NFT Selling Art
If this information leaves your brain in total confusion, you’re not alone. The burgeoning market for NFTs, or non-fungible tokens, is turning the art, music, and finance worlds upside down. Recently, Grimes sold almost $6 million of her digital art—renderings of tattooed, spear-wielding cherubs floating in purple-hued post-apocalyptic ruins—as NFTs on Nifty Gateway, the “premier marketplace” for NFTs. Kings of Leon became the first band to offer an album as a streamable collection of songs and an NFT. In the sports world, game highlights can be bought and sold as NFTs, though anyone can watch these for free.
NFTs have rapidly become the next big thing in cryptocurrency’s crossover out of elusive anonymous e-wallet dealings and into the more public cultural web sphere. If you’ve seen any of this news and wondered, okay, so what even is an NFT? Here is a brief guide to the emerging form of digital collectables.
NFT stands for “non-fungible token.” This kind of token is like Bitcoin, except while you can trade Bitcoin and have more of the same thing that represents real money at a varying market value, each NFT is unique. You possess the token that says you own something, like an art piece, and you can trade it, but if you do, you’ll be getting an entirely different article. There are enforced scarcity to keep all the parts in place.
It’s easy enough to wrap your head around the fact that Anyone can create a piece of art and exist on a screen, be it your phone, computer, tablet, etc. Then, you can see that piece of art, screen-shotted and downloaded by anyone online. But the more profound concept of NFT art is agreed-upon value and ownership; even if anyone can see, download, print out and hang up a piece of digital art, only a select few can own that exact piece. So NFTs are a form of digital asset whose ownership registered on a blockchain.
What’s a blockchain? blockchain is a digital ledger that exists online, keeping a publicly accessible record of ownership, compared to the sorts of networks that ground cryptocurrencies like Bitcoin or Dogecoin. NFTs work on the Ethereum blockchain like this: you buy an NFT, and the unique bit of information respecting that artwork—including its smart contract—is stored on the blockchain. By owning it, you prove your ownership.
YellowHeart, the platform that Kings of Leon used to publish their various album NFTs, is a music-centric platform that guarantees the authenticity of concert tickets and attempts to block scalping using blockchain.
Say you have a doodle you want to transform into an NFT, or a comic strip, or something like Nyan Cat, But you can start on platforms like Nifty Gateway, where you can apply to create a project to be sold as an NFT on their marketplace.
Many have pointed out the severe ecological impact that an explosion in NFT minting and trading would have on a planet already wrecked by climate change, climate-change-related disasters, environmental racism, and inequity. What do NFTs have to do with climate change? Put: the process of minting NFTs by adding the tokens to the blockchains, combined with the tidal wave of trading transactions (bidding, resales, etc.), results in significant energy use. NFT stands for “non-fungible token” — allows registering ownership of digital media as a unique digital token.
NFTs allow buyers to support artists, but it also gives buyers a couple of things in return. Buyers may not get to hang these digital pieces on their wall, but they might get bragging rights for purchasing a famous work like Nyan Cat or something from a popular artist like Grimes. NFTs are also speculative asset. Many marketplaces have popped up that offer the ability to resell them — theoretically for a lot more, so long as the hype around NFTs continues.
Non-fungible tokens (NFTs), which are unique collectable crypto assets, have been around as early as 2012 when the concept of Bitcoin Colored Coins first emerged. These coins were simply satoshis – small fractions of a bitcoin – marked, or “coloured in” with specific information that could link the coins to real-world assets, such as “this satoshi represents $500 of John Doe’s New York office building.” For the most part, however, which used coloured Coins to create and trade artwork like “Rare Pepe” digital cards on Counterparty, a peer-to-peer trading platform built on top of Bitcoin’s blockchain.
Creating your own NFT artwork, whether it be a GIF or an image, is a relatively straightforward process and doesn’t require extensive knowledge of the crypto industry. You can also use NFT artwork to create collectables like sets of digital cards.
Before you start, you will need to decide which blockchain you want to issue your NFTs to. Ethereum is currently the leading blockchain service for NFT issuance. However, there is a range of other blockchains that are becoming increasingly popular, including:
While it costs nothing to make NFTs on OpenSea, some platforms charge a fee. With Ethereum-based media, “gas” is the fee. Ethereum gas is simply an amount of ether required to perform a specific function on the blockchain – in this instance. It would be adding a new NFT to the marketplace. The cost of gas varies depending on network congestion. The higher the number of people transacting value over the network at a given time, the higher the price of gas fees and vice versa.
To sell your NFTs on a marketplace, you’ll need to locate them in your collection, click on them and find the “sell” button. Clicking this will take you to a pricing page where you can define the sale conditions, including whether to run an auction or sell at a fixed price.
By clicking on the “edit” button next to the collection image on OpenSea, signing the message using your wallet and scrolling down, you have the option to program in royalties and select which ERC-20 token you’d like to receive for selling the NFT. Royalties allow NFT creators to obtain a commission every time the asset resold. Royalties can create lifelong passive income streams for artists and other content producers automatically, thanks to smart contracts.
