NFTs

How to Make Money with NFTs as An Artist

NFTs have taken the world of digital arts by storm. Beeple, a digital artist, sold one of his masterpieces, “Winkelmann’s Everydays: The First 5000 Days” for a whooping sum of $69 million. Eminem, the world-famous rapper, just bought an NFT from The Bored Ape Yacht Club for 123.45 ETH. Last year, the NFT market generated over $23 billion in trading volume. 

If these crazy numbers suggest anything, in particular, is that there is a huge shift in the way digital artwork is perceived. No longer do people consider it just an “image” or “gif”; it’s viewed from a collection point of view. The conjunction with blockchain technology to tokenize the digital artwork is radically being collected by collectors and art enthusiasts around the world. It can therefore be concluded that there is a huge opportunity for artists of all kinds to take a piece of the pie while it’s hot. 

This blog post covers everything – from minting to selling NFTs – to give you a complete overview of how to make money with your NFTs. 

Step 1: Create NFTs

The first step to start with the process is to have a digital item that you can sell as an NFT. So, as an artist, you should create digital artwork that can be auctioned or sold online. This piece of work should be valuable and no similar artwork should exist, meaning it should be scarce and unplagiarized. Once you have your work ready, it’s time to mint its NFT, which simply means converting a digital item into a non-fungible token (NFT). 

Here is a detailed guide on creating (minting) an NFT on UnicoNFT

In brief, the process is simple: you create an account on an NFT marketplace as an artist, select whether you want to develop multiple NFTs or a single NFT, and then pay a small network fee to create your NFT. Usually, an NFT of an artwork can be created within a few seconds. However, it depends on the underlying blockchain network. For example, since Ethereum is a much bigger network than Polygon, the creation process on Ethereum blockchain is considerably lengthier than Polygon. Similarly, the network fee varies from network to network. More traffic, the costlier the transaction fee. 

Step 2: List NFT for Sale

The next step to sell your NFT is by putting it out in the market. If you have created it on an NFT marketplace, the chances are the same platform will also allow you to display it. For example, after minting an NFT on UnicoNFT, you can list it in the platform’s gallery. However, irrespective of the marketplace you pick, you’ll be required to pay the “gas fee” of the network. 

As soon as you pay the gas fee, the platform will ask you to set a price for the artwork. Some platforms also offer artists to choose whether they want to keep a fixed price of their work or put an auction that allows collectors to bid their price. Marketplaces like UnicoNFT offers an option to set a royalty so that each time an artwork is resold, its artist gets a percentage of the price. 

Once you have followed these steps, the platform will list your artwork in the gallery for the community to look at and buy or bid on.

Step 3: Market Your NFT

With everyone jumping onto the bandwagon, how would you ensure that you sell your NFT and make money from it, especially if you are just entering the space? For artists that are popular, selling NFTs isn’t really difficult. All they need to do is go to their social media channels and announce their NFT collection – or possibly share the link to their NFTs for easy access. However, both beginners and popular artists can use marketing strategies to promote their work so it reaches the right audience. Here are a few handy tips if you are planning to market your digital artwork:

  • Post it on Twitter and Instagram: These two platforms are probably the best when it comes to showcasing your NFT artwork. Thanks to the “Retweet” functionality of Twitter, artists can use it to create a robust community of digital artists that can help market each other’s work. Instagram, on the other hand, can be used to show your work because the social media network is largely used for pictorial representations. 

 

  • Use Right Hashtags: Remember hashtags? The one that starts with #? No, they aren’t dead yet. Make use of the right hashtags to increase your chances of being noticed by potential collectors and buyers. 

 

  • Share Your Work on Discord and Reddit: In addition to chatting services, Discord allows users to share and store digital data on the platform. Use these professional features to share your artwork. Also, you can join several galleries that have relevant audiences and have restricted access to only the NFT community. 

 

Reddit, the biggest content aggregator, includes community threads like r/NFTart, r/NFT, etc., with a wide range of audiences. You can participate in these communities and share your NFT work. 

Ending Note

In the past two years, the NFT market has completely disrupted the traditional digital art industry. Experts have been weighing in their opinion that we are just starting. It might be the ideal timing to get started with the minting process and make some money out of it. However, at the same time, making money by selling NFTs isn’t as straightforward as it seems. 

