4 Tips on How to Sell Your Digital Artwork as NFT
The blockchain-powered market for non-fungible tokens (NFT) has provided a new avenue for artists to earn lots of cash through cryptocurrency. As such, celebrities and artists are flocking to cyberspace, hoping to cash in on the trend.
While it all sounds strange, one apparent trait in this digital market is that it gives equal opportunity for everyone to earn from their artworks. If you’re an artist, designer, or illustrator looking to put up your digital creations for sale, here are a few tips to help you set up, sell your NFTs, and keep your earnings coming.
1. Make the necessary preparations
You probably have your digital artwork ready, lying around in a forgotten corner of your computer. However, if you’re looking to start selling them as NFTs, there are a lot of preparations you have to do to get started.
The main prerequisite for NFT trading is the need to create a cryptocurrency wallet. This includes apps and extensions such as Binance and MetaMask that you can connect and integrate with your mobile banking apps and digital wallets to buy and sell cryptocurrencies. Here is where you swap real-world money with cryptocurrencies and vice-versa. A crypto wallet will serve as the source of your funds when you “mint” your NFTs, and will store your payments once you sell them in the market.
2. Set up shop
The next step is to find an NFT platform where you can put up your digital artwork for sale. Top options include OpenSea Syscoin, Rarible, and DappRadar. You’ll have to sign up for an account, then you can start setting up your store. The process of turning a digital artwork into an NFT is called “minting.”
It is important to understand that what makes NFTs valuable is not just the asset that we perceive: an artwork, image, video, music, or even in-game items. As NFTs, each of these items comes with a piece of programming that serves as its unique identifier. Every time it is transferred in the market, this embedded program is updated. This is why even if the media can be grabbed (such as an NFT image being screenshot), the ownership remains safe and secure.
Depending on the platform, you may have to pay for the minting of your NFTs. Once it is done, your artworks are now available on the marketplace for people to browse and transact with. Additionally, you can also make changes to your NFT such as the price or description of the item.
Next comes the waiting game, where you have to wait for buyers to purchase your NFT. Once you’ve started selling, you might want to start promoting your content, as mentioned in below section.
3. Start promoting your content
Now that you have your artwork collection ready and a proactive CRT strategy in place, you can accelerate your entire wealth generation model by marketing your work and its location in the NFT market. Familiarity with the artist can help people you know, who also invest in cryptocurrencies and NFTs, to purchase your artworks.
In promoting your NFT collection, you can start with your friends and family through various social media platforms such as Facebook and Instagram. You can even post your artwork there, since any copy of your digital artwork without the blockchain-based program, doesn’t hold any value. You can also check Discord servers or Reddit threads relevant to your niche or to NFTs, in general, to try and find potential buyers.
4. Diversify and invest
If you’re looking to make the most out of the sale of your NFT artworks, you have to optimize your earning potential while minimizing costs, risks, and even taxes. One approach done in traditional assets and stocks is diversifying your investments. Depending on the crypto wallet you have, you can buy other currencies from the sale of your digital artwork. This way, you minimize risk since should your primary currency starts dropping, the value of your entire sales doesn’t plummet with it.
Another strategy is to start looking for tax breaks applicable in your country. Depending on existing tax laws, usually acts of goodwill and other relevant investments qualify your income for a tax deduction or a break. As you, minimize your cryptocurrency taxes, you get to keep more for yourself, which you can then use as an additional investment or for better materials as you create more digital artworks to sell as NFTs.
By taking your first steps as an artist in the NFT marketplace, you’re positioning yourself into a great earning opportunity that experts believe won’t be going away anytime soon. Make sure to prepare, do your research, and always make efforts to plan ahead. This way, you can start earning from your unique digital artworks while building your portfolio in the rapidly-growing NFT market.
If you are intrigued by NFTs and would like to understand more about them and how you can benefit from the hottest new topic in the Crypto space, you can look at our 2-hour workshop, Unravelling NFT’s.
It will empower you with the knowledge to help you identify better investment opportunities, so you can ride the current wave in a more safe and profitable way.
Click below image to see more about what is covered in this online training.