The Merge has been sold for $91.8Million, Clock for $52.74 Million, Human One for $28.9 M etc etc. Are you thinking that what Merge, Clock and Human One actually is? In simple words, these are a kind of digital art famously known as NFT. If I say that a simple drawing can be sold at these prices. Then maybe you will not believe. But it’s true. It’s happening every second on internet. If you want to know about NFT Artwork in detail or you want to make money through NFT (by selling your art) then this blog is perfect for you. Let take a cup of coffee and start reading this blog. It’s going to be fun reading and it will give you the complete clarity about “NFT Artwork”.
WHAT IS NFT?
An NFT is a digital asset that represents real-world objects like art, music, in-game items and videos. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.
I can guess that you didn’t get what is written in definition. Let understand the whole concept with examples.
NFT stands for Non-fungible token. What fungible means is something which can be replaced with the same value. Suppose you buy an mobile phone at a price of 300 USD. After using 2-3 days, you want to sell that mobile phone. Now, if that phone is perfectly working and still looking new then you can sell that phone and you will get your 300 USD. But what non-fungible means is something which cannot be replaced.
As your mobile phone exists in physical form an NFT is totally opposite. An NFT can only be a digital thing and it must be exist on blockchain technology.
There can be millions of mobile phones with the same feature as yours. But NFT will always be unique because of the blockchain technology. And this uniqueness of NFT is one of the biggest reason of demand of an NFT in the market.
HOW DOES NFT WORK?
Millions of people search everyday on internet that How Does NFT Work? And I found it very funny. Why? Let’s understand it with an example. See if you buy a piece of land today (in simple words if you invest your money into real estate) then you have to ask that how price of a land fluctuate rather than asking how land work. In short how real estate market work. Just like this the question is not how NFT works but the most important question is how blockchain technology (on which NFT has made) work. So, if you are interested in Blockchain technology then you can read our dedicated blog on blockchain technology. Link of the that article is given below.
WHAT IS NFT ARTWORK?
An Artwork can be called as NFT Artwork when that artwork will fulfil all the conditions to be an NFT. What are those conditions? There are many conditions but we will see the 4 major condition.
1) The artwork should be digital not physical.
For example- digital illustrations, digital image, music, video etc. etc.
2) The artwork should be non-replaceable.
3) The artwork will have to exist on blockchain technology.
4) Last but not the least that the artwork should be unique. And this uniqueness automatically comes with blockchain technology.
Now I can guess that you are eagerly wanting to see some NFT Artwork . So..
HOW DOES AN NFT ARTWORK LOOK LIKE?
Here are some popular NFT Artworks….
HOW TO CREATE AND SELL NFT ARTWORK?
Today, the craze of NFT Artwork is increasing rapidly day by day around all over the globe. According to experts, NFTs are going to be a major part of investment. People are already investing in NFT Artwork. And in coming days the number of NFT Artwork investor will increase.
Today because of less competition it is a golden time for anyone to enter into this market both as NFT creator and NFT Artwork investor. In such a way, there comes a question in mind that how can I create an NFT Artwork? It looks like a professional job. And after creating that NFT how will I sell that Artwork? And many more questions like these. But I will say one thing, Yes I agree with you that NFT Artwork creation is a skill and you will have to learn that skill. But it is also a fact that today in the era of internet there is no skill that you cannot learn. And trust me creating an NFT is very very easy. All you have to do is keep that fire in you to learn.
Let’s see how you can create an NFT Artwork and how you can sell that Artwork.
a) Create Artwork :- There are two ways to create an NFT Artwork. First is through coding. The second way is much simpler than first. There are many softwares and apps are available on internet where you will get all the necessary tools to create an NFT Artwork. All you have to do is to use your creativity and make an awesome Artwork. That’s it.
