What if you could sell a unique, exclusive piece of artwork that no one else would ever own again?
You can, and these one-of-a-kind art pieces are called NFTs.
NFTs are exploding in popularity. Artists, musicians, and crypto enthusiasts are all jumping on NFT art. And in some cases, they’re getting filthy rich.
NFTs might be your pathway to making millions of dollars. But can you make your token one of the popular NFTs? How can you sell NFTs for maximum profit?
This article will be your guide. Read on to find out how to craft an NFT, and how to get it into prestigious NFS collections.
What Is an NFT?
NFTs are a difficult topic to understand, so let’s break it down into its simplest parts.
NFT stands for Non-Fungible Token. What does Non-Fungible mean? To put it simply, Non-Fungible is a fancy way of saying unique.
For example, some people like to collect signed baseballs. A signed baseball is a unique item since every signature is different. There will never be that exact, signed baseball ever again.
On the other hand, a piece of clothing won’t be unique. The factory produced a limited run, meaning there are other, identical pieces of clothing out there. Even if you own a rare, expensive outfit, someone else has an exact copy like you do.
Therein lies the fundamental principle of NFTs. If you own an NFT, you are the sole owner of that NFT. No one else in the world can claim to have the same NFT as you do.
The exclusivity of NFTs is where they derive their value. Buyers love NFTs because they can claim to have something no one else does. This makes people feel special, and they brag about their NFT collections all over the internet.
As you can imagine, this opens up a world of possibilities, particularly for art. Once you “mint” an NFT, it immediately becomes a rare, high-value item–assuming people want it. And NFTs can sell for tens of millions of dollars, each.
It’s no surprise that this fascinating crypto technology has exploded in popularity. Famous people you’ve heard of have bought into it. Even Kanye West is making NFTs.
How Do NFTs Work?
An NFT is a type of blockchain technology. The blockchain is how cryptocurrency works, too. NFTs and cryptocurrency go hand in hand since you will most likely purchase them using cryptocurrency.
The blockchain is, in the simplest terms, a public ledger. When someone makes a purchase with, say, Bitcoin, that purchase gets validation when miners add it to the ledger. Thousands of miners around the world update the ledger on a daily basis, which means no one can make a false transaction.
So if you purchase an electric vehicle with the blockchain, that transaction is permanent. No one can change it. The blockchain will retain that information forever, even if you lose your crypto wallet.
This is where NFTs come in. When you mint an NFT, you write it into the Ethereum blockchain. That particular NFT remains, forever, in the public ledger.
So if anyone ever calls into question your NFT ownership, you can point to the blockchain. And if you sell an NFT, the ownership transfer reflects in the blockchain, too.
How Does an NFT Differ from Traditional Art?
In many ways, an NFT is a lot like a physical piece of art. An artist cannot perfectly recreate a piece of art. Every art piece they make is unique and distinct.
If you make an easter basket, even you won’t be able to replicate that art piece again.
NFTs are like art but in digital form. On a computer, you can easily copy an image and spread it across the internet. Thousands or millions of people can download that image to their computers and look at it as they wish.
That makes it hard at times to know the origin of an image. It’s very common that someone on the internet will steal your photo and claim it as their own. That makes it nearly impossible to prove ownership of a digital image.
NFTs are a solution to that problem. Once you put the NFT in the blockchain, there is no doubt whatsoever about whom it belongs to. And the evidence of its ownership becomes part of the public record that anyone can check.
In essence, an NFT is a way to make truly unique, digital art possible. It’s as if you’re transplanting a physical gallery into the digital world. No one can copy the image and claim ownership.
How to Craft an NFT and Make Millions of Dollars
It’s important to know that you can’t just buy an NFT and call it good. NFTs require a one-time purchase, as well as the fees to maintain that NFT. This is because you will be buying an NFT through a marketplace, and the marketplace needs to showcase your NFT to anyone who wants to see it.
Step 1: Find a Marketplace
This step all depends on you. There are a ton of marketplaces out there. All of them come with their unique benefits and payment structures.
You should look for a marketplace that protects your NFT. It’s very common for hackers or others to attempt to steal NFTs. In some cases, they’ll take the image from your NFT and sell a copy to devalue your unique non-fungible token.
Further, you should choose a site that does not permit art theft. Many people who make NFTs will just steal an artist’s work and claim it as their own. The last thing you want to do is support an organization that does not protect artists.
Finally, make sure the marketplace is clear about the NFT price. If they sell NFTs, they should be transparent about their fees.
Read and watch reviews. Hackers and scammers abound in NFT spaces, so keep up your guard. You don’t want to risk losing something so valuable!
