A new craze has been rocking the worlds of art and cryptocurrency, which is using non-fungible tokens (NFT) in various art forms.
NFT has become a modern and digitized approach to creating and investing in arts. It stores digital art in different forms-drawing, videos, music, and whatever you can call art. It also represents “tangible” or real-world items such as real estate, property rights, personal identities, and more. Find more about NFT’s and token from AltCoin Reviews.
The popularity of NFT among artists and investors may be attributed to three things.
You cannot replicate NFTs. Blockchain technology gives each NFT an identification code and metadata unique as a fingerprint. You can prove ownership of NFT. “Minting” your artwork as an NFT means that you can prove ownership over it. The identification code and metadata make each NFT distinct and traceable, making NFT quite hard to steal. And you can easily detect a fake or a forgery.
With public proof of ownership, you can also control the supply of digital content, a key to increasing its value in terms of pricing. It becomes a 1:1 ratio-one piece of content is to one owner.
NFTs are considered digital receipts or signatures. If you are a buyer or collector, the NFTs serve as your receipt or proof of purchase for the digital content you bought. As the artwork’s creator, you can add a digital signature to your artwork by turning it into an NFT.
Creating and Turning a Digital Artwork into NFT
Everything is going digital nowadays, and art is no exception. You can see these fantastic digital artworks on every online platform.
With a stroke of technology, you can convert your digital artwork into an NFT token. It then becomes a digital collector’s item which can make you a considerable amount of money.
If you want to convert your digital art into NFT, here’s how.
Choose a suitable blockchain platform. Every blockchain platform has its own NFT token standard, compatible wallet, and marketplace. You can only sell your digital artwork on the blockchain platform you’ve chosen. NFT media put Ethereum on top of the list in the field of NFT issuance. Other blockchain platforms include Tezos, Binance Smart Chain, Cosmos, and WAX.
Purchase some amount of Ethereum because there are fees involved in converting your digital artwork into an NFT.
Choose a marketplace to enroll in NFT. Rarible is the best marketplace for beginners. After choosing the platform, you need to select a Coinbase wallet to complete the process.
Create your NFT Artist Account. Once the wallet is ready for use, register yourself as an artist on the platform and start converting your digital artworks into NFTs. Follow the instructions given on your NFT account.
Selling Your NFT Artwork
Sell your NFT art successfully by following these helpful pointers.
Upload your digital artwork into your NFT account and convert it into NFT.
Select how you want to sell your NFT artwork. You can sell it at a fixed price, auction it and allow people to bid until you accept the best price, or auction it at a particular time.
Whichever way you choose to sell it, price your NFT artwork reasonably.
Give your NFT artwork a title and description to increase your chance of selling it.
Investing in NFTs
Artists need not be the only ones who can make money out of NFTs. Collectors also make a considerable amount of money by investing in NFTs. Here are some things to know about investing in NFT art.
Most NFTs are purchased with Ethereum.
NFTs require you to establish a digital wallet such as Metamast, Binance, and Coinbase to store your cryptocurrency. You can connect your digital wallet to the marketplace where you plan to buy NFTs.
You can buy and sell NFTs in NFT marketplaces such as Foundation, Axie Infinity, Rarible, OpenSea, and many more.
Regardless of the marketplace, a crypto wallet must be opened and funded before bidding on and buying an NFT.
Many people have recognized NFTs as a distinct and valuable tool for investment. But to some people, it does not make much sense. The most reasonable approach to investing in NFTs is not to consider them investments but as tokens that satisfy your interests or hobbies.