Challenges like high gas fees and risks like not being able to sell your artwork are the most popular tradeoffs for minting NFTs. But, with the right guidance and some marketing, we can address these concerns. 

Disclaimer: This is not financial advice. Please DYOR before minting NFTs for the sole reason of making money. 

NFTs

NFTs – Beyond Digital Art and Gaming Items

Blockchain technology has brought several new and innovative applications that aim to introduce advancement to the digital world. Beyond cryptocurrencies and decentralized finance, distributed ledger technology is being used for creating digital identities of both digital and real-world assets. This is what we are seeing nowadays with NFTs or Non-Fungible Tokens. 

Although NFTs are mostly associated with digital artwork and gaming items, the truth is the asset class can be used for anything that is rare and valuable. In this blog post, we dig deep into various areas where NFTs can be used to bring value to the world:

Music, Fans, and Followers

The music industry is probably one of the oldest industries that are still crippled by intermediaries who take a huge cut from artists and their fans. Think of it like this – In order to sell the work to listeners, a singer has to pay a middleman fee to anyone responsible for the sale. The same goes for composers and rappers. Everyone must pay a fee to connect with their audience. 

NFTs are going to change this whole narrative. First, NFTs are on blockchains, which means no intermediary is required for the maintenance of the system because everything is done in a decentralized manner. The community members take care of the ecosystem in exchange for the fee that is rewarded each time someone buys an NFT. So, musicians can create an NFT of their album, put it on a marketplace like UnicoNFT, and sell it directly to their fans. 

But, it goes beyond that! 

Artists can create an NFT of their personal time through which their fans can connect with them directly. They can organize an online concert and sell tickets as an NFT. A composer can compose a tune and put it as an NFT – it can be the only tune they will ever produce which brings scarcity and thus, more value. The opportunities are endless! All you need to think of is a way to provide value to the followers and fans. 

NFTs

Games, Metaverse, and Other Virtual Worlds

The gaming industry will probably be disrupted mostly by NFTs. The strong reason to believe this statement is the humongous growth of gaming platforms like Axie, Decentraland, x, etc., in the past few months. While play-to-earn games are more popular currently, the introduction of NFTs via in-gaming assets is the real game-changer. Players who have long been holding rare items like avatars, swords, dresses, etc., can now trade them on NFT marketplaces for a good amount. 

That’s not all – NFTs penetrate everything that lives in a virtual world, like Metaverse. In essence, the metaverse is a fictional world where everything is digital and doesn’t exist in reality. With Covid continuing to leave the real world stranded, we might see some revolutionary concepts being formulated that can entertain users virtually and without requiring them to step out.

A lot of this is already happening as metaverse has started to allow users virtual events in a VR setting. NFTs are being used to put the price on the content with proof of ownership that is being used in the metaverse. This has opened up a world of opportunities for everyone. Brands can create virtual representations of their products to offer an online experience for their customers. Games can be played using unique avatars that are represented by NFTs. 

Wearables and Apparels – All Thing Fashion

“An NFT of a Gucci bag was sold for more money than its tangible form”, was recent news which only further strengthened the belief that the virtual world will be more valuable than the real world in the near future. It’s true! Users are buying more virtual goods than the real ones even when the price of the latter is less. 

A part of the reason for this huge shift is the ongoing pandemic, which has pushed most of our social interactions online. For the fashion industry, NFTs have added a powerful collectibility layer in the minds of wearers. Not just Gucci, but a whole lot of brands are creating 3D items that can be shown digitally and can be sold via NFTs. 

The blockchain technology under the whole ecosystem provides proof that the digital items are indeed created by the brand itself and that the buyer is receiving an authentic item. 

NFTs in Decentralized Finance

Beyond the virtual world, NFTs have been seen being used in decentralized finance. For example, you can use your valuable NFT as collateral to take a loan if you don’t want to sell it or have plans to hodl it. 

The best part of DeFi is that all the transactions in borrowing loans are void of intermediaries. It means you pay near-zero interest rates and avoid all the hassle of the traditional financial world. Smart contracts, on the other hand, ensure you pay the borrowed amount in full if you want your NFT back. If you default, your NFT is liquidated to compensate the lenders. 

But, NFTs in DeFi have better solutions to offer to the community. For example, it could drive secondary markets, or, derivative markets. For example, an in-game item can be sold on a derivative market, and through some mechanism, funds can be transferred when the trade is completed. 

