhere in particular. We just want to make sure that we provide you reliable information in order to make the right choice. Investments are always risky!