In the last few years, the digital art market has boomed. Challenges of provenance, originality, and valuation have been solved using NFTs to buy and sell digital art. NFTs, along with innovative marketing and promotion, can make selling your digital art easy and profitable.
An NFT or non-fungible token is a digital asset stored on a blockchain network that represents a unique digital or real-world asset. Blockchain networks are encrypted, immutable ledgers of exchange that lower the risk involved in online transactions. Cryptocurrencies and NFTs are stored on blockchain networks, but while crypto coins can be exchanged, NFTs are unique. NFTs cannot be replicated and always trace back to the original creator, no matter how many exchanges occur. NFTs are a great way to establish provenance and add value to the market for digital art. Digital art minted into an NFT can automatically pay out royalties to the original artist every time the piece is resold. This technology has opened a whole new marketplace for digital art that you should take advantage of for your art.
Once you’ve created your collection, you need to open a digital wallet and purchase some cryptocurrency to mint your NFTs. There are many options for digital wallets, but keep in mind the currency you select will need to be compatible with the blockchain that you mint your NFTs on. Minting an NFT is simple once you’ve chosen the NFT marketplace you want to list your work on. Search ‘where can I buy NFTs’ and select an NFT marketplace that appeals to you. Some NFT marketplaces, like FTX, are built specifically for artists and make it convenient and easy to list, auction, and purchase NFTs.
Buying NFTs is like collecting original works of art or limited edition prints in real life. You can sell a digital artwork as a unique NFT or sell a limited and numbered set of NFTs of the same artwork. Once your work has been minted, you can list them for sale or auction on a digital marketplace that acts similarly to an eCommerce platform for NFTs. When you sell an NFT, you have the option to set royalty payments, so every time your NFT gets resold, you get a percentage of the payout. Royalty payments are a great option if you think your art will go up in value over time.
Promotion and marketing are critical aspects of any business dealings. Now that you’re entering the digital art market, you need to know how to promote your art and reach new collectors. Start establishing your name in the industry even before you’ve minted your first NFT. Create a blog where you house your digital portfolio, resume, personal information, and links to purchase your work. Share your collection on social media and build a community of followers who enjoy your work. Engage with your audience online by offering giveaways or sharing information about your craft. You can share unique content about your creative process or informative posts about the art industry to build your authority and reach a wider audience of artists and collectors.
Selling your digital artworks has never been easier and more profitable than today’s market. Utilizing blockchain technology and NFT marketplaces can add value to your original works and easily connect you with collectors eager to buy.
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