Furthermore, fractionalization of assets through NFTs can act as quasi securities, which might shortly become finance-y enough to get interested in lending them. 

Online Identity Verification

Currently, the use cases of NFTs capture and claim ownership of digital assets, including songs, tweets, artwork, virtual land, and collectibles. The beauty of blockchain technology is that its NFT application can also be applied to people. Seems impossible? Welcome to Web 3! 

Some countries have long been trying to eliminate anonymity for decades. As much as we love privacy, we know that many social media platforms are already collecting our details even if you are using a private browser or VPNs. NFTs might be the answer we are looking for to end online anonymity. However, there are only a few benefits for a completely verified network, like reducing fraud crime or negative comments. 

With NFTs, you can choose what all you want to showcase and who can access your data. In some cases, users are also getting paid each time their personal data switches hands. 

Additionally, NFTs could be the key that unlocks the door for a self-sovereign identity. For example, ENS (Ethereum Name Services), is a protocol for crypto addresses and decentralized domain names, which you can use to link your social media accounts. You cannot sell it, but use it to prove that you own something. NFTs of college degrees is another example in the same vein. 

Future with NFTs

The world is digitizing. We are spending most of our time online, and this trend is most likely to accelerate in the coming months. This will bring in a lot of digital goods, and nothing better than NFTs has been created so far that can best represent them. 

Health, advertising, fantasy sports, and a lot of other industries can benefit from using NFTs for everything that is unique. For example, the health details of a patient can be tied to blockchain using NFTs. A popular copy work can be turned into an NFT, like, the punchline of Nike, “Just Do It”, can be put online for trade by the writer. 

If these ideas tell us anything, in particular, it is that NFTs can be tied to anything that is unique and valuable in the eyes of collectors. We are already seeing multiple use cases of NFTs that are disrupting various industries, and we have just started. It’s going to be a whole decade of NFTs with new and better use cases. 

 

Uniconft

Guide: How to Mint NFTs on UnicoNFT

Non-fungible tokens (NFTs) are the latest concept of distributed ledger technology that is resonating with the broader audience. While they provided a new revenue stream for content creators, their explosive valuation continues to interest investors and digital art collectors. With the industry exploding to a billion dollars, it’s understandable if you’re raring to join the bandwagon by minting (or creating) your own NFT.

In this guide, we will learn how to create an NFT – termed minting an NFT, in particular on the UnicoNFT platform.

Select A Blockchain, Create UnicoNFT Account and Connect Wallet

UnicoNFT supports three blockchain networks, including Ethereum, Binance Smart Chain, and Polygon. However, the integration with the Polygon network is still under process and isn’t available at the moment for minting NFTs. If you know which blockchain is good for your NFT, the next step is to create an account on UnicoNFT.  Sign up with your name and email.

UnicoNFT

 

Now, connect your wallet with your account. Click on the profile icon on the top right corner, and select “Connect Wallets” from the drop-down menu. Or, if you have a UnicoNFT wallet, you can connect it directly to your account.

Minting NFTs on Ethereum

Currently, Ethereum is the most widely used blockchain for creating NFTs. However, due to its popularity, the minting fee can be higher than other networks. Etherum, or ETH, is the native currency of the network, which you will require to mint NFTs. If you have ETH, sign in with your login details and follow the below process to turn your digital artwork into an NFT.

Step 1: Make sure you’re using https://app.uniconft.com/

Step 2: Click on the “Create” tab to start with the process.

UnicoNFT

Step 3: You’ll come across two options – either create one NFT or multiple NFTs. If you have more than one artwork that you would like to mint, click on “Create Single”. In the other case, click on “Create Multiple”. In this sample, we will be minting a single artwork.

UnicoNFT

Step 4: Select Ethereum network from the drop-down if the default setting isn’t in Ethereum. The next step is to drag and drop your digital artwork. It can either be in JPG, PNG, GIF, WEBP, MP4, or MP3 format and should be 30 MB or low in size.

UnicoNFT

Step 5: Also, Add the details of the item and the description which clearly defines what this NFT means. Once added, select a category from the drop-down and define the royalty you’d like to receive from the artwork for future sales. Then, click on “Create Item”.

Step 6: A MetaMask or UnicoNFT wallet’s pop-up will open, wherein you need to pay the gas fee for minting your artwork to an NFT. Confirm the transaction to mint your first NFT.

