NFT Art Guide From A-Z

How to Create and Sell NFT Art That Can Make You Rich

You may have heard about NFT’s recent record-breaking sale in the art world. NFTs are all over the news for their potential to not only revolutionize the art world but the role they will play in the cryptocurrency marketplace of the future.

But what is an NFT? What is NFT art? More specifically, how can you create, purchase and sell NFT art or other NFT assets? This article is going to break down the answers to these questions, along with everything else you need to know about these unique collectible crypto assets.


 

What Is an NFT?

Diving into the basics, the acronym “NFT” stands for “non-fungible token”. Each “token” is essentially a unique alphanumeric code recorded on a blockchain. The NFT’s authenticity, identity, ownership history, and sales prices are all tracked on a blockchain. Like an inventory number or tracking code, the token locates the actual asset within a larger system.

 

What Is Crypto Art?

To put it simply, crypto art is digital art that is treated like physical art because of its verified ownership. Just like an original painting signed by any famous artist can have its authenticity and ownership authenticated, crypto art can be verified in the same way using an NFT or a non-fungible token.

 

 

The Blockchain

This larger system is known as the blockchain. The blockchain is a database maintained by a distributed network of computers as opposed to a corporation or a government. The database consists of unalterable “blocks” of transactions. These transactions are verified cooperatively by the network. The goal is that you can trust the system without having to trust any individual contributor, such as banks, etc.

You can think of the blockchain as a master copy of a document to which anyone can add a row of information, such as the unique ID of an NFT that is attached to a piece of crypto art. The blockchain can verify proof of ownership of a digital asset by checking it against this document.

The document is the thing that makes it nearly impossible to falsify the information because all computers check it against each other to verify what is original or fake.

 

Non Fungible Tokens

NFTs are either unique unto themselves or produced in limited quantities. This is the same concept as any rare work of art or physical collectible. Think about what makes the world’s most valuable items so expensive.

Paintings by renowned artists, unique baseball trading cards, vintage cars, all have the potential to fetch millions at auction because they are extremely rare. These items are desired by collectors not only for what they are but for their inherent value as an investment.
 

That being said, it’s important to remember that NFTs do not just represent art. NFTs can be used to represent virtually any type of real or intangible item, including virtual items within video games, virtual currency, weapons and avatars, music, collectibles (e.g. digital trading cards), real estate, virtual land, and even video footage of iconic sporting moments.

In fact, Twitter CEO, Jack Dorsey, chose to sell his first-ever tweet on the platform as an NFT at auction.

 

Here Are Some Important Concepts to Better Understand NFTs:

  • Fungible vs. Non-fungible Assets
     
  • Ethereum
     
  • Gas fees
     
  • Crypto wallet
     
  • Wallet address
     
  • Seed phrase
     
  • Collection
     

 

Fungible Vs. Non-fungible Assets
 


It is helpful to think of NFTs as crypto-collectibles. The “non-fungible” aspect comes from the fact that each NFT is irreplaceable and nontransferable. It has a value independent of all others, including different editions of the same work.
 

An example of something that is fungible would be a traditional currency. Ten dollars in cash is a fungible or transferable currency because it has the same value whether it is in bills, change or wire transfer. The same goes for physical works of art which are also fungible. Paintings may be bought and sold for the amount of money they are determined to be worth. Their value is transferable to a different form, usually cash money.
 

 

Ethereum

Ethereum is currently the leading blockchain service through which to issue NFT. A blockchain service, as we mentioned earlier, is simply the database that stores the currency. Every cryptocurrency that exists in the world exists on its own blockchain. Ether is the native cryptocurrency of Ethereum. It is the second-largest cryptocurrency after Bitcoin and the most actively used blockchain.
 

When it comes to creating NFTs, some platforms charge a fee, but others, like OpenSea, allow access for free. Fees on NFT platforms are called gas. Just think of it as the same gas that powers a car, the platform relates to the money it takes to power the marketplace as the same thing. 