As you can probably guess by now, certain NFTs are only available on specific platforms. For example, if you want to purchase NBA Top Shot packs, you will need to open an account with NBA Top Shot, create a Dapper wallet and fund it with either the USDC stablecoin or supported fiat currency options. You will also have to wait for one of the card pack drops to be announced and try your luck in trying to buy them before they sell out.
Messari analyst Mason Nystrom anticipates the NFT market will exceed $1.3 billion by the end of 2021 as more artists, brands, and icons flock to the space to create their unique tokens. With more blockchains competing to produce better NFT services and a growing range of platforms to choose from, now is a great time to take part in the space.
ArtworkVirtual items within video games such as skins, virtual currency, weapons and avatarsMusicCollectibles (e.g. digital trading cards)Tokenized real-world assets, from real estate cars to racehorses and designer speaker virtual and video footage of iconic sporting moments.
NFTs have become an unavoidable subject for anyone earning a living as a creative person online, prompting a rush to understand a deeply mired concept in the jargon of cryptocurrency and blockchain technology. Some promise that NFTs are part of a digital revolution that will democratise fame and give creators control over their destinies. Others point to the environmental impact of crypto and worry about unrealistic expectations set by the news that digital artist Beeple had sold a JPG of his collected works for $69 million in a Christie’s auction.
An NFT doesn’t mean that you own the piece of art itself. Instead, you’re buying metadata that grants you are bragging rights—or, more often, the opportunity to sell that NFT later for even more money.
Creators can create their items on the blockchain using OpenSea’s item minting tool. You can use it to make a collection and NFTs for free, without the need for a single line of code. If you’re developing your smart contract for a game, digital collectable, or some other project with unique digital items on the blockchain, you can easily get added to OpenSea.
The platform places a particular focus on art assets. Creators can use Rarible to “mint” new NFTs to sell their creations, whether they be books, music albums, digital art, or movies. The creator can even show a sneak peek of their piece to everybody who comes to Rarible but limit the entire project to the purchaser.
SuperRare has a strong focus on being a marketplace for people to buy and sell unique, single-edition digital artworks. Each NFT artwork that is in the network is tokenised as a crypto-tradeable digital asset. They describe themselves as being like Instagram meets Christie’s, offering a new way to interact with art, culture, and collecting on the internet.
Tokenised meaning- Substitute a randomly generated identifier for (a sensitive piece of data) to prevent unauthorised access.
Enjin Marketplace is a tool by which you can search and trade blockchain assets. It is the official marketplace for Enjin based NFTs. To date, it has enabled $43.8 million of Enjin Coin to be employed on digital assets, involving 2.1 billion NFTs. 832.7K items have been traded. You can handle the Enjin Wallet to list and purchase gaming items and collectables easily.
Apart is an online marketplace connecting artists and collectors through Blockchain technology to sell quickly, buy and own digital artwork and collectables with absolute transparency. It covers the Artist Community, a global network of decentralised artists and creators.
Async Art is an art innovation built on the blockchain. You can create, collect, and trade digital art. You can buy both “Masters” and “Layers.” A Master is a 1/1 edition art piece, while Layers are the unique components that make up the Master image. Layers enhanced with special abilities decided by the artist. When you change something on a Layer, the Master image will reflect this inconsiderate of who owns it. Artists choose their art parameters and grant restricted control over any aspect to individual collectors. For example, they might allow someone to improve the background, the position of a character, or the colour of any object.
At the moment, SuperRare works with only a small number of handpicked artists. If you would like to use this marketplace to sell unique, single-edition digital artworks, you can use a form to submit your artist profile and get you on SuperRare’s radar for their upcoming full launch.
You can, for example, check out KnownOrigin. It is a marketplace where you can discover and collect rare digital artwork. Only authentic and genuinely unique arts are sold on KnownOrigin. The Ethereum blockchain secures it. You can also try Portion. The nice thing about Portion is that it allows anyone to be a collector. As you can manage your physical and digital collection in one place, it is easy to exchange crypto for art and other collectables.
With Async Art, you can create, collect, and trade programmable art. You can either buy the individual components that make up the master image (referred to as “Layers”) or the 1/1 edition art piece (called the Master image). Layers have special abilities decided by the artist. So, when you change something on the Layer, the Master image will reflect this change irrespective of who owns it. The artist decides which aspects, like the colour of the background, individual collectors may change.
Blockchain technology, which is most often associated with Bitcoin, is changing that. NFTs rely on the technology to designate an official copy of a digital media piece, allowing artists, musicians, influencers and sports franchises to make money selling digital goods that would otherwise be cheap or free.
Christie’s has teamed up with one such platform, Makersplace, for the deal. Makersplace uses an open standard smart contract for its NFTs, which means you can sell the work in many other places in the increasingly complex NFT ecosystem.
At the same time, Christie’s upcoming auction is only the tip of the NFT-collecting iceberg. Industry publication Coindesk estimates the total value of the NFT market to be US$250 million. Platforms such as Opensea, Nifty Gateway and SuperRare host a rapidly expanding range of digital collectables to buy and sell by a growing community of collectors.