Posts tagged "NFT Marketplace"

What You Need to Know About the Surge of NFTs 

Throughout 2021 and so far this year, you will find some news about an NFT being released, no matter the occasion or event. Just about everywhere you look, there are NFTs.

Celebrities have adapted to this new method of promotion (and monetization). The Indian film industry has also capitalized on the marketing potential of NFTs, with films like Radhe Shyam, Jhund, and many more. We had an NFT release of previously unseen images of Kalpana Chawla even on the eve of International Women’s Day on March 8th.

NFTs have also established themselves as a means of supporting worthy causes and have been given to charitable organizations.

Nearly every day, new partnerships and integrations involving NFTs are announced by different companies. Anyone who is invested in or interested in the NFT space should applaud all this activity as good for the industry.

But at this point, it’s nearly impossible to keep up with the daily influx of new NFTs, and it’s entirely possible that many NFT collectors will become confused or miss out on some of the NFTs they’ve been hoping to acquire. While it would be ideal to have them all on day one, this is simply not possible. This leads us to the next obvious step, acquiring these NFTs from another individual or via the market for pre-owned NFTs.

Questions like, “Which NFTs should I buy from another user?” will arise whenever you go out into the market to acquire NFTs. What do you think is a fair price for them? A discussion on what constitutes a fair asking price, and more. The most popular way to determine a reasonable price for an NFT is to look at its demand and rarity. Price is determined by the demand for a certain NFT, which increases if the NFT is in high demand and limited in supply.

Scour and Liquify will provide comprehensive and precise data on the proportion of legitimate to wash-traded transactions in a given NFT collection. Through AI, Scour can detect spoofing transactions that artificially inflate or deflate the value of assets in the NFT ecosystem. Thus, you can rest easy knowing that the price you pay for a collection is in line with its true market worth and that you have access to Liquify, a reliable technique for assessing fair valuations for NFT assets using AI, which further improves the situation.

By constantly innovating and creating solutions that benefit you as an artist, an NFT marketplace, or even as an NFT trader or collector, we want to make the NFT ecosystem a safer and better environment for the whole community.

How to Create NFT Art

Non-Fungible Tokens (NFTs) are digital tokens that represent either digital or real-world assets. These assets are unique or rare, as the name implies, and cannot be traded. They are expanding rapidly and are changing the way we exchange assets.

These digital assets are an attractive option for buying and selling goods, and they’re making their mark. How can you take advantage of this boom to better sell your artwork?

Why Create NFT Art?

NFTs create scarcity. That’s the main reason they can rake in so much money. Because each NFT is 100% unique, that rarity translates to a higher price. When there’s a larger supply, there’s a lower price. But having your digital hands on the only piece in existence means dictating the price.

By creating NFT art that is high in demand but short in supply, artists can drive prices higher than they would be able to otherwise.

Why Sell Art Through NFTs Instead of in Person?

Other than the obvious benefits of being able to sell and buy at the press of a button, NFT art comes automatically encrypted with proof of ownership. This means authenticating that it’s the real deal immediately and that the person selling it to you is the real owner. This solves a common fraud problem in the art community, as well as giving the buyer reassurances that they have the real piece and can prove they own it.

This is also an attractive option for artists because the setup is much less expensive. There’s no need for overhead like art galleries or shipping. They also don’t lose a portion of their sales to art galleries on commission.

The most attractive concept is the ability to program royalties into the NFT. This would allow a small percentage of the sale every time the NFT exchanges hands. This turns a piece of art that would normally be a one-time profit into passive income.

Steps to Create NFT Art

Choose an NFT Marketplace

Not unlike physical goods, you need a place to sell your artwork from. These marketplaces fall into two categories:

Curated Platforms:

Artists must be authorized to mint or create digital artworks. This is a realm of high-quality work. This comes with a higher transaction fee and often a limit to royalties. An example of this is Super Rare.

Self-Service Platforms:

This platform can be used by anyone to create or mint digital artworks. You can also specify the royalties you want to come back to you. There’s more control in this form of a platform, but not always the high-end quality. An example of this is OpenSea.

Create a Digit Wallet

You must have a digital wallet to store cryptocurrency (crypto) and NFTs in before creating NFTs. NFTs must be created using crypto.

An example of crypto you can buy is Ether. The majority of NFTs are created on the Ethereum blockchain. Therefore, Ether is a good choice to buy before creating an NFT, to pay the transaction fees upon sale.

Setup Your Collection

This is essentially a folder where you will store all the work you create. In OpenSea, you’ll find this under My Collections. Once you click on it, you’ll be able to customize the name and picture and write a description. Think of this as creating a digital art gallery for the art you’ll create.

Tokenizing Your Artwork

Now that you have an art gallery to display your work in the digital marketplace, it’s time to create your NFT. Although you can only mint one item at a time, you can create an unlimited number.

You can upload metadata for your token by clicking Add Item (if you’re using OpenSea) and can upload

  • Visual,
  • Audio, or
  • 3D Files.

The Benefits of Creating NFT Art

As NFTs become more commonplace, the number of goods available online will continue to skyrocket. Recently, a piece of original NFT artwork sold for a record-breaking $69.3 million. This completely original piece of art is the only one in its existence, and that rarity makes it desirable.

By capitalizing on the rarity and unique nature of artwork, you can command large prices for your NFT artwork.