Some NFT Artwork creating platforms- OpenSea, Blender, Pixilart etc etc.
b) Choose the marketplace :- After creating an NFT Artwork the first and one of the most important question comes in mind that now where I can sell my NFT Artwork. So, if you just search NFT marketplace on internet you will get hundreds of platform where you can sell your Artwork. But you have to be aware while searching for NFT marketplace. You should do some research for selecting the best marketplace for you. You can read articles, watch videos of top NFT creator etc etc.
c) Create a Digital Wallet :- In our normal life we all have paper money to buy something. And we usually keep those paper money into a wallet. Similarly, any type of transaction for NFT get done by cryptocurrency (digital money) especially by Ethereum (It is also a cryptocurrency). And Where we keep these digital money is called as Digital Wallet. There are many digital wallet platforms in market. One of the most used digital wallet is MetaMask. You just have to install the app in your device. Create an account in the app. And that’s it. Here you can keep your digital money. And whenever needed you can pay by this wallet.
d) Add your Artwork to the platform :- After creating Digital wallet all you need to do is go to an NFT Artwork marketplace where you want to sell your Artwork. Create an account there. And then List your artwork. Fill all the necessary details about your artwork. And then pay the listing fee through your digital wallet.
e) Mint It :- Minting is the last step for an Artwork to list on a marketplace. Minting is a process which creates an NFT for your artwork. In other words, Minting gives the tag of NFT to your artwork. You have to pay both the listing and minting fee. Minting fee depends on the price of Crypto. That’s it. Now, your NFT Artwork is ready for sale.
WHAT WILL YOU GET AS AN NFT CREATOR?
i) Complete Ownership :- The most important thing a creator will get is complete ownership of the artwork. When the minting process get done, everyone can see that this particular artwork’s original creator is this XYZ person. And because of blockchain technology there is very very less chance for hacker to steal your artwork. In worst case scenario if your artwork is hacked, again because of blockchain technology everyone can know that who is original creator of that particular artwork.
But one thing you should be careful of is while minting there is a chance for hacker to steal your artwork. So, choose the best and safest marketplace.
ii) Global Reach :- If we take physical art collection as an example then we all know that only an elite class people have access to world’s biggest art auctions. But in the world of NFT, there is equal opportunity for everyone. Anyone can access to world’s biggest NFT Artwork collection auctions. You can buy and sell an NFT Artwork from anywhere in the world.
iii) Income Source :- One of the best thing NFT offers to an NFT creator is Income source. You can work part time as an NFT creator or even you can work full time as an NFT Artwork creator. If you are a high school or collage student then NFT Artwork is one of the best way to generate an income source.
iv) Royalty :- Just like in real world if you write a book and then sell that book then whenever your book will sell, you as the owner of that book will receive a percentage of money in terms of royalty. Similarly, whenever someone will buy your NFT Artwork, you will get the royalty. And it will be your passive income source.
PROS AND CONS OF NFT ARTWORK
a) NFT Artwork is one of the best investment option nowdays. If you understand this market then you can make a good amount of money.
b) NFTs exist on blockchain technology so every creator will get the complete ownership of the artwork.
c) NFTs are non- replaceable. And this means individual creator can sell their artwork at their preferred price.
d) Again, because NFTs exist on blockchain technology it is almost 100% secure from hackers and scammers.
e) last but not the least, NFT artwork creation is nowdays one of the best option for both students and professionals to generate an income source.
a) Investing in NFT Artwork can be risky because it is still a new concept.
b) Every transaction of an NFT happen by cryptocurrency mostly by Ethereum(ETH). So, the price of an NFT Artwork very much depends upon the price of crypto. So, you will have to actively watch the price of crypto.
c) Big investors can speculate the price of NFTs in so many ways because of the non- replaceable nature of NFTs. And even there is no law exist for NFTs right now in most of the countries. So be aware.
d) The number of NFTs are increasing every second. That means competition is increasing. And in this situation if you create an average artwork then you will have to face challenges to sell your artwork as an NFT Artwork creator.
e) The minting fee can be high.
In this blog, you learned about one of the most complex and interesting topic NFT and NFT ARTWORK. Now you know what NFT is, How it works, what NFT Artwork is. After that you saw some most popular NFTs. Then you come to know how you can create an NFT , where and how you can sell that Artwork, as an NFT Artwork creator what you will get. And at the last, you sawpros and cons of NFT ARTWORK world. Hope you enjoyed reading this blog.
Team vedaon hopes that you have understood all the points of this blog. If you any type of query or you want ask anything then you can comment below. We will love to connect with you.