Ethereum gas is simply an amount of ether required to perform a certain function on the blockchain. When you are getting started, it would be adding a new NFT to the marketplace. The cost of gas varies depending on network traffic. The higher the number of people transacting value over the network at any given time, the higher the price of gas fees and vice versa.

It is worth noting however that Ethereum gas fees are significantly cheaper on average during the weekend. This is because the weekend is when fewer people are using the network. This can help keep costs down if you’re listing multiple NFTs for sale or simply looking to save a bit of money throughout the NFT creation process.

 

Ether

It helps to think of Ether like casino chips. Each casino has its own unique chip you need to buy with money to then use as currency to pay, play, and get paid in. Like casino chips, you can always cash out your earnings and get dollars back. While some sites allow you to buy crypto art using credit cards, when you sell it – you’ll always get ETH in return that you’ll have to then convert back into whatever non-crypto currency you want.
 

 

Crypto Wallet

A crypto wallet refers to an app that is used to store and retrieve digital assets.

NFTs are created on a blockchain. When creating an NFT, you first need to decide which blockchain to issue your NFT on. 

Ethereum is currently the leading blockchain service for NFT issuance. However, there is a range of other blockchains that are becoming increasingly popular such as Binance Smart Chain, Tron, EOS, Polkadot, Tezos, and more. 

Each blockchain has its own separate NFT token standard, compatible wallet services and marketplaces. For instance, if you create NFTs on top of the Binance Smart Chain, you will only be able to sell them on platforms that support Binance Smart Chain assets. 

 

Getting Started

Let’s say, for instance, that you decided you want to create your own NFTs on Ethereum. Ethereum is the blockchain with the largest NFT ecosystem. 

To mint your own content (music, video, etc) on the Ethereum blockchain, this is what you will need: 

  • An Ethereum wallet that supports the Ethereum-based NFT token standard. This could be from MetaMask, Trust Wallet, or Coinbase Wallet, for example.
  • Around $50-$100 in ether, known as ETH. If you are using Coinbase’s wallet you can buy ether from the platform with U.S. dollars, British pounds, etc. Otherwise, you will need to purchase ether from a cryptocurrency exchange.

The main Ethereum NFT marketplaces include OpenSea, Rarible, Mintable, and Marketplace. However, Marketplace requires its users to register on the platform beforehand. 

Once you have chosen a marketplace, the process of actually creating your NFT is quite simple. After uploading the file, your NFT image, audio, GIF or 3D model, you also have the option to include special traits and attributes to increase the scarcity and uniqueness of your NFT. 

Creators can also include unlockable content that can only be viewed by the one who purchases the NFT. This can be anything from saved passwords to access certain services, discount codes, and contact information.

 

The Blockchain

This larger system is known as the blockchain. The blockchain is a database maintained by a distributed network of computers as opposed to a corporation or a government. The database consists of unalterable “blocks” of transactions. These transactions are verified cooperatively by the network. The goal is that you can trust the system without having to trust any individual contributor, such as banks, etc.

You can think of the blockchain as a master copy of a document to which anyone can add a row of information, such as the unique ID of an NFT that is attached to a piece of crypto art. The blockchain can verify proof of ownership of a digital asset by checking it against this document.

The document is the thing that makes it nearly impossible to falsify the information because all computers check it against each other to verify what is original or fake.

 

Non Fungible Tokens

NFTs are either unique unto themselves or produced in limited quantities. This is the same concept as any rare work of art or physical collectible. Think about what makes the world’s most valuable items so expensive.

Paintings by renowned artists, unique baseball trading cards, vintage cars, all have the potential to fetch millions at auction because they are extremely rare. These items are desired by collectors not only for what they are but for their inherent value as an investment.

That being said, it’s important to remember that NFTs do not just represent art. NFTs can be used to represent virtually any type of real or intangible item, including virtual items within video games, virtual currency, weapons and avatars, music, collectibles (e.g. digital trading cards), real estate, virtual land, and even video footage of iconic sporting moments.

In fact, Twitter CEO, Jack Dorsey, chose to sell his first-ever tweet on the platform as an NFT at auction.

