Unlocking the Power of NFTs in Art: A Comprehensive Guide

Written by Daisie Team

Published on 10 July 2023 7 min read

Picture this: You're in the bustling art world, except there are no physical galleries or tangible paintings. Welcome to the realm of NFTs in art. This guide will help you navigate this exciting and sometimes confusing digital landscape. Whether you're an artist, a collector, or just curious, let's unlock the power of NFTs together.

1. Introduction to NFTs in Art

What lies at the intersection of creativity and technology? The answer is NFTs in art. This new wave of digital art has swept across the globe, changing how we create, buy, sell, and even think about art. But what really are NFTs, and how do they work in the art world? Let's find out.

What are NFTs?

NFTs, or Non-Fungible Tokens, are unique digital assets stored on a blockchain — a decentralized digital ledger. Unlike cryptocurrencies such as Bitcoin or Ethereum, which are fungible and can be exchanged on a one-for-one basis, NFTs are unique. That means each NFT has a distinct value and cannot be replaced with another.

This uniqueness is what makes NFTs perfect for representing ownership of artwork. When you buy an NFT, you're buying a digital certificate of ownership for a particular piece of art. While anyone can view and appreciate the artwork, only the NFT holder can claim ownership. It's like having a one-of-a-kind Picasso in your digital collection!

How do NFTs work in Art?

Now that we understand what NFTs are, let's look at how they function in the art world.

Firstly, a digital artist creates a piece of artwork. This could be anything from a digital painting to an animated gif or even a meme. The artist then mints their artwork into an NFT on a blockchain platform, essentially creating a digital certificate of authenticity. This process is called "minting".

The minted NFT can then be bought, sold, or traded on various online marketplaces. When you buy an NFT, you're not just buying the artwork; you're buying the ownership rights to that piece of art. This allows artists to sell their work directly to collectors without the need for galleries or agents.

And here's the cherry on top: every time an NFT is resold, the original artist can receive a percentage of the sale. This is a game-changer in the art world, as artists can continue to profit from their work long after it's been sold. In the world of NFTs in art, the possibilities are as limitless as your imagination.

2. Buy Your First NFT

Ready to dive into the world of NFTs in art? Buying your first NFT can be a thrilling experience. It's a bit like attending a modern, digital art auction. But before you start bidding, there are two key things you need to consider: selecting the right platform and deciding what art to buy. Let's get started.

Selecting the Right Platform

Think of an NFT marketplace as a digital art gallery. There are many online platforms, but not all are created equal. Some, like OpenSea and Rarible, offer a wide range of digital assets, while others, like Foundation and KnownOrigin, focus more on curated, high-quality art.

When choosing a platform, consider factors like user interface, transaction fees, and the type of artwork available. If you're a fan of pixel art, for instance, you might want to check out CryptoPunks, one of the first and most famous NFT art projects.

Deciding What Art to Buy

There's a world of digital art out there waiting for you. But how do you decide what to buy? That's a personal question, and the answer depends on what you're looking for in your collection.

If you're buying for personal enjoyment, go for what you love. Maybe you're drawn to the vibrant colors of a certain artist, or perhaps you're intrigued by the thought-provoking themes of a particular piece.

If you're buying as an investment, you might want to consider the artist's reputation, the scarcity of the work, and trends in the market. Remember, though, that like any investment, there are no guaranteed returns. As they say in the art world, buy with your eyes, not your ears.

Whether you're an art lover or an investor, buying NFTs can be a rewarding way to support digital artists and be part of the vibrant community of NFTs in art.

3. Create Your Own NFT Art

Got a spark of creativity? Ready to make your mark on the world of NFTs in art? Creating your own NFT art is an exciting journey. It's your chance to express yourself and share your unique vision with the world. But before you start sketching, you need to choose the right software, create your digital art, and mint your NFT. Let's explore these steps together.

