Who would have thought that something as simple as a pixelated illustration of a person could be worth millions of dollars?
NFT art is taking the art world by storm, and business people everywhere are looking to get in on the action.
But what is NFT art, and how can you create your own piece?
This blog post will explain everything you need to know about this up-and-coming trend.
What is an NFT?
An NFT is a collectible, unique and non-duplicable digital asset. NFTs can take the form of almost all types of digital files: JPEGs, PNGs, MP4s, PDFs, GIFs, and more. You name it, and there’s probably a way to mint it as an NFT.
NFTs are bought and sold through NFT marketplaces, a digital platform where artists can list their NFTs for sale.
What is NFT art?
Any NFT minted and created by an artist for public appreciation, expression, or social commentary can be considered NFT art. It’s no different from physical art because an artist makes it to evoke emotions in public.
As NFT art is purely digital, many NFTs are created through generative art. Generative art uses a predetermined system designed by the artist to develop a set of natural language rules for a computer or machine. This includes an element of chance applied to computer-based art.
This is why many NFT projects you see on NFT marketplaces include a massive number of pieces with recurring traits. Take a look at CryptoPunks, for example.
All CryptoPunks are essentially pixelated humans with realistic or fantastic traits. There are 10,000 of them, and some traits are rarer than others, making these particular Punks more valuable.
Traits can include skin color, accessories, eye color, expression, and mutant characteristics. The maximum number of traits a CryptoPunk can have is seven, but only one punk exists with seven features, CryptoPunk #8348.
Many famous NFT art projects have been created through generative art, but not all NFT art is done through generative computer programs.
Now that we understand the basics, what are the benefits of NFT art?
NFT art is safe
When NFT art is created, it’s minted on the blockchain, a tamper-free digital ledger that keeps track of all transactions in a difficult way to counterfeit, scam, or hack. NFT art obtains value because it is unique, in the sense that thanks to Blockchain technology, you can track copyright ownership and keep records of creation.
While one could argue that digital files can be easily replicated, copied, and pasted wherever anyone wants, NFTs are free from this possibility. This is because NFTs are traded with digital certificates that prove digital asset ownership.
Only one person can own one of these digital certificates at a time, and they are protected by blockchain technology.
In other words, NFT art can be easily traded through NFT marketplaces, but cannot be forged, tampered or counterfeited through other means.
NFT art can be very valuable
This process helps NFT artists gain a formal appreciation for their work.
NFT art is a new way of categorizing digital art to enable designers to monetize their work. It’s faster for artists and content creators to create content that sells at their desired price.
With NFT art, long gone are the days of chasing customers for payment, endless revisions, and changing work to suit a client’s needs.
The value of any piece of NFT art is highly dependent on what the community is willing to pay for it. People are willing to pay more for unique NFTs that can become more valuable with time or NFTs created by a famous person.
If a celebrity were to release a piece of NFT art, it might be seen as more valuable than an NFT released by a standard content creator. Memorabilia and collector’s items, such as the digital files of The Beatles’ “Hey Jude” lyrics Beatles’ sold by Julian Lennon.
The more well-known the artist, the more people will perceive it as valuable, and the higher the price the NFT can attain.
This explains why less artistic items such as the very first Tweet by Jack Dorsey was sold for $2.5 million.
NFT art gives artists freedom
NFT art allows artists to express themselves freely on the blockchain. Artists aren’t limited by canvas or photography. Instead, they can create digital wonders such as Beeple’s Human One sculpture.
NFT art allows artists to produce controversial, groundbreaking, and unusual works ranging from pixelated illustrations with attitude to complex, street-style 3D animations.
Rates charged on some platforms can get higher than NFT traders expect, which will also affect the price of the NFT. There are ways to bypass gas fees or lower them as much as possible. To learn more about how to do this, check out our guide on how to mint an NFT for free.
Choose an NFT marketplace
OpenSea is the industry’s largest marketplace, hosting billions in NFT sales every month, and has recently implemented Solana NFTs as part of their collections.
The first step to creating NFT art is setting up your crypto wallet and choosing the best NFT marketplace for your needs. There’s a wide number of NFT marketplaces available right now, with many more being released with every passing day.
Choosing your marketplace is important because it provides you with insight into which audiences frequently purchase from their marketplace.
Set up your crypto wallet
Next, it’s time to set up your crypto wallet. Depending on which marketplace you choose and the blockchain where the marketplace resides, you’ll have to select a crypto wallet using the same blockchain.
A crypto wallet is an app that allows crypto users to store their digital assets. The wallet isn’t used to spend cash but to keep all of your NFTs and private keys safely stored in one place. The wallet doesn’t store crypto, as your funds live on the blockchain.
The crypto wallet provides access to the private keys, which prove ownership of your NFTs and allow you to perform transactions on the blockchain.
To make things easier, we’ll work with OpenSea. One of the best crypto wallets for OpenSea, which is based on the Ethereum blockchain, is Metamask.
Once you install MetaMask, go on OpenSea and click on the icon in the right corner above.
Click My Profile, press Sign In, and follow the instructions to set up your crypto wallet.
Remember that sharing your crypto wallet password or seed phrase is a considerable risk, and you shouldn’t disclose it to anyone.
How to mint NFT art?
To mint an NFT on OpenSea hit Add New Item. The following page will provide you with the space for your NFT’s metadata, the file type, and the name of the NFT. You can also add an external link and enter a description. A good description can make it more appealing to buyers, and an external link could direct buyers to a website, a social media page, or even an article.
Once you’ve added all the information, click Create, and you’ll be sent a message to your wallet. Sign it, and you’ll have minted your first piece of NFT art.
Once you have created the item, it’s time to list your NFT for sale. Head to the asset page for the item you created and press Sell.
You can then choose between a fixed-price listing or an auction and set the price for the NFT.
You’ll have to pay a gas fee before your first listing if it’s the first time you’ve sold on OpenSea, creating a smart contract for your wallet. While relatively expensive, you only have to do it the first time around.
The transaction might take some time to complete if you attempt it during a congested hour or weekday. You might have to close the page and return later to try it again. Once the system recognizes that the wallet has completed the transaction, you won’t be asked to pay any additional gas fees afterward.
Beware that you might not make sales as soon as you mint your NFTs. There are tens of thousands of NFTs being minted worldwide every day, aiming to attract possible buyers’ attention.
It’s much easier to sell your NFTs if you have an existing audience willing to buy them, as many big brands such as Adidas have done. However, if you don’t have an existing audience, you can still mint your NFT and promote it on social media.
The best way to start drawing attention to your NFT projects is by performing airdrops and interacting with other NFT artists on social media. Promote their projects, retweet their giveaways, and join their Discord groups while marketing your own work.
Soon, you’ll have your first buyer, which will raise awareness of your NFT art.
Final Words
Simply put, Non-Fungible Tokens are unique digital assets that cannot be replicated. This makes them perfect for use in the art world, as each piece is entirely one-of-a-kind.
NFT art gives power back to the artists, providing them with means of making income without intermediaries marketplaces snatching their income with service fees.
If you’re looking to create your own work of art, we have a few guides to help you get started. Check out our guides on how to make money with NFTs here!