A non-fungibles token (NFT) is simply a non-interchangeable cryptocurrency asset that uses the decentralized Blockchain to represent something distinctive and collectible. NFTs fall into different categories such as music, videos, collectible items from video games, different painting shapes, and other types of creative digital works.
NFTS started gaining traction back in 2021 and since then people are actively buying and selling them. However, how do we get to create an NFT from real art? How can we sell them? Is there a unique coding process necessary to create an NFT? All these questions will be answered below.
Crypto art is related to distinctive art pieces of popularly known artists and is auctioned on a marketplace that includes the traditional auction platforms such as Sotheby’s, other than the popular known NFT platforms.
The most expensive NFT sale in 2022, was “Merge” owned by the pseudonymous digital artist Pak and had a price of $91.8 million.
In Kenya, we have seen how Octopizzo, a Kenyan hip-hop star recently launched “Fuego”, his latest album as fractional NFT on OpenSea.
Eliud Kipchoge is a Kenyan Marathon Champion who also auctioned two videos highlighting his career performance at $37351.07 on April 2021. The auctioning took place on OpenSea too. These are just but a few NFTS that have been successfully sold.
Turning art into an NFT.
Creating an NFT out of art is a simple process that only requires a personal computer and a set of creative skills. The process is neither technical, complex, nor costly.
One simply needs to find the area of specialty either in music, videos, GIFs, paintings, or other digital items. Your area of specialty will give you the set of skills you will need.
A good example is a graphic artist who simply requires graphic editing tools such as Adobe Photoshop, Adobe Illustrator, CorelDraw, MS Paint, and the likes.
You will then make a unique idea for your artwork or a full creation and just think about which content it will be turned into.
Will you need coding?
NFTs are created through a process called minting which does not necessarily require coding. In the process, unique art is published in Blockchain after creation. This makes the piece of work tamper-proof and very secure from any form of manipulation.
After becoming an NFT, it is then easy to purchase it and track it once it is resold or recollected.
Artists can organize a royalty clause on the NFT Marketplace after minting so that the resales of their work can generate some passive income. Once the NFT captures the interest of different people its demand will rise and hence the value rises too.
Minting is an automated process that can create good passive income for minters.
Minting process.
If you have any prior experience in coding you can code your NFT. The NFT development uses Solidity as a coding language. HTML/ CSS and JavaScript are the other languages for coding.
Choosing your NFT marketplace.
A crypto wallet matching, accessible, price to mint an NFT, and a supported file format are some of the factors one should consider while choosing an NFT marketplace. There are several marketplaces in the crypto ecosystem and they all operate slightly differently. It is important to identify whether your preferred marketplace is self-service-based or curated.
Self-service-based platforms are good as users can access all artists. All that one needs is to register on them via a crypto wallet and pay a minting fee (transaction fee). A good example of this kind of platform is OpenSea.
Curated platforms tend to be selective when it comes to artists. Users need to give in an application that gives details of the NFT collection and a previous experience in artistic works, to register and begin the minting process.
Selling your NFT.
Through the NFT platform, users get to choose their preferred selling method or set a preferred prize for their NFT when they are minting. At the moment the fixed price sale and auction are the main two ways to sell an NFT. Selling at a fixed price sale is easier and way more transparent and direct. So some platforms will need you to set a price for your NFT and the Royalty percentage; an amount users receive for future sales of their arts.
NFTs can also sell through auctioning either online or on full-fledged live auctioning. Sellers can auction using English auction where the highest bidder carries the day after as speculated period. Auctioning can also be done through the Dutch auction style where the price decreases until a buyer decide to purchase it.
