What Is NFT Art? How to Create an NFT Art

NFT Art

Non-fungible token (NFT) is a concept that is no longer strange to investors. However, have you heard about NFT Art or how to create your own NFT Art? Let’s find out now with CoinMinutes through the article below.

What Is NFT Art?

NFT art is understood as an image in the form of digital tokens. These tokens, once issued, are sold online. NFT paintings come in various genres, as long as they are in digital format. For example, Artwork, photos, and animations can be converted into NFTs and sold online. 

NFTs are shaking up the art world. Because NFT is a non-fungible token, it cannot be replaced with any other asset. In general, NFT works of art and NFT paintings are considered unique. Anyone who wants to own an NFT work of art must purchase the corresponding NFT on NFT exchanges. That’s why some simple NFT paintings can be sold for thousands of dollars.

nft art

Difference Between NFT and Traditional Art

NFT art has truly been recognized around the world. However, we need to look at the art world in the most objective way by learning about the difference between NFT art and Traditional art. Here are the differences between NFT Art and traditional art:

  • Storage: Traditional works of art require physical space for good storage so that the quality of the work is not affected. Meanwhile, NFT Art is digital files stored using Blockchain technology.
  • Where to sell: Traditional works of art can be sold online or in art galleries through auctions. But for Art NFTs, users can only buy them on NFT Marketplaces.
  • Audience: Art NFTs can reach more potential buyers through the Internet. While traditional works of art can only reach a limited audience in galleries or auction houses.
  • Market fluctuations: Different from traditional works of art, which depend on the needs of buyers in auctions, creating the value of each work of art. For Art NFTs, price fluctuations can be much higher since users can easily buy and sell them on NFT Marketplaces. In addition, general market trends also significantly affect the price of NFT Art.

What Makes NFT Art So Expensive?

NFT paintings are expensive because they have great collectible value. Each NFT art is unique and cannot be copied or replaced. One of the top reasons why NFT art is so expensive is because NFT art content cannot be tampered with. Without the owner’s consent, the content in NFT art cannot be interfered with. Even the NFT issuer cannot copy, lock, or delete NFT art without the consent of the NFT art owner. So, the more unique, the higher the price NFT works will likely sell for. Because of the above characteristics, many people are interested in NFT art and see it as an effective investment channel. Investors make money through NFTs by buying and selling works. The more people are interested in an NFT work, the higher the demand to buy that work and the price will also increase many times compared to their original price.

Pros and Cons of NFT Art

Pros

  • Irreplaceable uniqueness: Each NFT art is unique and cannot be replaced, creating unique and interesting value for the owner.
  • Protect your ownership: Blockchain technology records and authenticates NFT art, preventing copying or counterfeiting, and protecting the ownership rights of the creator of the work.
  • Diverse and interesting interaction: NFT art allows viewers to interact with the work, you can zoom, rotate, move, or even participate in mini-games, experiencing unique artistic images. unique.
  • Make a profit through buying and selling: NFT art can be bought and sold on NFT exchanges, creating investment and profit opportunities for owners.

Cons

NFT art, although it has unique advantages, it also has certain disadvantages:

  • Instability of value: One of the disadvantages of NFT art is the instability of value. The value of an NFT can vary significantly over time and the evolution of the NFT market.
  • Environmental issues: The growth of the NFT market also raises an important environmental issue. Using blockchain energy to create and trade NFTs can have a negative impact on the environment.

How to Create an NFT Art?

Step 1: Choose a Theme

Firstly, decide on the theme or style for your digital art. Explore popular NFT art trends like pixel art, cartoons, 3D characters, realistic pieces, freestyle creations, or vector art to find a suitable concept.

It’s important to note that your choice of art style will influence the type of crypto wallet or NFT marketplace you’ll use. For instance, creating a 3D model requires a marketplace that supports 3D files.

Step 2: Pick a Blockchain

Now, select a blockchain for crafting and advancing your NFT. This decision is crucial as it determines how people engage with your artwork.

Blockchains, the technology behind cryptocurrencies, are like incorruptible digital ledgers spread across various networks. Since all data on the blockchain is validated by computers across the network, it provides a transparent and secure way to showcase your creations.

There are several blockchain options for NFT development, such as Bitcoin, Ethereum, Tezos, Polkadot, Cardano, Solana, Polygon, and Binance Smart Chain (BSC). To make the right choice, consider factors like transaction speed, technology security, scalability, functionality, and transaction costs. Do thorough research to find the best fit for your project.

Step 3: Create a Digital Wallet

Before diving into NFT creation, set up a digital wallet—a cryptocurrency equivalent of a bank account that stores your access keys. These keys, public and private, are essential for managing your NFTs.

There are two types of wallet accounts to consider:

  1. Self-Custody Wallets:
    • Safest option as users have complete control over private keys.
  2. Custodial Wallets:
    • Operate through a third party.

