If you’re a digital artist of any medium, you could stand to benefit from entering the NFT marketplace. Though the world of cryptocurrency can seem daunting and challenging to participate in, there are endless resources and opportunities for anyone interested in learning how to join the space. Here are some basics of getting started in the NFT marketplace and why artists should consider joining the crypto world.
What is an NFT?
A non-fungible token or NFT is an immutable record of ownership over a specific digital or real-world asset. As with many art NFTs, an NFT can often contain an encrypted version of the digital asset. Any digital creation can be minted into an NFT, including video, music, art, and even real estate contracts can be NFTs. NFTs are housed on blockchain networks, making them highly secured and virtually impossible to tamper with.
NFTs and Artists
In the last few years, the digital art NFT marketplace has boomed, with many celebrities and artists endorsing the market by purchasing some of the top NFTs and even creating their own NFT collections. NFTs and blockchain technology can seriously benefit digital artists by helping resolve issues of provenance and valuation. NFTs unquestionably verify the originality of artwork and establish a record of ownership that follows the artwork forever on the blockchain. This technology offers the artists a guarantee that their name will forever be tied to the work, and they even have the option to opt-in for royalties as the NFT is resold in the future. When you mint an NFT, you encrypt your information as the artist along with the digital artwork into that digital contract of ownership. This process establishes inherent value to your artwork by creating digital scarcity. Once you’ve minted your artwork, you can quickly auction or sell it on the NFT marketplace.
How to Mint and Sell Your NFTs
To begin bidding on and purchasing NFTs, you will first need to do some research to select the platform and cryptocurrency you want to use to make your purchase. Not all NFT platforms are built the same, and each platform is compatible with only specific cryptocurrencies and blockchains. Some marketplaces like the FTX NFT marketplace are designed with artists in mind, making it easy and quick to mint NFTs and offering a wide array of resources and industry knowledge to artists entering the environment. When considering which platform to select, consider its compatibility with popular cryptocurrencies as the long-term success of these blockchains will determine the appreciation of your NFT asset. If you’re unsure where to invest, consider joining an online crypto community to learn more about your options and see which NFT collections are the most anticipated in the market. Once you’ve done your research and made your selections, you can open a digital wallet and join the NFT platform. Once you’ve joined and funded your digital wallet, you can begin minting your NFTs. Minting requires a small fee but is a quick process that can get your art encrypted and ready to sell right away.
Some of the most popular NFT collections have sold for millions of dollars. This new marketplace can provide many opportunities for digital artists to protect their work and add value to their unique creations. Get started minting your NFT collection today and begin selling your digital artwork. canvas pfisd