Step 2: Choose Your Cryptocurrency
You have to buy NFTs with cryptocurrency. The most common cryptocurrency for NFTs is Ethereum, also known as Ether or ETH. However, other blockchains have NFTs.
It’s important that you choose a blockchain that aligns with your values. Some blockchains, such as Bitcoin, are very energy-intensive. They contribute to climate change since they require so much energy to run.
Try to purchase a cryptocurrency that employs a less intensive method of mining. For example, proof-of-stake systems are way more energy efficient than proof-of-work. For reference, Ethereum is a proof-of-stake coin.
Step 3: Create a Digital Wallet
There are lots of wallets out there. A good one is Metamask. You can download the browser extension, then create a unique wallet.
Keep this information safe! If someone gains access to your wallet, they can steal it from you. You’ll never get your wallet back if they do.
Step 4: Add Cryptocurrency to Your Wallet
You can use the wallet’s built-in buy feature to get yourself some cryptocurrency. It allows you to purchase it using credit or debit, as in any other transaction.
Be aware that cryptocurrency is volatile. The price fluctuates in extremes. It’s normal for cryptocurrency to lose or add hundreds of dollars of value in a single hour.
Try to buy a cryptocurrency when it’s low. You never know when it will peak again. And if it does, you’ll have made money!
Step 5: Connect Your Wallet to Your Chosen Marketplace
The steps for this are different depending on the site you’re using. But generally speaking, you’ll go to settings, look for payment options, then find the option to connect your wallet.
You will need to agree to their terms of service and be over a certain age. Make sure to read the terms of service carefully.
Step 6: Choose Your NFT Image and Upload It
Now it’s time to choose the image that the marketplace will mint into the blockchain.
Make sure your image is ready! Once you mint the NFT, there is no going back. If you need to make changes, you’ll have to mint an entirely new NFT.
NFTs are not just images, they can be videos or even MP3 files. This is why the NFT revolution has taken off. The sky is the limit with what kinds of non-fungible art you can make.
Note, there will be a file size limit. In the case of Rarible, this limit is 30MB. You may have to split up your NFT into pieces. Consider making NFT collections.
Popular NFTs often do this to generate interest. If you are an artist who wants to make a series of related images, this is a great way to do it. Buyers will be much more interested in purchasing a series of art that they can claim as their own, rather than just one or two pieces.
Again, do not upload images that do not belong to you! This is immoral and hurts artists.
There are no laws in place that protect copyright around NFTs, but there may be in the future. You could receive steep penalties for profiting off the work of others.
Step 7: Decide How to Sell Your NFT
You can sell your NFT in any way you like, and this is the part where you can make millions of dollars.
For example, you can sell at a fixed price. If you’re sure your NFT is worth millions of dollars, this is how you do it. Set an ambitious price of several dozen ETH to make millions of dollars.
Perhaps your NFT is worth millions of dollars, but you’re not sure how much people would pay for this unique piece of NFT art. In that case, you can set a timed bid.
Another clever way to set NFT prices is to do an unlimited bid. This means people can keep bidding, and bidding, and bidding, until you choose the bid you like best.
If you want to sell your NFT for millions of dollars, this is a great way to generate interest. There’s no time limit, so people will have to hope you like their bid. It doesn’t create a sense of scarcity, but it does show that you only take serious bids.
Step 8: Determine Your Royalties
The cool thing about NFTs is they continue to generate royalties even after you mint and sell them. Be careful not to create steep royalties. This may dissuade people from buying.
Also, be careful with the description of your NFT. You want something that’s eye-catching.
Once you pay the fees, it’s time to sell your NFTs! There is a listing fee, a generation fee, a commission fee, and a transaction fee once you transfer the coin to the buyer’s wallet.
Step 9: Promote Your NFT
Now that you know how to craft an NFT, go out there and sell NFTs! Promote them on social media. There is a huge community of NFT enthusiasts.
Twitter and Discord are two of the largest communities. Find some that align with your type of art. Make friends, and let them know about your NFTs and NFT collections.
Make a name for yourself. Like an artist in the real world, you want people to feel a sense of awe when they hear your name. You want your online identity to be associated with luxury and allure.
You won’t make millions of dollars on your first NFT. But give it enough time, and you might make it on subsequent NFTs. You’ll spend a lot of money, but you’ll earn a lot more.
Make Legendary NFT Collections
You’re on track to making millions of dollars. With a bit of practice, you’ll sell NFTs like a pro. Who knows, maybe one day you’ll be known for your popular NFTs.
Once you’ve gotten rich, it’s time to take a vacation. Here are some ideas for your spring break as a reward for earning all that NFT dough.
