Your guide to creating, buying and selling NFTs
When a market increases by 21,000% in just one year, people notice. A lot of people.
And that’s exactly what happened with NFTs from 2020 to 2021, according to a study conducted by Nonfungible.com – up from $82 million to an absolutely mind-boggling $17 billion.
Which is precisely why you’re here, right? You want to get involved in the NFT game and make your own so you can maximise on this market that’s trending ever upwards.
We don’t blame you!
To help you on your way, here’s a quick and straightforward rundown on what NFT art is, how to make it and how and where you can buy it.
What is NFT art?
First, let’s begin with what it means. NFT is short for Non-Fungible Token. Non-fungible is another way to say unique/one-of-a-kind. Token is another way to say… err, well, token.
Now for what NFT art is. At its core, NFT art is a digital asset which is converted from one of many digital file types. For example, it could be in the form of an mp4 video, mp3 song, a JPG meme, digital art GIF or one of many, many others.
Usually, people who buy NFTs will also receive one or more other benefits too. Sometimes, by buying the NFT digital asset of a painting they also take ownership of the physical painting as well. They might unlock exclusive content, or even get early access to product launches.
How to make NFT art
If you’re wondering how to create an NFT, you might be thinking it’s quite a delicate and arduous process. Thankfully, it can be relatively simple if you know what’s involved – which we’ll explain now step-by-step.
Step 1: Choose the type of file you want to eventually convert into an NFT – a song, digital painting, video… and create! If you’ve already got something, great!
Step 2: Choose a marketplace that a) accepts your file type and b) supports minting – the process of converting the file into an NFT.
Step 3: Find out what blockchain the marketplace uses, get a crypto wallet that is compatible and put some funds in there to cover whatever fees and charges are involved. Connect your wallet to the marketplace.
Step 4: Follow the prompts on the marketplace that will show you how to make NFT art from your original file. Once the upload and conversion is completed, you’ve now created your very own NFT art and are ready to list and sell. But make sure you’ve got a killer marketing strategy ready to go before listing, otherwise you won’t achieve anywhere near the best sale price!
Where to buy NFTs
We mentioned ‘marketplaces’ a couple of times in the above step-by-step guide on how to make NFT art. These are basically the eBays of NFTs, where people can go to buy, sell, trade and mint NFTs with others.
It’s important to recognise, though, that not all are the same. In fact, there are some rather substantial differences between each of them. For example, while some will offer the full spectrum of NFT types including artwork, photography, music and even domain names, others are more specialised.
Here are some of the more popular marketplaces and specialties to help you on your way to buy NFTs:
- OpenSea, Rarible and Binance are three examples of places to go if you’re wondering where to buy NFTs of all kinds, and are wonderfully easy to navigate through.
- Nifty Gateway can be a great place to check out some of the more rare collection and project drops.
- Foundation and SuperRare are both fantastic for those interested in exclusive art specifically, with strict vetting and approval processes for all digital artists who wish to sell their artwork there.
- Axie Infinity marketplace is where you need to go if you’re interested in playing Axie Infinity, the super-popular blockchain play-to-earn game.
- Nifty Gateway is another exclusive art marketplace which is sometimes referred to as the ‘NFT marketplace of the elites’, selling big-ticket artwork from some of the industry’s biggest names like Beeple and Grimes.
Buying and investing in NFTs
Now you know where to buy them, we can take you through how to buy NFTs which we’ll also do in step-by-step format to keep it as simple and straightforward as possible.
Step 1: Jump on one or more of the marketplace and browse through the assets until you’ve found one that catches your attention (and you have the budget for).
Step 2: Determine what kind of cryptocurrency you’ll need to pay for the NFT. If you don’t yet have one, get a crypto wallet that’s compatible with the marketplace, add the funds needed and connect it to your marketplace account.
Step 3: There are a couple of different ways that the seller can list the asset, including fixed price and auction. If it’s a fixed price sale you can simply follow the prompts to purchase. For auctions, place your bid and wait and see whether you win.
Knowing how to invest in NFTs so you get the highest return on your investment means buying and selling at the right times, as well as being backed by a solid digital campaign when it is time to sell.
An NFT agency that ticks all the boxes
It’s not as simple as minting and listing to get the highest sales figures. You need a well-developed marketing strategy to grow awareness, engagement and demand of your NFT collection before it drops. You need an experienced NFT marketing agency.
You need… Mooning.
We understand that the NFT universe can be quite difficult to understand. That’s why we’ve made sure to offer our clients a fully comprehensive list of NFT marketing services.
So if you’re wondering how to make NFT art, where and how to buy NFTs or anything else relating to this incredibly innovative space, chat with the friendly team at Mooning.
You can do so by calling us directly on 1300 818 435 or messaging us online.