 

Here Are Some Important Concepts to Better Understand NFTs:

  • Fungible vs. Non-fungible Assets
     
  • Ethereum
     
  • Gas fees
     
  • Crypto wallet
     
  • Wallet address
     
  • Seed phrase
     
  • Collection
     

Fungible Vs. Non-fungible Assets
 


It is helpful to think of NFTs as crypto-collectibles. The “non-fungible” aspect comes from the fact that each NFT is irreplaceable and nontransferable. It has a value independent of all others, including different editions of the same work.

An example of something that is fungible would be a traditional currency. Ten dollars in cash is a fungible or transferable currency because it has the same value whether it is in bills, change or wire transfer. The same goes for physical works of art which are also fungible. Paintings may be bought and sold for the amount of money they are determined to be worth. Their value is transferable to a different form, usually cash money.
 

 

Ethereum

Ethereum is currently the leading blockchain service through which to issue NFT. A blockchain service, as we mentioned earlier, is simply the database that stores the currency. Every cryptocurrency that exists in the world exists on its own blockchain. Ether is the native cryptocurrency of Ethereum. It is the second-largest cryptocurrency after Bitcoin and the most actively used blockchain.

When it comes to creating NFTs, some platforms charge a fee, but others, like OpenSea, allow access for free. Fees on NFT platforms are called gas. Just think of it as the same gas that powers a car, the platform relates to the money it takes to power the marketplace as the same thing. 

Ethereum gas is simply an amount of ether required to perform a certain function on the blockchain. When you are getting started, it would be adding a new NFT to the marketplace. The cost of gas varies depending on network traffic. The higher the number of people transacting value over the network at any given time, the higher the price of gas fees and vice versa.

It is worth noting however that Ethereum gas fees are significantly cheaper on average during the weekend. This is because the weekend is when fewer people are using the network. This can help keep costs down if you’re listing multiple NFTs for sale or simply looking to save a bit of money throughout the NFT creation process.

 

Ether

It helps to think of Ether like casino chips. Each casino has its own unique chip you need to buy with money to then use as currency to pay, play, and get paid in. Like casino chips, you can always cash out your earnings and get dollars back. While some sites allow you to buy crypto art using credit cards, when you sell it – you’ll always get ETH in return that you’ll have to then convert back into whatever non-crypto currency you want.
 

 

Crypto Wallet

A crypto wallet refers to an app that is used to store and retrieve digital assets.

NFTs are created on a blockchain. When creating an NFT, you first need to decide which blockchain to issue your NFT on. 

Ethereum is currently the leading blockchain service for NFT issuance. However, there is a range of other blockchains that are becoming increasingly popular such as Binance Smart Chain, Tron, EOS, Polkadot, Tezos, and more. 

Each blockchain has its own separate NFT token standard, compatible wallet services and marketplaces. For instance, if you create NFTs on top of the Binance Smart Chain, you will only be able to sell them on platforms that support Binance Smart Chain assets. 

 

Getting Started

Let’s say, for instance, that you decided you want to create your own NFTs on Ethereum. Ethereum is the blockchain with the largest NFT ecosystem. 

To mint your own content (music, video, etc) on the Ethereum blockchain, this is what you will need: 

  • An Ethereum wallet that supports the Ethereum-based NFT token standard. This could be from MetaMask, Trust Wallet, or Coinbase Wallet, for example.
  • Around $50-$100 in ether, known as ETH. If you are using Coinbase’s wallet you can buy ether from the platform with U.S. dollars, British pounds, etc. Otherwise, you will need to purchase ether from a cryptocurrency exchange.

The main Ethereum NFT marketplaces include OpenSea, Rarible, Mintable, and Marketplace. However, Marketplace requires its users to register on the platform beforehand. 

Once you have chosen a marketplace, the process of actually creating your NFT is quite simple. After uploading the file, your NFT image, audio, GIF or 3D model, you also have the option to include special traits and attributes to increase the scarcity and uniqueness of your NFT. 

Creators can also include unlockable content that can only be viewed by the one who purchases the NFT. This can be anything from saved passwords to access certain services, discount codes, and contact information.

 

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