The trend of converting artwork into a fully digital form is gaining momentum. In 2021, for the first time, an object of art was turned into a non-fungible token (NFT), and the physical copy itself was destroyed. From now on, every creative person has a chance to save and protect their creation in the blockchain system, as well as sell it successfully. And nft marketplace development services are rather popular.
The rapid development of the NFT direction in the world gave a second wind to representatives of creative professions, artists, helped to gain fame for those who did not know before, and to make money on creative abilities in the field of cryptocurrency at a time when the real market was oversaturated with works of art and depreciated.
However, the creation and sale of products in the NFT format is the prerogative of not only art representatives. Anyone can translate their own ideas into digital content and sell it to collectors.
Any digital file can become a non-fungible token:
- the photo;
- graphic design;
- digital 2D graphics;
- 3D art.
The NFT object differs from the real one in that the first one was digitized in the blockchain.
If the object is physical, it must be converted to digital:
- to photograph;
- scan with a 3D scanner;
- film a video;
- make a sound recording;
- reproduce an image of a physical object using programs for working with 2D or 3D graphics.
The reproduction of an object in programs for working with digital graphics is rated higher on marketplaces than other options, and this must be taken into account when choosing a way to digitize a physical product. It is 2D or 3D graphics and animation that is considered the most cost-effective reproduction of NFT.
Preparation for sale
Before you start trading, you need to determine the moments that will affect the further plan of action and directly on the income from the sale:
- Price. The valuation of NFT tokens is a subjective question that can only be answered by the author.
- Methods for valuing artworks in non-fungible token format are no different from methods for setting the value of physical art for blockchain supply chain development services.
- Selling platforms. There are already dozens of them, but there are not many really popular marketplaces where you can make money on NFT.
- A non-fungible token can be sold as a single copy or in several, and this will affect its value.
- Investments. Investment in digital art is very high: you will have to invest not only in the cost of NFT, but also in your transactions.
How to sell NFT
Registration. To put up for sale work in the form of NFT, the author must fulfill several conditions:
- register on the website of the desired platform;
- pass verification.
The platform may request links to social networks and verify the NFT for authorship. Solid marketplaces control all the non-fungible tokens you have uploaded. If the art is stolen, the user who is trying to post it is blocked, and such content cannot be posted or sold:
- Crypto wallet. The next step is to create a cryptocurrency wallet, which each individual platform requires. Information about the required wallet is published on the platform website in the Conditions and Terms section.
- Investments. Next, you need to deposit a certain amount into the wallet for transactions, that is, to create each NFT token.
- Bargaining. You can sell NFT in one copy or as much as you like. When your piece is bought, the cryptocurrency is automatically transferred to your crypto wallet.
- Cryptocurrency. You can sell NFT for different cryptocurrencies, it all depends on the platform.
- Royalty. NFTs can be bought on platforms to resell at a higher price. If someone purchased a token for this purpose, then from each subsequent resale, the author of the NFT can receive royalties, which he determines himself.
If you’re an art connoisseur, you can make good money reselling digital art. And if you are an author, then you will earn not only from the sale of your masterpiece, but also from the subsequent resale in the form of royalties. But for this you will have to actively promote your work on crypto-exchanges and marketplaces, paying for their placement and transactions. When your brand is promoted, it is possible to get a big jackpot – from several tens to several thousand dollars. World-renowned artists here have every chance to make millions.