NFTs are risky investment schemes due to how volatile the market is and how speculative NFT valuation is. The prices of these digital assets can fluctuate wildly, meaning that it is entirely possible to lose a lot of money when trading them. The situation is a bit different for artists who make these non-fungible tokens.
There are creators who make millions of dollars on NFT sales, but it’s unrealistic to assume this will happen to everyone. In fact, some reports suggest that over a half of NFT sales are well below the $200 mark.
However, even such a small amount can be useful in times of need or simply allow you to improve your means as a creator and help you deliver better works of art. Because of that, it might be a good idea for artists to learn how to make some money from NFTs and boost their income. Follow the steps below and see for yourself if the NFT scheme is profitable for you!
Create your future asset
You can’t start your non-fungible token adventure without having some digital goods first. You don’t have to limit yourself in the creative process of your future token. That’s because NFTs come in a wide range of different forms – from images or music to even memes. It’s not even necessary to make a new digital asset, as long as you own the rights to your previous creations.
If you lack inspiration or simply want to improve your chances of profiting off your future NFT, you can always search for inspiration online. You can look up some of the more successful digital art sold and adopt a similar style or theme. The choice is entirely yours here.
Get a digital wallet and money
Trading non-fungible tokens is a bit different from the traditional transaction most of us are used to. People don’t buy digital goods like this Balmain Barbie NFT using real money, but rather cryptocurrencies. A digital wallet is necessary to both receive the cryptos from your sold assets and cover any fees required for hosting your art on a marketplace.
Once you have one, you need to fill it with some funds. Although the most popular cryptocurrency in NFT trade is still Ethereum, these days, many marketplaces experiment with other cryptos. For example, OpenSea supports not only Ethereum but also Polygon, Klatyn, and Solana.
This is great news for environmentally-conscious artists, as Ethereum is incredibly resource-intensive and harmful to our planet. Bear in mind that some wallets accept only one type of digital currency, so choose well.
Don’t be discouraged by how little you’ll initially have in your digital wallet. Many cryptocurrencies are extremely expensive to buy, with Ethereum reaching well over $3000 in April 2022, while Bitcoin is usually worth tens of thousands. Finally, if your wallet doesn’t give you the option to purchase cryptos directly, you can do so through services like PayPal.
Find your perfect marketplace and connect your wallet
No matter how many funds you have in your crypto wallet, you have to connect your wallet first. The process is usually very simple – all you need to do is find the ‘Connect wallet’ or a similar button and pick the provider you’re currently using. But before you do so, pick a marketplace that works best for you.
OpenSea is most likely your best bet at the beginning of your NFT experiment. It’s one of the oldest marketplaces available for NFT investors and allows people to invest in a range of digital assets. If you’re unsure if selling NFTs as an artist is for you, don’t worry. OpenSea supports free registration and gas-free minting, meaning that you lose nothing by uploading your digital assets there. Moreover, the marketplace fees (2.5%) are generally lower than that of competitors like SuperRare (up to 15%).
However, watch out for fake NFT sites created to scam you. Always check if the URL you entered is correct and look for any suspicious irregularities like poorly written store names.
Make your digital asset into an NFT
Now it’s time to add your future non-fungible tokens to the marketplace. In many cases, it’s as simple as clicking on the ‘Create’ button and choosing your files. Remember first to make sure that the platform supports the format of your art pieces.
At this point, you can also choose if you upload them as single files or make them part of a larger collection. This is also the moment when you pay any gas fees for minting (if your marketplace requires them). Once that’s done, add a title and a description. Make them as interesting as you can to increase the chances of attracting buyers.
Most NFT platforms allow you to sell your tokens in one of two ways. You can choose a fixed price option and simply enter the desired amount in your cryptocurrency. It’s also possible to put your asset in an auction, which is far more unpredictable (an auction can earn you a lot more for your NFT, but it also might never reach your minimum desired price). It’s also possible to set up royalties you’ll claim during a resale of your NFT.
Promote your NFTs and check them regularly
Luck is a large part of earning money from selling NFTs, but it’s always best to help it whenever possible. If you have a following on various social media platforms, it might be a good idea to promote it there. Some of your fans might absolutely love the idea of having a unique, one-of-a-kind piece of your digital art.
Now all that’s left is to check your NFT. Unfortunately, some of the marketplaces don’t notify you when a bid or purchase comes through, so it’s best to visit them regularly. Once your art is bought, the specified amount of cryptocurrency should go into your digital wallet.
As you can see, it’s very easy for an artist to mint their own NFTs. First, you create or find a piece of your own art. Then you set up your digital wallet and add some cryptocurrency to it. You also need to connect the wallet to your chosen marketplace.
Once it’s done, it’s simply a matter of minting the NFT and promoting it on your social media for maximum reach. Although there’s no guarantee of success, there are many artists who have made money by selling their NFTs. Hopefully, you will join their ranks and turn a profit too! Good luck!