How to Make Money by Selling an NFT
Digital creation and artwork are all over the place. In a good sense, it provides a vast marketplace and media. In the more modern intake, you as a designer can take one of the brand-new media called NFT. non-fungible tokens pretty much open another digital creation market that brings plentiful benefits for online cryptocurrency traders and designers.
The NFT itself has quite many controversies during its release. However, it is undeniable that selling NFT helps creative workers make money easier and faster. It is especially true with the help of Cryptocurrency as the transaction money. Many projects or weird artwork out there can reach thousands of dollars.
Considering how crazy and potential the media is, it is something that modern creative workers need to try. But, as a new method and a breaking idea in the creative realm, many are still unfamiliar with the idea. How can they make money from it? How to do it? How much money can they get? To help you know, here are some bits of pieces about selling NFT artwork.
Before you get far with the project and the complicated world of Cryptocurrency or the non-fungible token, you need to learn about the term itself. There are some points that every artwork creator needs to realize about the money maker. Yes, you can make money through selling NFTs, but it also poses a danger and caution.
1. Chance Of Theft
The first danger is the chance of theft. Many people consider it a good and potential cryptocurrency. Digital money also offers great safety and better transaction. However, it only works for the money or the currency. Other than that, you cannot say it is safe. It includes selling NFT artwork to make money.
So, what kind of theft is it? Artwork theft is pretty high in the current modern world, especially with people storming social media. You can see how easy people can copy and paste some artwork then make it theirs, and it also does the same with NFT. You might already have followed the rule, posted your artwork, and set an auction, but is it safe?
Not really. There are chances of people that join the auction for buying or selling NFT with bad intentions. Stolen NFTs from the compromised account can be sold to the highest bidder. And you, as the original artwork owner, will get abandoned while others make more money. It also did not close the possibilities for people to use your artwork without your consent.
2. It Takes Fee
You might have heard that people can make thousands of dollars by selling NFT artwork. Is it true? Yes, it is. However, it might be one of a hundred chances. Why so? Because the market and auction also take a fee. Underline the fact that the platform uses Cryptocurrency as the transaction means. It means you will need to buy and exchange it for real money.
The negative side of digital money is the possibility of charge. Indeed, you can make a lot of money from it, but how much is the fee that cuts it? Most of the money won't go to you. The artwork creator has to pay an abundant upfront and after-sale fee. You will need to pay it to the cryptocurrency company that makes the auction and maintains it.
There are also some instances where the clear nature of the fee-only appears at the end of the transaction. It can make a heavy blow for the artwork creator since they can lose cash rather than make money. That is why you need to be prepared with whatever risk entitled to selling NFTs.
How to Start Selling NFT
As an explementary idea, you can see the following details and steps. In this case, you need to underline that every platform has different regulations regarding fees, artwork, and auction. In general, you will need Cryptocurrency, a wallet, and an auction for your artwork. So, for selling NFT artworks, you must start with the responsible or available Cryptocurrency.
1. Create A Cryptocurrency Wallet
One thing that you need to understand to make money with artwork NFT is the use of Cryptocurrency. Most of the platforms demand their user or creator to make transactions using Ethereum digital currency. It is a blockchain currency that many people know as bitcoin. However, there are more Cryptocurrency out there other than bitcoin.
So, you need to know which Cryptocurrency corresponds with the auction market that you are looking for. After that, you need to make a digital wallet to start selling NFT. In this case, you can choose one of many wallets that include your Cryptocurrency. You can download and use it both on desktop or smartphone.
As an example, Metamask is one of many wallets that you can use by simply installing a browser extension. It also works for iOS and Android devices. In this part, you will need to confirm the pop-up information to make a new wallet and seed phrase. Most cryptocurrency wallets tell the same with some information on how you make money.
If you are curious about seed phrases, it refers to a list of words that tell about the blockchain's information. In other words, it will tell you a lot of terms and details regarding the Cryptocurrency you choose for selling NFTs. The artwork creator did not have to be confused with the term since it does not give a lot of necessary detail about NFT.
The digital money wallet creation is not way too different from other application registration. The next registration steps will demand you to agree with some terms, make a password, and follow the security measures. After you get through all of that, the digital money account is ready, and you can make money or mint some cryptocurrency.
2. Sign Up On NFT Auction Platform
As said before, that NFT auction platform only accepts blockchain. Thus, you will need a cryptocurrency to start selling NFT artworks. In the previous step, when you are registering for a wallet, you will find the ETH value. ETH is an Ethereum measurement in which the value can fluctuate massively. That is why you cannot make an exact price for your artwork.
The value can fluctuate in a matter of hours. It is also possible the value plummets pretty deep that it makes your auction waving out of control. So, if you want to make money through artwork, NFTs make sure you are not too strict with the price. As you already made a digital wallet, you can now start mining Cryptocurrency and selling NFT using it.
How to add money or Cryptocurrency to your wallet? The procedure is varying from one digital wallet to another. But, the general step is pretty simple. In this case, Metamask wallet already provides a buy button in the app. From the button, you will get some options for the buying method. The recommended way is to buy ETH with Wyre.
Again, it is important to get yourself a cryptocurrency or ETH coin since it is the main transaction currency for your auction. You need to settle the digital money before you make an auction and start selling NFT artwork. It is also a good way for you who want to make money by investing in Ethereum cryptocurrency in a crypto project.
After choosing the Wyre option, you will go to a screen for payment. Remember that the ETH cryptocurrency value can change over time. So, you can consider the up and down rate to save some money. Most of the wallets allow users to mint or buy Cryptocurrency using Apple pay or a debit card. The good thing is, you can do this step later (when paying a fee).
