NFTs have become popular among designers as it gives them a new futuristic outlet for creating and selling art. NFTs also open up a whole new world of art that welcomes the creation of strange abstract designs for brands and individual artists alike. They also offer a brand new way of collecting passive income if you’re able to sell them… but how do you do that? We dive into the world of NFTs and discuss the ups and downs of creating these unique pieces of digital art.
First off, what is an NFT?
An NFT is a non-fungible token, or, a one-of-a-kind, unique item that can be created, bought, and sold using cryptocurrency. Most think of NFTs as digital pieces of art, like pictures hung on a virtual wall. But nearly any digital visual can be turned into an NFT. You can make an NFT from a gif, a video, a tweet, or a meme—so long as your materials do not violate any trademark or copyright laws. To see what we mean, visit Opensea or Rarible, two of the most popular NFT marketplaces and you’ll quickly understand what we mean. NFTs can also be destroyed by whoever owns the NFT, just like a physical piece of art. They can also be copied but only one person can own the certified original.
What makes an NFT desirable?
The uniqueness and rarity of an individual NFT is typically what makes people want to buy them (as seen with NFTs created from memes). They are essentially like digital trading cards. And, like trading cards, creating a design system that links them all together as “collectibles” can entice buyers and become a trending auction that people want to watch. At least, that’s what the marketplaces have turned into. Real, gorgeous artwork isn’t typically the sort of NFT that sells as of today. One major catch is that there’s a lot of hustle and networking you’ll have to do if you don't have existing crypto connections. How will you cut through the noise? Pick something ridiculous or create a mind-blowing piece that people can’t ignore. You’ll essentially have to figure out how to market yourself and go viral. So easy, right? (Yes, that’s sarcasm you’re picking up.)
Who can create NFTs?
Anyone and everyone with an idea, a digital file, and a little bit of free time. Next question.
How difficult is it to make them?
For creatives, it’s not creating the NFTs that require the time. If you’re a designer, you probably have your own authentic art ready to put up for sale. The part that takes time is the logisitcs and creating interest. First, you'll need to set yourself up with an Ethereum wallet, purchase a little Ethereum, and connect yourself to an NFT marketplace of your choice. In short, get yourself set up with cryptocurrency. Then you’ll be able to start minting your NFTs and selling them on the blockchain. “Minting” is another word for turning your art into a token on the blockchain and certifying that your NTF is one-of-a-kind. This writer lays the steps out nicely and mentioned it took about ten minutes. But they’re also experienced in the crypto world, so give yourself an afternoon to make these financial decisions and successfully mint your NFTs. There’s also the possibility to “lazy mint” your NFTs without dropping any money at first. It would also be irresponsible of us to discuss NFT creation without mentioning the down-sides of NFTs as well as the problems within crypto as a whole. Scams abound, especially as of late. Artists have had their artwork stolen and created as NFTs without their knowledge, too. Please do your own research and decide if NFT creation is right for you before taking any steps. We’re not financial advisors and this article exists purely for informational purposes.
TLDR; Should I be making and selling NFTs?
It's easy to see why making NFTs is so attractive to designers. Like we said above, if you have an idea, have free time to market, create and mint your NFTs, then they have the very small potential to yield a commission to you as the creator. This is why many designers are interested in NFTs for potential passive income (not just the big coins). It can also be a low lift in terms of your output. But you should probably manage expectations around catching interested buyers in the beginning. Will you actually make a sale? Unless you’re friends with some crypto billionaire who can vouch for you, it’s probably unlikely. Even Beeple thinks it’s tough. But if you’re still interested, we recommend you weigh your options and tread carefully through the messy world that is crypto.
If you want to make money the classic way, though, we’re ready to help you find the ideal gig—no crypto wallet required.