ABCs of NFTs

Or what I learned from personal exploration in this new space
You’ve been hearing about NFTs for awhile now, and wondering what it means to you.
I started the research last spring, and have finally come to the step of setting my site, with NFTs for sale!
Wanted to figure it out in the real world before reporting back to you.
Yep, all of the following is based solely on personal experience, and consolidated thoughts after seeing way too many seminars and posts.
Your mileage may vary. Do the research for your needs.

Why do want to make NFTs?
Trackable Digital Rights Management and artist compensation.
As a creator, creating an NFT makes a digital, secure fingerprint of your work. It can be tracked by the purchase, and you can get a commission every time it’s sold/resold.
As an example: If you made a piece of art, and it sold for $1000., you get your % from the one sale
It becomes wildly famous and gets sold, and resold, and ends up being valued at $500000!.

Woohoo!

However, you don’t get a piece of that, only the % from the initial sale.

When you sell an NFT, you can lock in a percentage of royalty from the first sale onward.
Much better, right?

Basically, NFTs can be programmed so that each transaction includes royalties, allowing creators to be rewarded fairly for their work online.
The fact that NFTs are created and stored on the blockchain, means they can be traded seamlessly, and securely, and trackable, from wallet to wallet, with royalties paid every time they sell, if that is how you have set it up.

This guide explains how to set royalties on OpenSea,

Of course if you are selling prints, having a gallery with a knowledgable person is the way to go. Selling NFTs puts it back in your control.

How do you get started?

Here is where it gets a bit more complex.
As NFTs are primarily sold in the crypto world, you’ll need to set up a crypto wallet to receive funds from sales.
In this crypto wallet, you have to have some currency, like Ethereum. More below.
Here are a couple of popular wallets to use :Metamask, with a video , is a current fave right now, or Coinbase. Yes, there are others, and you should do your research.

You do have to connect your wallet to actual money source., like a debit card or bank account.
Scary? Maybe, but you can even set up a separate account, with limited funds, if you feel better.
And you will need to use a 12-word security code. It will be generated by the wallet site.You need to write this down, put it somewhere extremely safe. If you lose your code, you would be locked out of your account and all of that crypto you made from the massive sales is lost forever.

Once you have set up your wallet, you can then join an NFT site for sales/purchases.

I went to Opensea to list, or “mint” my photographs. Minting is when you have gone through the process of setting up your art on the site of choice.

There are many to choose from.

One of the high-end sites is called Foundation, but you need to get an invitation. I didn’t get an invitation.
Also, Nifty is a site I follow, if only to see the daily drops of new NFTs.

Gotta see what is out there! And also check to see what is actually selling, and for how much.

OK, in your set-up on the site, you need to validate your crypto wallet on that site.
You may need to put some crypto into your wallet for “gas fees”, which are essentially a service fee for the transactions. Nothing free in this world, but it basically just holds it till there is a transaction, and confirms you are for real.
So…..once you have set up your account, you can add images and name them, to be put in a collection. Each image will be validated separately.
You set the price, and decide whether it’s a firm price, or an auction, where you choose a minimum bid, and length of time for the auction.
You also will set what your royalty will be. It is maxing out at 10% now on Opensea, but I’m sure things will adjust.

One thing to remember about setting your price: as when you may sell something on eBay, and thing it’s worth a certain amount, you away check the completed section to see what things ACTUALLY sold for. Good reality check.

Same with NFTs. see what things Actually sold for. I would suggest  you price accordingly.I’m sure your work is amazing, just be realistic in your pricing.
I’m also exploring editions right now, like a limited or open edition. Sell a few or however many the market would like. Jury is still out, but I’ll report back.

Good time to emphasize that this is a new platform, and growing rapidly, so improvements will be added.
When the item is sold, you will get crypto currency put into your wallet.

After that, all should be good.

Now, once the NFT is purchased, what the heck do you, or the person who bought it, do with it??
At a panel at CES this year, my eyes were opened, and info that I’d explored before came flooding back up.
Instead of a line of code or a URL, you want to display this image, right?
OK, there is one company, called Infinite Objects, that will “print” it into a frame, once it can be proved who owns that NFT. Or print your own video , non NFT video, with them. Check them out!

 

Yes, it does mean more when it’s a moving graphic, so explore the site and see what may be right for you (or a customer). Another unique item to sell.
Then we have Meural. I know, years ago, they emerged as a video screen that allowed the owner to subscribe to various collections of art, and could display them on the purchased screen, via internet connection.
Meural disappeared and was bought by Netgear (???) and have now reemerged, as another solution to viewing your NFT’s
They seem, at this point, to be connecting with specific partners.

So, there you go. The first actual steps may be tricky but it’s straightforward once you’ve decided where your wallet is, and the selling platform you prefer.

My OpenSea site is CuriousTourist.

to recap:

 Get a crypto wallet

Decide on a site to post your NFTs

“Mint” or post your art for sale

Promote the heck out of it!

I spent a lot of time going through all the info, and I hope this all will help some of you get started.

Updates will be coming, as I find out more. I’m a newbie and a curious tourist.

 

 

 

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