A digital artwork called The Merge, featuring a plain black background and three different-sized white spheres that look like smooth moons, sold for $91.8 million. As of writing, it’s the most expensive NFT ever sold.
With the rest of the world swiftly catching onto the NFT hype, it will be no surprise if we see more NFTs sell for higher in the next few years.
What is an NFT?
An NFT or a non-fungible token is a unique cryptographic token assigned to a specific asset. Today, those assets are mostly digital, such as images, gifs, or songs, but they can also be used to track real-world properties, such as a house or a car.
Non-fungible means not interchangeable. This is why this technology has been making waves among digital artists, a demographic that often faces copyright issues.
If you’re an artist, you can link your digital artwork to an NFT, with its unique code, and the person who purchases it can prove it’s theirs and protect it from being stolen, used, or reproduced without permission.
How to Create and Sell an NFT
Can any type of content become an NFT? The short answer is yes. While digital art currently dominates as the most popular type of NFT, other things such as recipes, domains, and even businesses can be “minted” into a token.
Once you have the original and unique content, all that’s left is officially turning it into an NFT using different platforms. Here’s how:
- Set up a cryptocurrency wallet
Cryptocurrency is the preferred payment method for all NFT transactions, whether it’s minting or selling. As such, you need to set up a digital crypto wallet and buy Ethereum (ETH), a type of cryptocurrency like bitcoin, to fund the creation and minting of your work.
- Select an NFT platform
Your NFT platform is where you’ll sell your unique content. There are plenty of NFT marketplaces today, including:
- Nifty Gateway
These platforms have massive libraries of content, from digital art to exclusive video game collectibles, so they’re the perfect place to list your NFTs in.
- Connect your wallet to your NFT marketplace
Once you’ve chosen your preferred platform, you can connect your digital wallet so you can pay the fees associated with minting your content and getting it ready for listing.
- Price your content and list it
After minting your content, it’s ready to be sold! All you have to do now is to set a price for your work. Content can be a one-of-a-kind piece or a collection of multiple works, which can be bought separately.
The earlier example, The Merge, is a type of fragmented art sold in units called “mass.” There were 266,445 masses purchased by almost 29,000 buyers.
- Wait for bids
Once your NFT has been listed on the marketplace, anyone can find it and make a bid for it. Like any product, though, NFTs also need marketing if you want them to be discoverable in your chosen marketplace.
Market Your NFT
Book a free consultation so we can discuss your needs