How to make money with NFTs?
We all know that you cannot deny the potential growth of NFTs. They have grown extremely popular and have become a great way for people to look at new ways to consume art. In fact, NFT sales went from a $100 million industry to $22 billion in 2021 alone with most of the growth in the second half of the year.
For graphic designers and digital creatives, this is a great opportunity. The industry has long been fraught with monetization challenges, especially for those who create more traditional art in the digital medium. While working digitally gives creatives the means to instantly spread their work far and wide, making a living doing so is seriously hard work.
For the fashion industry, too, it is a boon of sorts. A lot of work goes into creating the art but hardly any actually credits the process. That’s where NFTs come in. This blockchain-powered phenomenon helps put designers and other creatives on equal footing with traditional artists. It helps them add value and scarcity to their digital creations, without needing to produce something in a physical space. At the very worst, it’s a new income stream for creatives.
Let’s take Mike Winkelmann, otherwise known as Beeple, for example. Winkelmann’s unique art style garnered him a very healthy follower count on Instagram. Despite his popularity, the most he’d made from his digital creations before NFTs was $100 for a print. In March of last year, he broke records with a $69 million sale.
But if you aren’t a hardcore blockchain enthusiast, it’s all a little overwhelming. Here’s where Tools for Procreate comes in. But more on this, a little later.
What is an NFT?
An NFT, or non-fungible token, is a unique record, created with the same blockchain technology that powers cryptocurrencies. These records are immutable, meaning you can’t change or replicate them.
When you create an NFT and assign it to a digital asset, that asset becomes a unique, one-of-a-kind item. It’s also tradable and sellable, and its ownership is verifiable at any time by checking the blockchain ledger. Put simply, NFTs are a method for creating scarcity on a work of digital art where there was none before.
Creating NFTs and Marketplaces To Sell On
OpenSea and Rarible are two of the most popular marketplaces in the NFT community. Both take the same approach in that they’re open platforms that anyone can sign up and create NFTs on. Generally speaking, they’re open, democratic NFT platforms.
How To Make Money Off NFT Art
If you’ve come this far, you’re obviously looking for ways to make NFTs in an easy and fun manner.
If you haven’t dabbled in crypto yet, you’ll need a few things to get started:
A crypto wallet
Funds in your crypto wallet to cover minting and transactions fees
Membership to a marketplace to create NFTs and sell your artwork
You’ll need to choose a wallet that’s accepted by the marketplace you plan on using. The most popular one is MetaMask. Keep in mind, your crypto wallet isn’t like a typical web service where you can reset your password if you lose it. Be sure to record your credentials and keep them in a safe place. Once you’ve chosen your wallet, you’ll need to load some cryptocurrency into it to pay gas and transaction fees. This, of course, depends on the marketplace, but if you’re using OpenSea or Rarible, you’ll load your wallet with ETH.
Creating an NFT for sale and putting it up for auction is pretty much the same process across marketplaces. It involves adding the appropriate information about your artwork and paying the Ethereum gas fee. Once created, you can sell your NFT via auction functionality. You can either set a minimum price or sell it in an open auction.
Making the NFT
Now, there are multiple ways you can make an NFT. The easiest and the most fun way is using the NFT generator on Tools for Procreate. Here, all you need to do is upload your art, create a collection, choose the rarity and size, and voila! Your collection will be ready for use. You can export the metadata and upload it on Opensea.
What’s easier too, is that you can use the 1200+ unique brushes, tools, designs and features of the product while creating the NFT so you’re technically pre-equipped with everything you need to start minting those dollars!
