What is an NFT?
Crypto Art, or NFT Art, is artwork that has been turned into a collectible on the blockchain. Without getting too technical, NFTs are a recent technological advancement that solves the problem of selling original digital art by allowing buyers to have a unique proof of purchase. You could download my low-res preview from the listing page, but it would be worth nothing. The NFT is worth whatever people are willing to pay to own it, just like a traditional painting or a limited edition print.
Should the creator choose to, they can also allow buyers to resell the crypto artwork, so NFT paintings could be an investment that makes a profit for the buyer.
You could also think of NFTs as a way to support the creators you love. Rather than buying a print or joining an artist’s Patreon, you could buy one of their NFTs.
How to Buy an NFT
There is a bit of a learning curve to buying and selling NFTs, but it’s not too hard. For those of you who may be interested in purchasing this painting, you’d need to: Download a wallet app like Coinbase Wallet, purchase some Ethereum with your native currency, and then link your wallet to Rarible by scanning a QR code with your phone. It sounds like a lot, but each app guides you through the steps.
I’ve just started my own Crypto Art collection and my first NFT is for sale on Rarible.
You can make an offer or buy one of (3) limited edition images which include a printable hi-res copy and the Photoshop PSD with layers.
How to Sell an NFT
If you’re looking to create your own NFTs, I’d recommend rarible or mintable. Mintable has a free option, but I liked Rarible’s process better, so I paid a bit to mint my NFTs. Yes, there is some cost involved, but it’s comparable to investing in prints and frames to sell a piece. Opeansea.io is also great and can index your NFTs from other websites.
Each website will walk your through the process, but essentially, you add the artwork files to a listing, enter information like a price and description, and then you pay in Ethereum to mint the item into a collectible on the blockchain. It’s best to do this when there is less congestion, otherwise the fee to mint an NFT can be higher than necessary.
Once minted, you can sell or gift the NFT artwork and it can continue to be resold on the public market. The minted artwork exists inside your crypto wallet until you sell or transfer it to a buyer’s wallet after a payment has been agreed upon. Each website offers different pricing models, but many offer Buy It Now as well as an auction feature.
Aside from losing the money/Ethereum you paid to mint the artwork, you aren’t committed to anything. If you create an NFT and then decide that you want to change the price or delete it, you can do that. However, if a buyer purchases one of your NFTs, they own it for life.
It’s also worth pointing out that the value of Ethereum changes constantly, so the value of your artwork is linked to that as well. For example, 1 Ethereum might be worth $1,800 one day and $1,700 the next. If you’re selling an NFT for 1 Ethereum, then the price of your artwork fluctuates over time.
This could be the future of digital art, so I’m excited to see how it works out.
For a more detailed tutorial on creating an NFT, watch my YouTube video:
DISCLAIMER: This is not a sponsored post, but if you sign up for Coinbase using my affiliate link, I will earn free Bitcoin. You can also earn free Bitcoin by buying or selling $100 or more of crypto.