3. Connect Cryptocurrency wallet With NFT Platform
With some money in your cryptocurrency wallet, you are ready to join the platform. You will need to connect your cryptocurrency wallet with the platform. The money from selling NFT will go straight to the wallet. Again, you need to consider the ranges of platforms out there such as Rarible, OpenSea, VIV3, Foundation, BakerySwap, NFT Showroom, SuperRare, and many more.
To start selling NFT, make sure you get through the connecting wallet with the platform. The step and processes will differ from one platform to another. As an illustration purpose, Rarible is used for this article. The Rarible offers quick steps for those who want to make money through artwork NFT. They offer connected RARI token cryptocurrency wallets easily from the get-go.
All you need to do is to click the connect wallet button. It will ask for some information about your digital money details or password to connect with the platform. Follow the step by clicking next and connect. It will tell you all of the terms of services about the NFT and Cryptocurrency wallet connection. The selling NFT platform also needs confirmation for over 13 years of user detail.
Other platforms demand signing up for artwork creators or users. When making auctions and selling NFTs, you will need to register in the marketplace. The process involves creating an account, using email, and others. It differs slightly from site to site. However, some platforms ask users to do both signing up and connecting cryptocurrency wallets.
If you want to make money with NFTs, you have a range of options. There are options such as buying, minting, or selling NFT. While each of them proposes different activities, it has a similar process. Cryptocurrency is the vital point of the transaction. All you need to consider is to choose the proper Ethereum for each site and start to get money from your artwork.
4. Uploading The Artwork
After nailing the registration and cryptocurrency wallet connection, you are now able to create your artwork. In Rarible you can start uploading the artwork by clicking the create button in blue. It is located on the top right homepage. After that, you will get some options for the auction and selling NFT. You can upload single, one-off work or multiple artworks together.
As a starter, you can make a single upload. One thing that you need to consider before uploading the artwork is the extension. The platform itself allows users to upload artwork in the form of GIF, MP4, MP3, WEBP, or GIF. However, the artwork is limited to 30MB in size. After that, the NFT platform will automatically convert the file into an NFT file.
One thing that you need to know is that every platform is known for different artwork marketplace. If you want to make money or Cryptocurrency from a range of items, Rarible offers the best option. But you can also check out OpenSea, which accepts selling NFT in the form of artwork, virtual work, trading cards, to sports collectibles.
It is also a great consideration of the marketplace itself. Nifty Gateway is one of the popular platforms out there that is a home for more well-known artists. Make sure you choose the right platform or marketplace that fits your artwork niche. Thus, you can make money and Cryptocurrency from successfully selling NFT.
5. Starting An Auction
Since the idea is selling NFT, it means you need to make an auction for your artwork. Before you make one, ensure you are ready with all of the consequences and fees to run the auction. It will affect your cryptocurrency income in the later stage. It is also worth mentioning that every site has different ways to make money, so choose wisely.
In the case of Rarible, you have three options to sell your NFT. The platform provides timed auctions, unlimited and fixed prices. Just as the name says, the timed NFT auction will give you an auction at a certain time. It is one of the best options for you who want to save some cryptocurrency and fees. It is also a great start for you who want to make money from NFT.
The unlimited option doesn't have restricted time. The auction will carry on, and people will keep making cryptocurrency bids for your artwork until you accept the best one. And the fixed price is an auction that allows you to set a price for your artwork. It will sell to someone immediately if they accept the price. The selling NFT idea offers a fast process but also can be affected by ETH value.
Setting The Price
After choosing the type, you need to set the cryptocurrency price. No matter what your NFT auction type is, you need to underline the purpose is to make money. So, you need to ensure you got the right value and won't lose more. The trick is to set the minimum price that is not too low or too high. If you set the money too low, it will decrease your profit.
So, how much did you want from selling NFT? It depends on your artwork quality. You need to understand the cryptocurrency ETH value and also know the market. 1 ETH for small, low-quality products is ambitious enough. After that, you can choose the option of Unlock once purchased. The feature helps creators to protect their artwork before selling the NFT.
People (buyers) can only access the high quality or the full version of it after buying it. It is a great way to make money or Cryptocurrency and safely sell your artwork. After that, you can leave some other options and settings as it is. Rarible includes an option in the name of Choose Collection. As a starting point to make money with Cryptocurrency, you can leave it as it is.
With the cryptocurrency wallet, auction-ready, and the price set, you can complete the setup by adding a title and description. Like a normal marketplace, you need to make the NFT artwork description so people interested can bid money on it. It is also a great time to make money from royalties. It works as a balancing act since higher percentages give you more profit.
6. Pay The Listing Fee
With everything set, you are almost finished with the process to make money and Cryptocurrency. However, the last part of the listing fee is very delicate. After you click the create item, you will need to pay the listing fee for your NFT artwork. How much is it? It ranges and differs for every artwork or site. One thing is for sure; you need to be careful before agreeing to everything.
The first fee payment is only for the pre-selling process. You will need to pay more fees for the further time, the commission, and the artwork transaction fee. It can hinder you a lot when you try to make the most money. But frankly, it is part of the challenge of selling NFT using Cryptocurrency. It has plus and minus, which makes artwork or NFT creators need to think further.
The idea of joining NFT is a new yet potential way to make money. It has a lot of possibilities and benefits for those who want to embrace technology in their market. The best point is the same Cryptocurrency and the virtual auction. You can get a lot of money or Cryptocurrency from your artwork, as long as you are careful and know how to handle digital money and wallet.