Minting NFTs: Guide for Creating & Selling Digital Art

Daisie Team -

Contents

  1. What are NFTs?
  2. How does digital art become an NFT?
  3. Choose the right marketplace for your NFT
  4. Minting your NFT: A step-by-step guide
  5. How to price your NFT?
  6. Selling your NFT: Tips for success
  7. NFT royalties: What you need to know
  8. Avoiding common NFT mistakes

Ever observed the digital art world and wondered how you could dive in? Perhaps you've seen the buzz about NFTs and thought, "How can I get involved?" Don't worry, you're in the right place! This guide will walk you through how to create and sell your own digital art as an NFT. From minting your first NFT to understanding royalties, we've got you covered. Let's start with understanding what NFTs actually are.

What are NFTs?

Non-Fungible Tokens, or NFTs as we know them, are a new kind of digital asset. They're unique, meaning no two NFTs are the same. It's like owning an original Van Gogh painting; sure, there are prints and posters, but only one person can own the original. And just like that, in the digital world, while anyone can view or download a digital artwork, owning an NFT means you have the original piece.

The uniqueness of NFTs comes from the blockchain technology that powers them. When you mint an NFT, you're basically writing onto a blockchain (like Ethereum) that you own this digital asset, and it's different from all others. The blockchain records each NFT's details and the history of its ownership. It's this information that makes each NFT unique, and that's why they're non-fungible — they can't be swapped on a like-for-like basis.

So, if you have a digital artwork, a music track, or any digital content you've created, you can turn it into an NFT and sell it in the digital art marketplace. And that's what we're going to teach you how to do — we're going to show you how to mint an NFT.

How does digital art become an NFT?

So, you've created a digital masterpiece and you're ready to introduce it to the world. But how do you go from having digital art on your computer to selling an NFT in the marketplace? It's all about minting. Minting is the process that transforms your digital art into a sellable NFT. But how does minting work?

Let's break it down. Minting is essentially the act of creating a digital certificate of ownership for your artwork on the blockchain. When you mint an NFT, you're adding a record to the blockchain that says, "This piece of digital art is unique, and here's the proof." That proof is the NFT, and it's what buyers purchase when they buy your art.

The great news is that minting doesn't change your artwork itself. Your digital art will still be the same image, song, or video file it was before. But now it's attached to an NFT, making it a unique item with proof of ownership and authenticity.

Now that we understand the minting process, we're ready to dive into the specifics of how to mint an NFT. But before we do, it's important to choose the right marketplace for your NFT. Different marketplaces cater to different types of NFTs and have different communities of buyers. So, let's talk about how to choose the right marketplace for your NFT.

Choose the right marketplace for your NFT

After understanding the minting process, the next step in how to mint an NFT is choosing the right marketplace. But how do you figure out which marketplace is right for you? It's like choosing the right frame for your artwork—each one can change how people see your piece.

There are many NFT marketplaces out there, each with its own strengths and quirks. Some popular ones are OpenSea, Rarible, and Mintable. Each marketplace has its unique community and vibe. OpenSea, for example, is known for its vast variety of NFTs, while Rarible is famous for its strong artist community.

You might want to consider where your target audience hangs out. Are they more likely to browse for new art on OpenSea, or are they active on a platform like Rarible?

Also, consider the cost of minting on each platform. Minting an NFT can come with fees, which vary from platform to platform. So, make sure to understand the costs involved before you start the minting process.

Finally, consider how each marketplace handles royalties. Royalties are payments you receive if your NFT is sold again in the future. Not every marketplace offers the same royalty structure, so make sure to understand each platform's policy.

By considering these factors, you can make an informed choice about the right marketplace for your NFT. Now, let's move on to the actual process of how to mint an NFT.

Minting your NFT: A step-by-step guide

Having chosen your marketplace, you're now ready to learn how to mint an NFT. It's like learning how to bake a cake: follow the recipe, and you'll end up with a delicious treat. Here's a simple guide to get you started:

  1. Prepare your digital artwork: The first step is to make sure your art is ready. It should be in a digital format (like JPEG, PNG, GIF, MP3, or MP4) and should meet the size requirements of your chosen marketplace.
  2. Create a wallet: You'll need a digital wallet to mint and sell your NFT. MetaMask is a popular choice. Remember to keep your wallet's password and recovery phrase safe.
  3. Connect your wallet to the marketplace: Once your wallet is set up, you'll need to connect it to your chosen marketplace. This is usually as simple as clicking a "connect wallet" button and following the prompts.
  4. Mint your NFT: Now comes the fun part—minting your NFT! Just click on "create" or "mint", upload your artwork, and fill in the details. These details will include things like the name of your piece, a description, and the price.
  5. Confirm and pay gas fees: Finally, you'll need to pay the gas fees (the cost of minting your NFT on the blockchain) and confirm the minting process. Once that's done, congratulations! You've minted your first NFT.