UnicoNFT

Step 7: You’ll get the following notification:

UnicoNFT

Step 8: Note down the hash id for future reference. The next step is to go to your profile and click on “My Items” from the drop-down.

UnicoNFT

Step 9: You’ll see the items created by you. Click on “Publish Now” to list it on the UnicoNFT platform. It’ll ask you for the price for which you’d like to sell your NFT.

Step 10: Once you click on “Save”, it’ll direct you to your wallet, wherein you need to approve the transaction. Submit the transaction, you’ll get the notification that your NFT has been published on the UnicoNFT platform. You can also check it under the “Discover” section on the UnicoNFT marketplace.

Minting NFTs on Binance Smart Chain

The process for minting NFTs on Binance Smart Chain (BSC) using the UnicoNFT platform is similar to Ethereum. However, you need to select BSC from the drop-down menu.

UnicoNFT

Ending Thoughts

NFTs are getting mainstream – creating and collecting them has become a norm. Expert advises that they might drive the ongoing Web 3.0 revolution. On UnicoNFT, we have made the process of minting them an easy breeze so users – whether beginners or professionals – don’t feel intimidated in this new blockchain space. For other questions related to NFTs, head towards our Help section wherein we have covered most of the industry lingo. Also, feel free to leave a question if we haven’t covered it in this blog post.

uniconft

A Complete Overview of Different NFT Standards on the Ethereum Blockchain

Non-Fungible Tokens (NFTs) have erupted into a $10 billion industry, sparking a wave of global disruption. At the heart of NFTs lies blockchain technology that has given a new shape to the collectible market. Understanding different standards of creating a digital artwork on a distributed ledger will help clear the nuances of each type of NFT and the various blockchain protocols involved. 

In this blog post, we will cover several standards currently available on the Ethereum network for creating an NFT. But, first, let’s give you a brief overview of the Ethereum blockchain. 

Ethereum – The First Blockchain to Allow the Creation of NFTs

Ethereum is the second popular blockchain network after Bitcoin in terms of market cap. Its founder, Vitalik Buterin, created it to broaden the use case of a blockchain. Up until Ethereum, blockchains were majorly used for creating digital currencies, aka cryptocurrencies. However, Vitalik saw an opportunity and added the concept of EVM (Ethereum Virtual Machine) that would allow the creation of smart contracts, decentralized applications, decentralized autonomous organizations, and NFTs. Since we are talking strictly about NFTs, Ethereum provides different standards for creating a non-fungible token that is unique, distinguishable, and has the security and transparency of a blockchain network. 

ERC-721

ERC-721 is one of the oldest and most commonly used token standards for creating NFTs. It is non-fungible in the sense that each token created using ERC-721 standard is unique and can be priced independently. It is the very reason unique digital items including artwork, music, card collection, etc., can be stored on such a token. Since each token is rare and cannot be destroyed or duplicated, they are widely accepted as a collectible. Moreover, this token standard provides a mapping of unique identifiers to addresses, which can then be used to verify the identity of the real owner behind an artwork.

ERC-998

Though both ERC-998 and ERC-721 are similar in the sense that they are non-fungible, the former is composable. It means that assets stored within ERC-998 can be composed or organized into complex positions, which then can be traded using a single transfer of ownership.  

Furthermore, this type can hold both unique NFTs and uniform fungible tokens (read ERC-20) and can be valued or traded as per the contract. As ERC-998 standard can own a unique set of artwork, it can be used as a portfolio of collectibles or as a holding company for a diverse range of digital assets.  

ERC-1155

The latest standard on Ethereum blockchain, ERC-1155 allows users to create and register fungible (read ERC-20) and non-fungible (ERC-721) tokens using one address and smart contract. It is mostly used in games where fungible tokens are required to represent a transactional currency while the NFTs are used to represent in-game collectibles. Also, ERC-1155 enables developers to make the massive transfers of the tokens to reduce the congestion of the network, as well as, save on the transaction fees. 

Ending Thoughts

While there have been other proposals like ERC-1190 for creating NFTs, the community hasn’t approved them so far. The above-listed are the ones currently being used by innovators and artists around the world for developing a non-fungible token standard. In the near future, we may see even better standards rolling out for NFTs. 

Checkout UnicoNFT to explore more about our NFT Marketplace Platform.