Digital artists might as well have the answer to the eternal copyright issues they have faced over the years. Artist’s seeing their works reproduced, without permission, and sold online has always been a big problem. Fast forward, things are looking better with the emergence of non-fungible tokens (NFT) to represent real-world objects.
NFTs are increasingly being used to tokenize art allowing artists to add a layer of protection to their most prized works. In addition, the tokenized works can now be authenticated through a unique code, consequently addressing the issue of counterfeits in the multibillion-dollar issues.
The use of blockchain technology allows artists to register every transaction of their artworks in an immutable blockchain. Thus, its content cannot be changed, let alone replicated elsewhere, without causing alarm.
The use of non-fungible tokens is increasingly transforming the digital fine art workspace. It is allowing people to protect their work from copycats. The ability to generate maximum value from them has also improved significantly. The sale of NFT artworks by CGI artist Beeple for €58 million underscores why most artists are rushing to digitize their works.
Creating Art NFT
Contrary to perception, you do not need extensive crypto or blockchain knowledge to tokenize any art. All one needs at the start is a crypto wallet and some crypto tokens such as Ethereum.
Set up an Ethereum wallet
The first step into selling art as NFT starts with creating a digital wallet. The wallet, in this case, will act as a channel for providing the necessary coins needed to cater for fees of buying and selling an NFT art. The wallet will also be used to hold any NFT art created.
While hundreds of platforms allow people to create wallets for free, Coinbase wallet stands out. As one of the largest crypto exchanges, Coinbase also dubs as one of the best wallets for sending and receiving virtual money.
Purchase small amounts of Ethereum
Once a crypto wallet is set up, the next step is purchasing some cryptocurrencies, i.e., Ether. The act of buying and selling arts on NFT marketplaces comes with its fair share of fees that must be paid. The purchased cryptocurrency will cover the costs of creating the art NFT.
Connecting wallet to an NFT marketplace
Once the wallet is set up, and one has purchased some cryptocurrencies, i.e., ETH, now will be the perfect time to choose a marketplace that will be used to buy and sell the art in NFT. There are dozens of NFT marketplaces led by OpenSea and Rarible that one can sign up to create an NFT of an art and offer it for sale.
In most NFT marketplaces sites, you will find the connect button that enables easy integration of a crypto wallet with crypto holdings.
For instance, in OpenSea, the “Connect the wallet” button lets you connect the wallet with the NFT marketplace. Once you click the button, you will be prompted to choose your wallet for integration into the marketplace.
Creating art NFT
Once the wallet integration is complete, creating an art NFT is the next step. By clicking the “Create” button on OpenSea or Rarible, you will be directed to a platform where you will convert art to an NFT.
In the create portals, there is a provision of coming up with a series of NFTs or a single NFT. For instance, in OpenSea, you will have to go to your profile picture, My Collections, and then “create a collection.”
Once you select the art you wish to tokenize into an NFT, OpenSea will create a new item page. It is important to take note of the file size requirement and type limitations. Once everything checks out, the platform will do the rest.
Once the NFT is created, you can give it a name or title. In addition, there is a provision of using an external link field to add a URL. The URL can be used to direct people to your website or Twitter account. The channel provides an easy way of giving people a better idea of what the NFT created is all about.
At this point, the NFT art is not ready for sale. You will have to get to the NFTs page by clicking on the profile picture on the “Created” tab to select the NFT. On this page, the NFT will be listed on Ethereum or Polygon.
Once everything is set up, you will receive an option to make a listing for a fixed price. It is also possible to create a time auction.
Once the price or auction is set, you can make the NFT ready for purchase. It is also possible to make it available to specific buyers using the “More Options” dropdown. To list the NFT art on OpenSea, you will have to click on the “Complete listing” button.
One must also sign a few transactions to confirm the created wallet to complete the process. Once the wallet is confirmed, the NFT will be listed for sale on the OpenSea platform to specific buyers or the entire marketplace.
After the art NFT is listed, you will get notifications every time people place bids on the tokenized art. The best way to get as many bids as possible for the NFT arts is to promote the content on social networks using the external link created.
OpenSea makes it possible to include as many social media channels as possible to manage and share the NFT collection with the public actively.