So you are an artist who wants to create an NFT. Whats Next?

Artists are right to be excited about NFTs. The art world is constantly evolving, but blockchain-based technology has come a long way in giving artists the ability to create digital works with verifiable ownership, earn royalties from the resale of their artwork, and connect with new audiences. , and hopefully become buyers. Not surprisingly, its popularity and adoption have skyrocketed. The The market capitalization of NFTs increased tenfold between 2018 and 2020and the number of active wallets buying and selling NFTs increased from just 100,000 in February 2021 to almost 3 million in February 2022.

But there is a significant learning curve that includes understanding blockchain technology, acclimating to the crypto space, and finding buyers. Too often, artists get stuck on the next steps. How do I learn more? How do I connect with an audience in the NFT space? How do I make a profit?

For artists looking to venture into the world of NFTs, or for those who may have started minting but are not yet successful, here are some reasons why you should consider creating art NFTs and how to get started.

THE NFT PROMISE

NFTs offer a number of practical benefits for artists. Since an NFT is a non-fungible unit of data on the blockchain, artists gain the benefit of scarcity and ownership that cannot be tampered with. This is particularly significant for digital artists who previously struggled to create scarcity for their works in a world where digital file copies proliferate endlessly on the Internet. Blockchain also makes provenance easily traceable and offers artists the ability to attach smart contracts to their NFTs with provisions like paying royalties whenever there is a resale. The financial possibilities of this paradigm shift for artists cannot be overstated.

Because many NFT buyers are crypto enthusiasts, the creation of NFTs can also expose artists to new audiences outside of the traditional art world, many of whom have the financial means to collect art. NFTs also allow artists to transact directly with buyers, meaning artists can create the art they want to make and don’t need to be indebted to sponsors, brands, or other controlling institutions.

FIVE EASY STEPS TO START SELLING NFTS ART

If you’re looking to start selling your art NFTs but aren’t sure where to start, or are confused or overwhelmed by the options, here are my recommendations.

Set up a wallet.

To start selling NFTs, you need to enter the crypto ecosystem. NFT transactions are usually done on the Ethereum blockchain (although other blockchains are available). The first step is to set up a digital wallet or place where you will receive and store your crypto payments, in this case in ETH currency. You can set up your wallet via a website or mobile app, download a desktop app for your wallet, or keep your wallet on a physical offline drive – the safest way to keep your assets safe and what I would recommend for any person who has more than $1,000 USD in digital assets. Metamask is a great option as they have made it easy to install your browser extension and create your first all-in-one wallet address process. Keep in mind that minting NFTs costs a gas fee, so be sure to convert some of your fiat currency into crypto and transfer it to your wallet as soon as it’s set up. If your local currency is USD, GRB, EUR, AUD or CAD, Coinbase will be a good option for you; otherwise, look for a platform like Binance, which will trade in your country.

Find the right platform on which to mint your work.

You will then need to mint your work through one of the many platforms available, which not only differ in terms of minting rates and methods, but also offer various features and benefits for artists. The price of the fee to mint your work will also depend on the blockchain the platform is based on. Some platforms offer NFTs for all kinds of digital collectibles and others just focus on art. Some platforms offer a larger selection of lower-priced NFTs, while others offer fewer premium NFTs. Some platforms let you go it alone, while others offer services to help artists build their careers.

Be strategic about what you mint.

Artists just starting out may want to create as many NFTs as they can, hoping to capitalize on the high valuation prices that exist today. But be strategic about what you mint. Your NFT portfolio should be made up of works that best represent you and your practice, not what you think would sell best, so buyers can really get a feel for you and your art.

Be active in the community.

Start getting more active in the NFT community, which will not only expose you to cutting-edge NFTs, but also give you valuable insights into where your art fits best. Create a Twitter account, join Discord, share your work, share the work of others, and interact with people in the online community. Meet artists and collectors and follow the trends and cool things happening in the space. Get involved with your collectors and fans to build a valuable community around your artwork and help give your patrons reasons to continue supporting you.

NEXT STEPS

Patience is key when diving into something as new and ever-evolving as the NFT space. Get educated, get tech-savvy, go through the process of setting up a wallet, and connect with other artists who can tell you about their own journey into the world of creating artistic NFTs. Those efforts will pay off by helping you find new audiences, new methods to connect with buyers, and new ways to get your art out into the world.

Empower artists and collectors to embrace digital art as a curator of the other avatars and Saatchi Art Manager of Art Advisory and Curation.