📅 Sep 14, 2021
Total beginner’s step-by-step guide on how to sell digital art as NFT
We all might have heard about the CEO of Twitter selling his tweet for $2.9 million, a Beeple artwork being sold for around $69 million and Paris Hilton’s crypto queen for $1.1 million - all through NFTs.
For most of us, NFT is just an acronym that doesn’t make much sense, but in a world that is being digitalized at a rapid rate, NFT is an essential developing trend.
So, what is an NFT? How to make an nft? Is it another cryptocurrency? How does an NFT work? Where can I buy an NFT? All these questions come into our minds once we get to know about them.
WHAT IS AN NFT?
NFT stands for non-fungible token. According to the Cambridge dictionary, non-fungible means something that cannot be exchanged for a similar good. That is exactly what makes NFT different from other cryptocurrencies.
NFT is a token and a digital asset that represents the ownership of a unique item. The unique item can be a form of art, collectables and even real estate. Each NFT has one owner at a time, and their information is recorded in Ethereum blockchain or other similar capability blockchains.
NFTs, give you ownership rights to an asset. However, the artist may retain the copyright, reproduction rights and can claim resale royalties over it.
HOW DO NFTs WORK?
NFTs work on Blockchain technology. A Blockchain is a software network that works both as a digital ledger and a mechanism enabling the secure transfer of assets without an intermediary. It has a massive network of nodes whose primary purpose is to verify the validity of each succeeding ledger entry. Each node has a unique identifier that distinguishes it from other nodes in the network. Each block in the chain has a massive number of ledger entries, and when a new transaction takes place, all the blocks need to be updated. It provides a network state that is fully transparent and displayed in real-time for the benefit of all participants.
HOW VRACADEMI COURSES CAN HELP YOUNG ARTISTS LEARN AND REGISTER THEIR WORKS AS NFTs?
As part of all courses of VRAcademi, there is an optional session on NFTs designed for students and their parents together to understand and learn the process of converting their art and design work into NFTs. In due process, students learn to conserve their art as intellectual property with which they can reap monetary benefits. Learnings in courses at VRAcademi empowers artists to create their digital arts, Immersive Movies and 3D Games which can be converted as NFTs and auctioned on open platforms such as OpenSea, Rarible and others.
HOW CAN DIGITAL ART BE SOLD AS AN NFT?
The art you create can be minted as an NFT and sold at platforms like OpenSea, Rarible, SuperRare, NIFTY gateway etc. The first thing you need to do is create a digital wallet and fill it with specific cryptocurrency that provide capability to store relevant data on the blockchain. The digital art you create can be uploaded on the platform and sold at the NFT auctions, also called ‘NFT drops’. For curating digital art on the blockchain as the NFT you may need to pay something known as “Gas Fees” and platform convenience fees. Once the NFT is curated it can be traded on specific platforms.
IS NFT ANOTHER CRYPTO-CURRENCY, OR IS IT A PART OF THE CRYPTOCURRENCY BLOCKCHAIN?
While reading about NFTs, you may consider it as just another crypto-currency as it works on the same software, i.e., “blockchain technology”. But this is where the similarity ends. We can exchange a bitcoin for another bitcoin, but NFTs don’t work that way. An NFT cannot be exchanged for another NFT. Each token represents a unique thing with a singular value. An NFT is a crypto asset to represent something unique and collectable using blockchain technology. You cannot exchange Jack Dorsey’s tweet for a Mona Lisa painting expect no one to notice.
WHAT IS THE FUTURE OF NFTs?
NFTs have a great possibility of growth. They provide an efficient way of conducting business. Blockchain technology can retain the information in a distributed ledger technology. They can also include “smart contracts” that can automatically take actions under certain conditions. A smart contract is a digital contract run by a programme. They can trigger other smart contracts as well. It also provides an artist with a way or platform to sell their assets digitally and get monetary benefits even after the art is sold. It would thus open up new opportunities for creators and will rapidly grow and develop in future.
NFTs of VRAcademi STUDENTS
1. Hope Never Fades 1/4 Collectables by Inza (13Years)
Inza attended Creative Design, Digital Art and Virtual Reality at VRAcademi, in presence of her parents she learned and registered her artwork as an NFT
“Hope Never Fades", is inspired by cotton candy colours. This digital painting shows the view of the sunrise. It's early morning time. The sun is rising while the moon is disappearing. "There is always hope" in every morning.
Click to check Inza’s artwork listed on RARIBLE
2. 3D Model of Future City by Aggelos (11 years old)
Aggelos attended 3D Game Development and Virtual Reality at VRAcademi, in presence of his parents he learned and registered his artwork as an NFT
Click to check Aggelos’ artwork listed on RARIBLE
