Interested to sell NFT art? The non-fungible token (NFT) world is a burgeoning new market. In this new metaverse, you find lots of opportunities for creators and blockchain startups alike. On one side, creators and startups have the opportunity to mint new unique collectibles and sell NFT art online. On the other side, early-adopter investors can jump in to catch the wave before NFTs become mainstream.
You too can take advantage of the NFT craze to create and sell your digital collectibles and earn much more when your asset appreciates in value.
Why Sell NFT Art?
- If you’re an artist, you can sell your digital art (music, image rights, artwork, etc) without needing to give a big cut of the profits to middlemen.
- Tokenizing assets such as virtual land gives investors more liquidity over their assets while still retaining the ownership over the asset.
- NFTs create a medium to tokenize artworks and other digital items, allowing creators to sell NFT art and make profits.
How to Create/Sell NFT Art?
Anyone can create an NFT artwork on the blockchain (also known as ‘minting’), and put it up for sale on a marketplace. The best place to sell an NFT is on an NFT marketplace. There are several marketplaces where you sell NFT art. Popular examples include Foundation (which hosted the sale of the famous “Nyan Cat” graphic this year for nearly $600,000), OpenSea, Rarible, SuperRare, etc.
Once registered with the marketplace, the next step involves linking your account to an Ethereum wallet that will be used to hold the NFT, as well as any cryptocurrency made from the sale. After setting up the wallet, you upload the file containing the digital art to a decentralized storage service called InterPlanetary File System (IPFS). You then have to mint a token mapped to that file in order to generate a unique cryptographic signature that would live on the blockchain, essentially marking the file you uploaded as the real one.
The last step is listing your new NFT for sale. Don’t forget to set the minimum acceptable price and the duration of the auction. However, if you don’t want to opt for an auction, you can also set a fixed price on the selling page — and the royalties you want to receive from the initial sale as well as subsequent sales In addition, you could add perks such as concert tickets or a special congratulatory message to sweeten the deal.
It is also important to take the necessary precautions to secure your wallet. Lost NFTs cannot be recovered, and if your wallet is hacked they cannot be retrieved.
What are NFT Art Marketplaces?
An NFT art marketplace provides people with a platform to create (or mint), sell, purchase, bid on, collect, trade, showcase, and their NFTs. These marketplaces are to NFTs what Amazon or eBay are to goods.
NFT art marketplaces usually charge a blockchain network fee for listing and selling NFTs on their platform. The fee varies depending on which blockchain-based system you decide to use. Ethereum fees are the highest despite boasting the largest ecosystem of NFTs. Other popular NFT systems where you can sell NFT art include:
- Binance Smart Chain
- Top NFT Marketplaces
Here are the most popular NFT art marketplaces for selling digital art:
OpenSea: One of the most established universal NFT marketplaces. You can sell NFTs for artwork, sports collectibles, virtual worlds, and domain names.
Rarible: This is an NFT marketplace that puts an emphasis on art, but you can also sell NTF art among other items.
Nifty Gateway – Nifty is one of the largest marketplaces for NFTs, especially digital artworks.
SuperRare: Another marketplace focused on digital art. SuperRare NFT marketplace is invite only, preferring to work with a select handful of leading concept artists.
Foundation: Foundation has quickly become one of the most popular NFT marketplaces for creators and DeFi enthusiasts.
Platforms where a Majority of NFTs are sold:
Valuables: This is a site where users can tokenize tweets and sell them as NFTs. Twitter’s founder Jack Dorsey sold an NFT of the first-ever tweet, for $2.9m.
NBA Top Shot: An NFT marketplace built on Flow blockchain for buying and selling digital collectible cards featuring videos of memorable NBA “moments.”
Decentraland: This platform has its own in-house marketplace where users buy and sell NFT art such as virtual land or in-game items such as wearables.
Sorare: Here you can buy virtual cards representing football players and use them for Sorare, which is a global fantasy football game.
Axie Infinity: This platform hosts cartoon characters for the Axie Infinity game, where players breed, battle, and trade digital pets called Axies.
NFT Investing: Can you invest in NFTs?
NFTs can make great investments, as they appreciate in value over time. Plus, their valuations tend to not correlate with other investment markets. Their appreciating value is often derived from two factors: their creator and their scarcity. Before investing in NFT art, however, it’s essential to understand who created the asset. And to find out how many were created. Also, it’s important to confirm the authenticity of the item. The blockchain will provide a full ownership history since the item was minted. This definitely speeds up the transaction process for investors.
Another important thing to understand is that valuations are highly speculative. For example, why one painting is worth $100 and another worth $10M is highly uncorrelated. Collectors often purchase assets for intrinsic value outside of the investment scope, which can create challenges when trying to properly evaluate an asset.
Nonetheless, when investing in NFTs it’s best to have a long time horizon. The long-term appreciation tends to be a safer bet. So don’t invest in them because they are NFTs. Invest because you believe the asset itself will appreciate in value.
Get Help with Selling NFTs with TokenMinds NFT Marketing
TokenMinds is a top-notch NFT marketing agency. Founded in 2015, the company specializes in crypto marketing and fundraising, but also provides insights on the go-to strategy for selling NFT art. Like with any other token sale event, you must appeal to the cryptocurrency community to attract interest in the NFT sale.
If you need help on how to structure and sell NFT art, reach out to our team for help. Contact us now to learn more.