NFT Market, was it a fad or will it come back?

NFTs or Non-Fungible Tokens have grabbed the attention of artists all over the world. 

With the digital collage art selling at Christie's for $69 Million, artists are not starting to take notice of this interesting way to sell art.

But what is a NFT? 

And how do I get in on this?

We all know a digital image can be copied, shared and duplicated over and over again.

This is where NFTs have changed the digital art world. They allow you to create something that can't be duplicated, the actual ownership of the artwork. This is your digital signature or certificate of authenticity of your photo. NFTs allow you to create limited editions of your digital artwork, all while retaining the copyright.

What makes them valuable is the ownership recorded on a blockchain. A block chain is a digital ledger similar to the networks that support cryptocurrency. Each NFT is unique and can't be duplicated. They are unique digital artworks no one else can own. Of course, people might have a copy of the piece of art but they won't own the original, the NFT. This is what makes NFTs so interesting is that they can be rare. Which in turn gives them value as you can sell them later on for more money, just like a fine art piece. As a creator of the NFT you are creating a limited edition of your artwork.

So as a photographer and artist, how do you get into the action?

Here are the basic 5 steps you need to do.

1. Create or select the artwork that you plan to tokenize or mint. This is the image you plan to make into an NFT.
2. Decide on the platform or marketplace where you will sell your art. Think of this as an on-line gallery. You can sell your NFT on your own, but it's a bit more complicated and these platforms already have the audience of buyers looking to invest in NFTs.
3. Next thing is to decide on the size of the edition you want to sell. Just like a limited edition print.
4. Then you need to figure out your reserve bid. What is the minimum you want your artwork to sell for. You can also choose a percentage of royalties you'd like to receive each time a buyer sells your art to someone else.
5. The last thing you'll have to do is "mint" your artwork. Making it available for sale. Minting is when your NFT certificate is created and put up in a blockchain, making it non-fungible. (Cannot be duplicated)

Complicated right? Wait, there is more.

All of this cost money so you'll need currency to do all this.

Ethereum or ETH, is the specific type of currency used for the creating, buying and selling of NFTs. NFTs are created on the Ethereum network and that is why you need to use this form of digital currency. Once you've purchased your EHT, you'll need to put it into a digital wallet so you can buy and sell on the platforms. Kind of like PayPal.

NFTs are supported by a blockchain, which is the public record of ownership of your artwork that is on multiple different servers. This is to make sure that no one can steal or counterfeit your art. You actually are not putting the actual file in the blockchain. You're creating a token like a certificate of authenticity on the blockchain that is tied to your work.

Unfortunately, minting and listing your NFT for sale will cost you money upfront. You are going to have to start by purchasing some cryptocurrency to use to pay for the process.

You'll need to create an account with Coinbase, a cryptocurrency exchange. This is where you purchase Ethereum with real money. 

Then of course, where do you keep your new ETH currency? There are many digital wallets on the internet but one of the most common is Metamask. From what I've read, it works very well with Ethereum cryptocurrency. 

Then you'll have to connect your Coinbase account with Metamask. Like putting a credit card on PayPal. Usually, it's a pretty easy process. They'll send you a digital address where you'll send your currency and set up your account.

Now, where to sell your artwork?

There are many different marketplaces to sell your digital artwork. You should do your research to see which you like. I have a list of a few I've looked into below.

• Foundation is a great community of artists, including photographers, where the artists support one another
• Makersplace is a platform that is specific to NFT artists and does not allow the artist to choose different editions.
• SuperRare is newer to the scene and offers exclusive, curated art. There is an application process to be shown on this platform.
• OpenSea is the largest NFT marketplace and one of the oldest. They trade more than just digital art. There is no screening process so you can get started right away.
• There are also so many more like at Rarible and Niftygateway

OK, so now, you have your cryptocurrency, you set up your digital wallet, you selected a marketplace to sell your art and connected your wallet. Now, it's time to mint your first piece.

Minting is when you create the NFT that lives on the blockchain that cannot be edited or deleted.

At this point you need to select your artwork, add a tile and description then upload it to the marketplace. Depending on which marketplace you chose, this is also where you decide on the size of the edition.

Once you are 100% sure everything is exactly how you want it, you can no "Mint" your NFT. You'll be prompted to "sign" your NFT on Metamask just like signing your artwork. The buttons and wording may change from platform to platform but the function is still the same.

Now it's time to approve your first "gas fee". A gas fee is a payment to cover the computing power needed to process your NFT up onto the blockchain. Think of it as a filing fee. These fees seem to not be consistent and vary based on the demand of the system it's run on. They can change from day to day or the time of day.

After a few minutes of processing, your NFT will be minted and it's up on the blockchain.

Here is when you list your beautiful artwork for sale.

Listing your artwork is how you make it available for sale or auction. This is where you'll determine the reserve price and sometimes, royalties on future sales. And guess what? To list your art, there is more "gas fee" needed.

This whole process from creating the NFT and getting it up on a marketplace will run you anywhere from about $120 to $150.

Once your art is up on the marketplace it's time to promote your it. Use your social media accounts to promote the sale of your NFT and watch the money start rolling in.

I highly recommend that if you want to get into the world of NFTs that you do your research. What I have above is something I pulled together from various sites to give you a broad view of this emerging digital art gallery scene.

If you do get involved and/or have anything to add to this blog, please let me know and Good Luck!