With the increase in popularity of cryptocurrencies and blockchain technologies, now a global phenomenon, many investors include them as part of their investment portfolios. Non-Fungible Tokens have also increased in their prominence.
We have previously discussed what NFTs are: one-off tokens built on blockchain tech, representing various rare and unique items in both the virtual and real worlds, such as digital art, virtual real estate, and collectibles like sports cards.
Many investors, traders, and collectors have both earned and lost a lot of money with NFTs–and with the stories seen in the media on a regular basis, creators and other artists are now making money from this new digital media. Its growing popularity is prompting many to wonder how they can create NFTs and join this ever-increasing club of digital artists.
This article discusses the benefits NFTs provide to an artist, answers some questions about the space, and gives you a simple guide to produce an NFT of your own.
Why Create an NFT?
Historically, artists have sold works and have not been the beneficiaries of any future appreciation. However, NFT art is different. Artists can gain from the creation of NFTs in three specific ways.
A Less Expensive Global Market. Because NFT art sales are generally conducted online via peer-to-peer marketplaces, an artist does not have to spend money for an auction house or a gallery.
Lifelong Royalties. NFTs can be coded so that the original artist not only makes money when they sell their digital art the first time, but they can keep earning with each subsequent sale of the token. This is generally a rate of between 2.5-10% of the next sale’s price, giving the artist a lifelong source of revenue.
An Authentic Verifiable Chain of Provenance. Though NFTs are famous for being “right-clicked saved as,” the valid owner of the art is the token holder at the time. Once part of the blockchain, this digital ownership certificate is considered authentic. The current owner, their acquisition price, as well as the previous owners and prices paid, are known. This results in market transparency not seen in the art world before.
Making an NFT, Step-by-Step
Creating an NFT now only involves a few steps, with the main part of the creation process done through a marketplace.
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