With some non-fungible tokens going for almost 100 million dollars, selling artworks in this way could net you some serious money. Of course, to be able to earn any money from NFTs at all, you will need to have a basic understanding of how the system works in a practical sense. The good news is you can find information on that below.
Mint an NFT
NFTs are unique units of data, stored on a blockchain that are minted from artworks. To complete this princess you will need to choose an online NFT platform to work with. Indeed, your choice of platform is vital to the overall profit you can make, because some platforms have multiple fees that must be paid to mint, convert, list, and once you sell your NFT.
With that in mind, doing your research beforehand on the many NFT platforms that are out there and choosing one like the Pastel NFT network that offers negligible fees for creators is the best idea. After all, the fees you are charged as a creator will impact whether you make a profit or a loss once your NFT sells.
Upload your file
Once you have chosen your platform you can begin the process of uploading your artwork so it can be converted or minted into an NFT. Remember that JPegs are usually not accepted on NFT platforms (except as image previews) so you need to make sure you have your file saved as a GIF, or PNG.
You will need to make a choice here concerning whether you will allow your artwork to be sold more than once, or whether you want to offer it as a limited one-off purchase.
Auction time!
After you have uploaded your file and crested your NFT it’s time to set up an auction so you can sell it. The good news is that NFT auctions take a very similar form to most other online auctions so you won’t need to spend forever familiarizing yourself with the model.
Choose between timed auctions, which can be great for whipping up interest and encouraging customers to bid against each other. Alternately, set a buy it now price, which is ideal for those looking to create a more passive income stream, especially if they are offering multiple opportunities to buy the same image. Last, of all, there is a closed auction option that allows ponytail buyers to submit an offer, and you to accept it or turn it down.
Setting the right price
Of course, hitting the right price bracket for your NFT can be tough for several reasons. The first is that you will need to make sure you cover the fees you will be charged by your platform. That is why it’s best to opt for a platform that offers low fees for creators. Then you won’t have to worry that you will be left out of pocket once the sale has gone through.
Secondly, you won’t want to price your NFT too high, as this could dissuade people from buying it too. So it is all about hitting that sweet spot. The same goes for setting the levels of commission you can receive if your NFT is sold on. After all, if you ask for 90% commission, it just is not going to be viable for anyone to put the work into reselling it, and so you could lose out in the long run.