How to Sell an NFT
With the growth of Web3 comes a host of opportunities for creatives. We know, we work with them every day. Web3 has allowed the development of NFTs and their NFT platforms. These are where every day artists are able to sell their creations as NFT art. There are a host of benefits for NFT artists beyond the ability of being able to get even more creative with new software.
Many NFT artists are paid not only for the original sale of their work, but for ongoing secondary sales too. They are also given opportunities to incorporate their art into other platforms like video games such as Bored Ape Yacht Club.
Furthermore, they can create whole NFT collections of their art to really showcase their unique brand. All this plus larger audiences, die-hard fans and the potential of more moola in the piggy bank is motivating many creatives to sell on an NFT marketplace.
This explains why we have so many contacting us wondering how to make and sell their art as NFTs on the NFT market. We thought we would offer some free advice for those who are interested in a step-by-step guide to selling art as NFTs. Read on if that’s you!
Pick or create the art that will serve as your NFT
The first thing to do is to find or create the artwork you are using for your NFT. Perhaps you’re a graphic designer or produce your artworks on a digital device so already have digital assets that you could sell as digital artwork. You could be a musician who produces Mp3 files or a writer with PDF documents, all of which can easily be turned into NFTs. If you don’t fall into this category than to make and sell NFTs you’ll need to turn your physical art into a digital item before you get started.
Be careful of copyright laws
Others who want to get into selling NFT art who aren’t creatives themselves might look for art that others have produced to sell on. If you are one of these people, make sure you have the copyrights to the content you plan to sell. Once you have your digital items, you’re ready to turn them into NFT art and start selling.
How to sell an NFT on NFT marketplaces
Choose an NFT marketplace
First, you need to look around for a marketplace that you can actually sell your NFT collection on. There are quite a few of these and it can be a little overwhelming trying to choose one. For the purpose of this guide, we are going to explain how to set up on OpenSea, one of the largest marketplaces out there.
If you want to browse further, consider the layout of the marketplace, any fees charged when you sell an NFT on it, and the audience it has. Once you’ve selected one, get on there and make a profile. Congratulations, you’ve completed the first step to selling NFTs in the NFT space!
Set up a digital wallet to pay for your NFT account
Now to set up a digital wallet. Oh, you already have a wallet? Yeah, so do we, but we’re not talking about the old smelly leather thing in your bag or pocket. It’s not an apple pay scenario either. For selling work as NFTs, you’ll need a crypto wallet. This is because you’ll pay for any fees associated with creating and selling non fungible tokens using cryptocurrency. These fees are called gas fees which are paid to create NFTs.
those pesky fees
Gas fees are essentially the administration costs of minting your NFT art, getting your artwork online, and for processing transactions when you buy and sell NFTs. Some of these gas fees you’ll need to pay upfront. Crypto wallets let you hold cryptocurrency such as Ethereum to pay gas fees with.
Open Sea’s preferred wallet system is a MetaMask wallet. You may want to jump on here or find your own. Get on their site and create a crypto wallet for yourself to throw some crypto into. You’ll be one step closer to being able to sell NFT art.
How to buy Ethereum (ETH)?
Okay, now how do we throw some crypto in there? Well, most NFTs are paid for using Ethereum (ETH) so you’ll want to buy ETH off a coin exchange. To buy cryptocurrency get onto a site such as Coin Base. Again, you’ll need to sign up and make an account before you go on and sell NFTs but don’t stress, it’s easy to do.
Buy it and send it
Once you have one up and running, you’ll easily be able to buy some Ethereum. Then, you can send it to your wallet. Simply follow the prompts on Coin Base for sending crypto to another wallet. You may need to flick between Meta Mask and Coin Base to copy and paste some info, so we recommend keeping them both open in the same browser to make things easy.
Connect your wallet to an NFT platform
Once you have some crypto in your cryptocurrency wallet, you’ll need to link your MetaMask wallet to your chosen marketplace profile. To do this on OpenSea, simply go to your profile and click on the crypto wallet icon, following the prompts for linking a crypto wallet. Again, keep things open in the same browser to make things easier for yourself as you’ll likely need to copy and paste some more info.
Alright, now you’re ready to pay any gas fees such as minting fees associated with your first NFT. Now to get minting and create NFTs.
Upload the file you want to turn into NFTs
To create non-fungible tokens, Open Sea has a simple upload process. You simply need to go to your profile and click on ‘create’. The site will prompt you to make an NFT collection, which we recommend over simply creating one single NFT. This is because an NFT collection will keep buyers coming back for more as they try to collect all that you have to offer. You’ll face a few bits of requested information when creating your NFT collection and some options you’ll need to select.
Open Sea offers the possibility for royalty payment, which allows you to be paid a percentage of all the sales of your NFT art after the original buyer has sold it on. These are called secondary sales. This is one of the big perks of NFT artworks. Now, for your NFT art to be successful in the NFT art world, there are a few other things to ensure you get right.
Make a title and description
Some artists might be afraid to ignore it, but the description of your piece often encourages people into wanting to look at it closer. It is important to choose a title that is attractive and draws attention to your art. In your description, you can talk about the topic and the meaning behind the piece or pieces. Your potential buyers will appreciate your work more when you have a creative concept and communicate it clearly.
Don’t forget themes!
A theme for an NFT is another way to increase its popularity. Many popular NFTs feature interesting and unique subjects such as animal clothes to football cards and characters out of films. The Bored Ape Yacht Club video game is a good example of a strong set of NFTs with a unique theme. Visit their site and take a page out of the Bored Ape Yacht Club handbook.
Set up an auction or fixed price auction
The majority of NFT platforms offer the possibility of setting the list type as an auction or fixed sale.
A timed auction allows you to set a reserve price, the minimum offer for a transaction on your NFT. When the reserve cannot be met, the sale usually cannot be completed. However, it has the benefit of potentially driving the price of your NFT higher as buyers compete for it.
Fixed prices on the other hand are exactly what they sound like. You set the price and that’s the price. A fixed price sale provides an opportunity for immediate and predictable NFT sales. Auctions have more unpredictable returns. Your choice!
Advertise your live NFT
Once your NFT is issued you cannot always depend solely on someone browsing your market to find out about your work. Some websites will push certain artwork better than others, so it never hurts to do your own advertising.
Building a fan base on social media is always a nifty gateway to inform the followers of your new artwork and when it is on sale. Even if you haven’t got too many followers of your NFT art, it doesn’t hurt sharing your listing with your social network as it’s good for your brand.
You’re ready to start selling NFT art!
Okay, you’re ready to sell your NFT artwork! You’ve got a crypto wallet, have minted your digital items into non fungible tokens, and can look forward to your first NFT sale. The NFT space is unique and will take some learning on the go as you navigate your growing NFT collection and how to successfully sell NFTs.
Most NFT marketplaces have pretty user-friendly interfaces however, and really anyone should be able to get on and start selling. That’s exactly why the industry has seen such booming growth! In no time at all you should be able to sell NFTs like a pro. Selling NFTs is the way of the future, and you’re now part of it!
Mooning is here to help!
If you’re wanting to sell NFTs right the first time round and look forward to increased future sales, we’re always here to help. Trust us, we know how to navigate the NFT marketplace and buy and sell NFTs like the back of our hand. We’re a dedicated team of Web3 enthusiasts who are passionate about what NFTs offer the world and our clients in boosting business.
Get in touch at mooning.com or call 1300 818 435 to get us on your team today!