What is NFT Crypto?
Before you can learn how to create crypto art, you first need to understand what NFTs are. You also need to understand the difference between crypto art and cryptocurrencies. An NFT is a non-fungible token. It can be an image, video, gif, digital portrait, or paintings.
Although both cryptocurrencies and NFTs function with blockchain technology, they aren’t the same thing. Cryptocurrencies like Bitcoin and Ethereum are fungible, which means one Bitcoin has the same value as another Bitcoin. But, NFTs have different values, and you can use cryptocurrencies to purchase NFTs.
Because an NFT lives on a blockchain, it can be tracked. When tracking, you can view previous owners and verify the authenticity of the piece. If you want to read more about the definition of NFTs, you can check out the Scan team investigation.
In 2017, a company called Larva Labs released the very first NFTs known as Cryptopunks. The crypto punks were a selection of 10,000 24×24 pixel images of punk-inspired characters. When Lava Labs first released the punks, they were accessible to anyone who owned an Ethereum wallet.
After four years in existence, the crypto punks’ value has increased tremendously. The lowest-priced punk is currently available for 15 Ethereum coins, which is approximately $35,843.37.
There are several other NFTs that also proved to be successful. Recently, the famous Doge meme NFT sold for a whopping $4 million. The NBA NFTs also brought in more than $200 million in 2021 alone.
Selling NFTs
When it comes to creating crypto art, there are several different ways you can do it. It can either be a digitally created image, video, or motion design. If you have made a physical artwork, you can digitize it for online modification. But, online material can be copied, so you might wonder why anyone would buy a digitally designed art piece?
Well, that’s where NFT comes into action. When your art is presented as an NFT, blockchain technology marks your piece as the original. So, when potential buyers view your art, they’ll also have access to a smart contract that shows that the work is original. The agreement will also indicate that you’re the artist.
When selling an original NFT, the transaction will be registered on the blockchain. If the buyer resells your art, other buyers can view the transactional history. You, as the artist, have access to the entire record to see how your art is being bought and resold.
Royalties
When you create a physical artwork, like an oil-painted landscape, you can sell it and perhaps never know what will happen to it in the future. But, what makes crypto art unique is that an original piece can’t exist physically. There’s also the benefit of royalties which means you get a cut of the selling price every time someone resells your art.
You can set up a fee of between five and 10%, which determines the amount you’ll receive once your crypto art is resold. For example, if you sell an original NFT for $10 and someone resells it for $10, 000, you can get a royalty of up to $1,000.
Thanks to royalties, you don’t have to sell your original work for thousands of dollars. If your artwork becomes popular, you’ll make money on it long after selling it for the first time. Another advantage is that no one can benefit by selling copies of your ideas or artwork.
How to Turn Your Ethereum Coin into Cash
When someone buys one of your NFTs, you’ll be paid in Ethereum. Although there are several things you can do with it, you might prefer cold hard cash. You need to use a cryptocurrency exchange application. Although there are many to choose from, we suggest using Coinbase.
After downloading the application, you need to link a debit or credit card. Next, you can request to receive Ethereum via a QR code. Once you’ve created a unique ID, you can send ETH from your MetMask wallet.
Conclusion
Although there are several steps to become an NFT artist, it can be done. So, don’t be intimidated by the process. The sooner you start, the sooner you can begin to claim royalties.