Remember, the process of how to mint an NFT can vary slightly depending on the marketplace you choose. Always make sure to follow the specific instructions provided by your chosen platform. Now, you're probably wondering about the next step—how do I price my NFT? Let's dive into that next.

How to price your NFT?

So, you've minted your NFT. Now, it's time to figure out its price tag. The question is: how much is your digital art worth? Here are some tips to help you answer that:

  1. Research similar NFTs: Just as you would compare prices when shopping for a new phone or laptop, you should also compare prices of similar NFTs. Take a look at what prices other artists are setting for their NFTs, especially those with a similar style or reputation.
  2. Consider your reputation and following: If you're a well-known artist with a large following, you can command higher prices. After all, a part of the NFT's value comes from who created it.
  3. Think about the uniqueness of your NFT: The rarer or more exclusive your NFT is, the higher the price you can ask. If there's something unique or special about your artwork, don't be shy to reflect that in the price.
  4. Don't forget about fees: Remember, when you sell your NFT, the marketplace will take a cut. Make sure to factor this into your pricing to ensure you're happy with the final amount you receive.

Ultimately, pricing your NFT is more art than science. It's about finding a balance between what you believe your art is worth and what buyers are willing to pay. Now that you know how to price your NFT, let's move on to the next step—selling it.

Selling your NFT: Tips for success

After minting and pricing your NFT, the next step is to sell it. Selling an NFT isn't just about listing it on a marketplace and waiting. You need a good strategy. Here are some tips to help you achieve success:

  1. Marketing is key: Just like a traditional artist would promote their art show, you need to promote your NFT. Share it on your social media channels, talk about it in relevant online communities, and even consider paid advertising if it fits your budget.
  2. Use high-quality visuals: A picture is worth a thousand words, especially when it comes to selling digital art. Ensure your NFT images are clear, attractive, and accurately represent your work.
  3. Write a compelling description: The description is where you can tell the story of your NFT. Why did you create it? What does it mean to you? These details can make your NFT more appealing to potential buyers.
  4. Be patient: Selling an NFT can take time. Don’t get discouraged if your NFT doesn't sell right away. The digital art market can be unpredictable, and sometimes, it just takes time for the right buyer to find your work.

Remember, selling your NFT is not the end goal. It's just the start of your journey in the NFT marketplace. With each sale, you're building your reputation as a digital artist and growing your brand. And that's worth more than any single sale.

NFT royalties: What you need to know

One of the game-changing aspects of NFTs is the concept of royalties. Unlike traditional art sales, where artists only profit from the initial sale, NFTs can provide ongoing income each time the art changes hands. Sounds great, right? But how does it work?

  1. Understanding NFT royalties: When you mint an NFT, you can set a royalty percentage. This means every time your NFT is resold, you'll receive a percentage of the sale. This can range from 10% to 30%, depending on the platform and your preferences.
  2. Smart Contracts: These royalties are written into a smart contract — a type of blockchain technology — at the time of minting. This contract is immutable and ensures you'll continue to earn royalties, no matter how many times the NFT is resold.
  3. Choosing the right platform: Not all NFT marketplaces support royalties, so it's important to choose the right one. Be sure to research your options and choose a platform that supports this feature.

Remember, royalties can provide a steady stream of income long after the initial sale. So, when you're learning how to mint an NFT, don't overlook this important feature. It can make a big difference in your earnings as a digital artist.

Avoiding common NFT mistakes

Jumping into the NFT world can be exciting, but it's also easy to make mistakes if you're not careful. Let's look at some of the common pitfalls and how you can avoid them on your journey to successfully mint and sell an NFT.

  1. Ignoring Intellectual Property Rights: Always make sure that the artwork you're minting as an NFT is your original creation. Using someone else's work without permission can lead to legal issues.
  2. Forgetting to Factor in Fees: When you mint an NFT, there are fees involved. These could include the gas fee (for blockchain transactions) and the marketplace's commission. Always factor these into your pricing.
  3. Setting Unrealistic Prices: It's easy to get carried away and set a high price for your NFT. But remember, it's more about the art's intrinsic value and less about hitting the jackpot. Start with a reasonable price and let the market decide its worth.
  4. Not Researching the Marketplace: Each NFT marketplace has its own rules and user base. Some may favor certain types of art over others. Make sure the platform you choose aligns with your artwork and target audience.

Knowing how to mint an NFT is just part of the battle. Avoiding these common mistakes can help ensure your venture into the world of NFTs is a successful one. Remember, every mistake is an opportunity to learn and grow. Happy minting!

If you're excited about the world of NFTs and want to learn more about creating and selling your own digital art, we highly recommend checking out the workshop 'NFT Deep Dive and Make Your First NFT' by Tom Glendinning. This workshop will provide you with an in-depth understanding of NFTs and guide you through the process of creating and selling your own digital art pieces.