Explore some reliable crypto wallets for storing and trading NFTs:

  1. Math Wallet:
    • Supports over 70 blockchains and provides a utility token for accessing various marketplaces.
  2. Coinbase Wallet:
    • Allows the use of cryptocurrencies like Ethereum for NFT transactions, easily accessible via a mobile app.
  3. Trust Wallet:
    • Part of the Binance Smart Chain, it uses Ethereum/Ether to hold and trade NFTs and other digital assets.
  4. Enjin Wallet:
    • Facilitates easy launch and storage of NFT projects.
  5. Kukai Wallet:
    • Tezos-based wallet allowing safe import of existing wallets through various platforms.
  6. Alpha Wallet:
    • Open-source, mobile-only platform for storing and managing NFTs using Ethereum.
  7. Metamask Wallet:
    • Enables transactions on the Ethereum blockchain and other marketplaces.
  8. Coinomi:
    • A multi-chain wallet supporting over 125 blockchains and numerous smart chain tokens, designed for both mobile and desktop use.

Choose a wallet that suits your preferences and provides the features you need for your NFT endeavors.

Step 4: Choose the Right NFT Marketplace

Once you’ve settled on a blockchain, it’s time to pick an NFT marketplace—where you’ll craft, release, and sell your NFTs.

Each marketplace has its own set of rules and requirements, so take a moment to understand them before you begin. They offer varied features, and you should conduct some research to find the one that aligns best with your NFTs.

Consider factors like the platform’s token standard, user verification process, price discovery feature, token fractionalization, wallet compatibility, and additional incentives and features.

Popular NFT marketplaces include:

  1. OpenSea:
    • Among the largest NFT markets, accommodating a wide range of digital assets.
  2. Rarible:
    • Noteworthy for collaborating with major companies like Taco Bell and Adobe, comparable in size and scope to OpenSea.
  3. Mintable:
    • User-friendly platform, especially beneficial for NFT newcomers, with a simplified minting process.
  4. Foundation:
    • Known for its straightforward format and ease of use, emerging as a marketplace with over $100 million in NFT sales in the past year.

When minting NFTs, you may also explore creating them with smart contracts, a more technically advanced option. Many NFT marketplaces assist in this process, even if you’re not deeply familiar with the technicalities.

Step 5: Publicize Your NFT

Before you dive into creating and minting your NFTs, it’s crucial to start promoting them. After all, the value of an NFT lies in people knowing about it. Here are several effective ways to generate interest in your NFTs:

  1. Build a Website:
    • Showcase your NFTs and provide potential buyers with detailed information by creating a dedicated website.
  2. Utilize Social Media:
    • Platforms like Twitter, Instagram, and YouTube are excellent for sharing updates and news about your NFTs. Begin promoting before minting to build anticipation and maintain consistent promotion even after listing on an NFT marketplace.
  3. Start a Blog:
    • A blog serves as another valuable platform to share insights about your NFTs and engage with potential buyers.
  4. Join Discord Servers:
    • Participate in Discord servers to find an audience interested in your NFT project.
  5. Collaborate with Others:
    • Partnering with social media influencers or brands can significantly expand your reach.
  6. Engage in Online Communities:
    • Explore dedicated online communities focused on NFTs and digital assets to connect with industry peers and stay informed.
  7. Write a Press Release:
    • Distribute a press release to newspapers, magazines, art journals, and relevant publications targeting your desired audience.
  8. Hire Assistance:
    • Consider hiring an independent community manager through platforms like Upwork to orchestrate a digital campaign and build an online following.
  9. Hold an Auction:
    • Generate interest and provide potential buyers with an opportunity to acquire your digital assets through auctions. Explore platforms like Nifty Gateway for online digital art auctions.

By employing these strategies, you can effectively raise awareness and interest in your NFTs within the digital art community.

Step 6: Publish and Create Your Art Token

After choosing a platform, it’s time to create your art token, a unique digital asset that can be bought or traded. This process, known as minting, is straightforward with platforms like OpenSea. Here’s how you can do it:

  1. Create an Account:
    • Sign up on the chosen platform and link it to your digital wallet.
  2. Upload Your Artwork and Mint Tokens:
    • Upload your digital artwork onto the platform and initiate the minting process.

When you mint an NFT, there’s a fee known as “gas.” This fee compensates miners who validate and confirm your transaction. The gas fee is determined by the data volume in your transaction and the current gas price.

Keep in mind that the gas price is set by miners and may vary based on network conditions. Be prepared for this fee when minting your NFTs.

Step 7: Determine the Token Price and List for Sale

Once your art token is minted, it’s time to set a price and list it for sale. This involves researching the market to understand the pricing of similar NFTs. You can use this information to decide on a fair price for your creation.

When listing your NFT, take into account the expenses involved in producing the artwork. This includes listing and commission fees, gas fees, and other associated costs, which can sum up to approximately $250. Ensure that these transactional costs are factored into your pricing.

Similar to platforms like eBay, you typically have the option to either set a fixed price for your NFT or auction it, allowing potential buyers to place bids.

Consider the genuine value of your artwork, current trends in the NFT art scene, and your personal objectives. Your pricing strategy will differ based on whether you aim for a quick sale or intend to create a high-value NFT.

Conclusion

Above is a detailed article on NFT Art and how to create NFT art that CoinMinutes has compiled and brought to you. Nowadays NFT Art is becoming a new trend and has great potential for growth in the future. Hopefully, the above article has brought useful information and helps you create your own NFT art.

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