In economics, “non-fungible” is frequently used to describe qualities like uniqueness and non-transferability. NFTs (Non-Fungible Tokens) in the crypto space means that something cannot be traded for another.
A “token” is a certificate of validity maintained on the decentralized blockchain, making digital assets traceable and available to everyone. NFTs, as a result, are a special kind of cryptographic asset that can be used for pretty much anything and typically take the form of creative digital art like paintings, films, music, collectibles for video games, play-2-earn games, fantasy games, and more.
There is massive hype for NFTs due to how much they have grown and evolved since early 2021. Everyone around the globe is now discussing and trading NFTs. There are several questions that artists might have, like how to turn actual art into NFTs and how to market them. Is it challenging? Is coding required to produce an NFT?
Read the concise guide to get an understanding of NFTs.
What is An NFT art?
Non-fungible tokens (NFTs) are a type of digital asset used by the blockchain industry to produce unique and limited digital art. Any form of digital art can be converted into NFTs. It could be a picture, video, gif, or audio clip.
NFTs are valuable since the transaction establishes who owns the work of art. Owning an NFT gives you the option to keep it, wait for its appreciation, and then sell or trade it.
What are the pros and cons of NFT for artists?
Let’s discuss the pros of NFTs and why you should convert your art into NFTs.
1. Complete and Unique Ownership
A non-fungible token is entirely individual and unique. There will be nil chances of duplicacy and art theft. All NFTs are recorded and stored on the blockchain, and it includes unequivocal and indisputable evidence of the asset’s creation, current owner, previous owner, and any transactions affecting it.
2. Artistic Independence
With traditional art, to set up exhibitions or gallery use or to complete the official, legal sale and transfer of ownership, the artist would typically need the assistance of a third party. NFTs make it relatively easy for artists to produce, market, and promote digital assets.
3. Reduced Entrance Barrier
For new and smaller artists who lack the resources to manage their work in the analog world, a primary benefit about a digital platform is how much lower the entry hurdles are. The marketing and distribution of many thousand collectibles have been made considerably easier by NFTs, and the initial outlay is also much less.
4. Simpler monetization
The ability to profit from their creations is one of the main issues conventional artists have to deal with. NFTs offer the best solution to this issue. As a result, they have begun to get more attention from artists daily. They have provided digital artworks a certain level of tangibility, assisting artists in establishing themselves as professionals and earning money from their creations simultaneously.
The risk of trading and moving physical works of art is substantial. Even if traded online, extra security precautions for moving a work of art valued at millions of dollars worldwide are exceedingly risky and challenging to perform. NFTs, however, make it possible to trade artwork in a much safer and more transparent way; thus, these difficulties are much easier to overcome in this situation.
Some disadvantages of converting art into NFTs are:
1. Higher cost of listing
NFTs have a higher cost of minting. Artists will have to convert their fiat currency to ETH and pay various gas fees and transaction charges.
2. Complicated Minting procedure
The minting procedure can seem complicated for artists minting their NFTs for the first time.
3. NFTs might not generate revenue.
There are possibilities that the NFTs might not sell and generate revenue for the artists. These deals are loss-making as the artists can not recover the fees and transaction charges incurred while listing the NFTs.
How to convert Art to NFTs using OpenSea?
Converting artwork to NFT is an easy procedure. There is a step-by-step guide you need to follow to convert your art into NFTs.
1. Pick an artwork
Selecting a piece of digital art that you wish to convert into an NFT is the first step in the creation process. Although any online-stored file can become an NFT, the most popular formats for digital artwork are GIFs, JPEGs, and PNGs.
You can either create the art you wish to transform into a digital art NFT or locate the art of another person that you want to turn into an NFT. If you want to create an NFT using someone else’s artwork, you must get their consent and give them royalties if they so request.
2. Pick a blockchain
Selecting an appropriate blockchain is the following step in creating an NFT. Many blockchain platforms are compatible with OpenSea, such as Ethereum, Klaytn, Polygon, and Solana.
The fee paid to mint your NFT depends on the size and speed of these blockchains. In general, larger blockchains can process transactions more quickly and with greater flexibility than smaller chains, which might be less in cost but take longer to complete.
With more than 200,000 active addresses, Ethereum is the most well-known blockchain. It is known to be one of the most excellent choices for artists with a significant fan base who want to expand their audience without having to wait for days or weeks for their collection to start minting. As a result, the Ethereum blockchain charges a high gas fee for speedy services. You can learn more about the Ethereum blockchain here.
Solana is the swiftest proof-of-stake blockchain platform. It wants to be the blockchain platform of choice for cryptocurrency applications. It is a blockchain platform that is frequently used because of its potential to scale. It promises to be quick while only charging the smallest amount of gas (never more than 0.01 dollars) for every given transaction. You can learn about the Solana blockchain here.
3. Purchase a Small amount of Ethereum
You need to convert some of your fiat currency to ETH in order to pay the transaction charges and gas fees. It would be advisable to first compare the price of ETH to the value in Fiat currency because it fluctuates every second. There are various platforms to acquire ETH, but conducting thorough research before buying from a cryptocurrency exchange is advisable. To avoid overpaying for your purchase of ETH, you should also find out if there are any fees involved.
4. Log in to your OpenSea account
Connect your wallet to the NFT Marketplace to log in. Go to OpenSea.io and you will find the section to link a crypto wallet on the top right corner of the page. It is essential to connect your wallet before starting to create NFTs to pay the minting and transaction charges. You need to select a wallet that suits your project. Some examples of wallets compatible with OpenSea are MetaMask, Coinbase Wallet, TrustWallet, Portis, Fortmatic/Magic, Glow, and more. These wallets have to be compatible with the choice of blockchain. A clear understanding of the above is stated on the OpenSea website.
5. Create your NFT
Creating an NFT is simple. The guide mentioned below will help you understand the process of creating an NFT.
Set up your first NFT collection
Open the OpenSea website and click the create option on the right-side top corner.
You’ll be directed to the page where you may upload your NFT file, give it a name, and include a description.
You can further alter your NFT after filling out those boxes. This entails incorporating it into an existing collection or adding attributes, metrics, and levels. Unlockable content is an additional option.
Ethereum is the pre-selected blockchain, but you can select the option to mint your NFT on the blockchain of your choice. You can read the OpenSea help guide to learn more about the blockchains that OpenSea supports. Click Create when you’re finished customizing your NFT.
The Defi space has grown tremendously due to the NFTs gaining popularity. The process of minting NFTs can seem complicated but is very simple. You need to follow the steps mentioned above to convert and mint your NFTs.
Frequently Asked Questions
NFTs are digital art that is unique and distinctive from one another. NFTs can be anything digital, a picture, a video, a gif, an audio clip, and much more. You can create an NFT by selecting a digital artwork and minting it on an NFT platform.
NFTs are unique tokens that provide transparency, authenticity, security, easy monetization, and avoid duplicacy or theft fraud.
The disadvantages of converting art to NFT are high minting costs and the risk of failure/loss.