Choosing the Right Software

Your first step is to choose the right software. This will depend largely on the type of art you want to create. For digital painting, tools like Procreate or Adobe Fresco might be a good fit. If you're into 3D modeling, you might want to look at Blender or SketchUp. If you're more into graphic design, Illustrator or Canva might be your thing. The key here is to pick a tool that suits your style and feels comfortable to use.

Creating Your Digital Art

Now comes the fun part: creating your masterpiece. This is where your creativity gets to shine. Whether you're designing a playful character, a stunning landscape, or an abstract piece that challenges perceptions, the sky's the limit. Remember, in the world of NFTs in art, originality is key. So, let your imagination run wild and create something truly unique.

Minting Your NFT

Once your work of art is ready, it's time to turn it into an NFT. This process, known as minting, is what transforms your digital art into a tradeable asset on the blockchain. Minting an NFT involves uploading your artwork to an NFT marketplace, setting the details of your NFT (like the name, description, and price), and paying a small fee, known as a 'gas fee', to complete the transaction. After this, your NFT is ready to be bought and sold on the marketplace. And who knows? Maybe your piece will be the next big hit in the world of NFTs in art.

4. Sell Your NFT Art

So, you've created your own piece of NFT art. You've poured your heart and soul into it, and now it's time to share it with the world. Selling your NFT art is a thrilling process — it's your chance to see how your creation resonates with others. But before you can celebrate your first sale, you need to price your NFT art and list it for sale. Here's how you can do it.

Pricing Your NFT Art

Deciding on a price for your NFT art can be a bit of a challenge. Pricing too high might scare off potential buyers, but pricing too low might not give you the return you deserve. Here's a tip: take a look at similar NFTs in art that have sold recently. This can give you a ballpark figure to start with. But remember, the value of art is subjective, and ultimately, the right price is the one that feels fair to you.

Listing Your NFT Art for Sale

Once you've set a price, it's time to list your NFT art for sale. This is where you showcase your art to potential buyers, so make sure your listing shines. Write a compelling description that tells the story behind your art, and highlights what makes it unique. Use high-quality images to show off your artwork in all its glory, and don't forget to include any important details, like the price and the terms of sale. With a great listing, your NFT art can catch the eye of the right buyer, and soon, you might see your first sale in the world of NFTs in art.

5. Protect Your NFT Investments

Now that you've dipped your toes into the vibrant world of NFTs in art, you'll want to ensure your precious digital assets are safe and secure. Just like any other valuable possession, NFTs can be vulnerable to risks. But with the right knowledge and practices, you can keep your NFT investments well-protected.

Understanding NFT Security

First things first: understanding NFT security. Just like your email or social media account, your NFT collection can be a target for hackers. But, unlike forgetting your email password, losing access to your NFTs can mean losing them forever. That’s because NFTs operate on blockchain technology — which means once a transaction is made, it's final. There are no do-overs. So, it's crucial that you safeguard your digital wallet with a strong, unique password and enable any additional security measures like two-factor authentication. When it comes to NFTs in art, it's better to be safe than sorry.

Storing Your NFTs Safely

Next, let's talk about storing your NFTs. Think of your NFT collection like an art gallery — you wouldn’t leave the front door wide open, would you? In the digital world, your art gallery is your digital wallet, and you need to make sure it's locked tight. One popular storage option is a hardware wallet, a physical device that stores your NFTs offline, away from potential online threats. Another option is a software wallet, which is an app that you install on your device. Both options have their pros and cons, so choose the one that best fits your needs and comfort level. Remember, the goal is to keep your NFTs in art safe and sound.

With these security steps, you can enjoy the exciting world of NFTs in art with peace of mind, knowing that your digital treasures are well-protected.

If you're excited about the potential of NFTs in the art world and want to learn how to leverage them for your own creations, check out the workshop 'Sell Your Creations As NFTs' by Tom Glendinning. This workshop will provide you with the knowledge and tools needed to successfully enter the world of NFTs and maximize the value of your artwork.