Can You Sell Drawings As NFTs?
With the popularity of NFTs, it is natural to wonder whether you can sell your drawings as one. The short answer is yes; you just need to understand how to make an NFT and sell it. While you likely know how to buy an NFT, making and selling one is slightly different. This can be a great way to show off your creativity or even potentially supplement your income.
Artists may be particularly interested in making and selling NFTs, but people in other fields may be as well. After all, you can use NFTs to show ownership of a digital asset.
How to Make and Sell an NFT With Marketplaces
The easiest way to make and sell an NFT will be via a marketplace. You can technically make one without a marketplace, but it will be more complicated. The following are some of the leading NFT marketplaces:
- Axie Marketplace
- NFT Showroom
- Nifty Gateway
You will also have your choice of cryptocurrency payment platforms for accepting payment for your NFT. The most popular include:
You can also consider a platform that lets buyers pay with a credit card. This is an excellent way to attract potential buyers.
Buy Cryptocurrency to Fund Your Wallet
Before creating your NFT, you will have to make sure you have a wallet with cryptocurrency. Most methods of making NFTs require you to pay a minting fee upfront. (There are some platforms that have the buyer pay this fee instead, letting you mint for free.)
Most NFT-making platforms require you to pay in cryptocurrency. Ethereum is the most commonly accepted payment method, but you can also find NFT-creation platforms that accept other cryptos.
Create a Digital Wallet to Pay for the NFT
The exact process for creating a wallet will vary somewhat based on the wallet you choose to create. MetaMask is a popular and secure option. Just visit the MetaMask website on your computer and select “Download” in the top right corner. Alternatively, install the mobile app on your smartphone.
Follow the steps to set up your wallet. This will include creating a password and a few security steps. Keep your “seed phrase” somewhere safe, as this will let you recover your wallet if you lose access or forget your password.
Add Cryptocurrency to the Wallet
Once you create your wallet, add cryptocurrency to it. As mentioned, ETH is the best choice if you want to mint NFTs. If you prefer another cryptocurrency, make sure that your chosen NFT platform will accept it before buying.
The payment method for your crypto will depend on the wallet you choose. You may be able to use fiat on a debit or credit card. Or you may have to use another crypto to buy the ETH. The only question will be how much Ethereum to buy. To get an idea, it’s smart to look at the NFT minting fees ahead of time. Remember, you can always add more ETH to your wallet if needed.
Connect the Wallet to an NFT Platform
At this point, you need to know which NFT platform you plan to use. Visit that platform’s website and connect your crypto wallet. This should be straightforward to do. Visit the platform’s website and look for a button that says “Connect Wallet” or something similar. Expect to choose your wallet provider before connecting the wallet.
Create Your NFT
Now, you are ready to create your NFT and get it ready to sell.
Upload the File to Turn Into an NFT
On the NFT website, look for a button that says “Create.” It will likely be near the top of the page, possibly in the top right corner. Depending on the platform, you may also have the option of creating a one-off NFT or selling the same image several times, which would mean minting several NFTs.
You will then be asked to upload the image for your NFT. The specific requirements for the file will depend on the platform. Rarible, for example, accepts GIF, PNG, WEBP, MP3, and MP4 files that are 30 MB or smaller. The platform will show you a preview of your image before you finalize it.
What to Know About NFT Collections
Several of the major NFT platforms support collections. These are a series of NFTs that are related. Rarible lets you create one by choosing the option of multiple NFTs in the previous step. OpenSea lets you create a collection by going to “My Collections” and then choosing “Create a Collection” instead of just “Create an NFT.”
Sell Your NFT
With your NFT created, you are ready to get it ready to sell.
Set Up an Auction for the NFT
After uploading the image, your NFT platform will either have you add a description or set up the auction next. Whichever one is not, the next step will be the following step.
Your exact choices for selling your NFT will depend on the platform you choose. The following are the three most common methods, all of which are offered on Rarible:
- Fixed price – Choose how much to sell your NFT for and sell it to the first buyer who wants it.
- Unlimited auction – People can bid in the auction for the NFT for as long as you let them. The auction only ends when you accept a bid.
- Timed auction – You choose how long the auction will last. At the end of it, your NFT goes to the highest bidder.
The option you will choose depends on whether you want to maximize profits or sell the NFT quickly. It will also depend somewhat on how much you want for the NFT. After all, the fixed price and unlimited auctions let you ensure you get as much as you want. Either auction lets you set a minimum price.
Choose a Price
Once you choose the selling method, you will have to choose a price. If you make the price too low, you won’t make a profit after paying the relevant fees. If you make it too high, you may not find a buyer.
When making sure you list the NFT for enough to offset fees, think about every fee. The NFT platform will charge a listing fee and a minting fee. They will also charge a commission fee. You will have to pay a transaction fee to move the funds into your crypto wallet.
Unlock It Upon Purchase
Rarible gives you the option to unlock the NFT for the buyer after they purchase it. This means that they get access to a high-resolution, full image of the art in the case of artwork. It can also mean they get access to a link for downloading or a secret or exclusive website.
Decide on Royalties
You will also have the option to claim royalties on future sales of the NFT. This would apply if the buyer resold your NFT in the future. A higher figure maximizes your potential future profits, but it also deters the original buyer from reselling it, as they won’t maintain as much of the profit.
Add a Description to Sell the NFT
While your NFT may sell without a description, you increase your odds of selling it as well as your potential profits by including one. You should also add a title.
Your chosen NFT platform will also let you add properties or stats about the NFT. You can add more information or leave the fields empty.
Pay the Listing Fee to Sell the NFT
Before your NFT can be listed, you will have to pay a listing fee. You should be able to see the listing fee at this point, but you should be prepared to pay more than this. There will likely be another fee of at least $40 or so to generate the NFT. Don’t forget that you will also have to pay commissions and transaction fees for the sale.
If you don’t have enough for the relevant fees in your linked wallet, don’t worry. You will be able to add funds without having to leave the current page. Your progress in creating the NFT will be saved.
How to Make and Sell an NFT: Common Questions
What can I turn into an NFT?
While most people think of NFT as artwork, there is no limit. Digital artwork is still the most popular type of NFT. But you can also turn music, video, or game assets into NFTs.
What does minting mean?
Minting is the process of creating an NFT on the blockchain. It involves placing tamper-proof, immutable records on the public ledger. Expect to pay a gas fee for minting.
Does minting always have a cost?
There is always a cost associated with minting, but you may not always have to be the one to pay it. That is because a handful of platforms, including Rarible and OpenSea, offer the option to have your buyer pay for the minting. You can also look for a blockchain with lower minting fees.
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