NFTs have become the talk of the town, or let’s say our little global village. Even after becoming one of the most trending terms on the internet, there is still very little real knowledge and netizens are still curious about it. So, cutting the clutter, this article carries all you need to know about NFTs and how they can be useful for you.
NFTs, or Non-Fungible Tokens, are tokens that are not fungible. Not good enough right? Imagine you have a dollar or any other currency. Is this any different from another dollar you have? No. They are effectively just numbers in your account, with every one of them serving the same purpose. Currency is fungible, whether normal or digital. Now back to NFTs, they are also bits of data on a blockchain, but with a serial or hash number. So if any digitally existing product, an image, a video, voice, or even a tweet, when stored on a blockchain, are called NFTs. The best thing, an NFT cannot be copied or stolen, so once you have created something, you have the ownership and reproduction rights forever. This brings a great opportunity for digital artists. They can convert their artwork into NFTs and sell them online.
But here comes the real question, where can you sell NFTs? There are a few highly-popular NFT platforms, where artists, buyers and NFT collectors converge to trade. Opensea, the leading one, was valued at $13.3 billion at the start of 2022, which just tells you how this industry is growing. Here is a list of NFT marketplaces to check out if interested in trading.
You can start exploring these platforms today, where you can list your NFT and create seller collections as well if you produce regularly.
Some NFT News
It is rare to find a day when NFTs are not in the news for some reason. Recently, eBay announced its entry into the industry. Going by history, its Genesis NFT Collection is going to explode and be a sure success. Moreover, The Black Rock Rhino Sanctuary, working to preserve the endangered black rhinos, have sold an NFT for $6,782. Surely the proceeds will be helpful for the cause and will lead many other humanitarians toward NFTs. This story, though not very recent, is heartening for all of us.
Now an important highlight from Pakistan. Remember the meme “friendship ended with Mudassir” that went viral in 2015? Don’t think too hard, even if you don’t remember, its NFT has fetched its creators $49,000, which is massive for something created without monetary benefit in mind.
Now, you must be thinking that highlights are there in all industries and success doesn’t come easy. Well, you are right, but the NFT market is still a very lucrative place to be. As of April 2022, the average selling price of an NFT was $1,400, which is great for an average. People who understand art will know what can be achieved in an auction.
Marketing and Selling NFTs
Now that we know what NFTs are and where they can be sold, we come to the most challenging part. Once you visit any of the platforms, which you must, you will find that there is very stiff competition. So even if your artwork is great, it has to be listed smartly, along with an attractive profile. To go with that, your branding will never be complete, unless your overall digital presence is also as impressive as your art is.
Therefore, digital artists need to put time and effort into understanding these platforms, and also, they will have to create an online presence, on search engines and social media, for the best impact. Another idea is to follow the lead of Black Rock Rhino Sanctuary, which collaborated with Virtual Nation Builders, a South African blockchain company, to sell NFTs.
Coming to the end, we now know what NFTs are, hopefully, and also understand the marketplaces where they are exchanged. Now as the industry is moving at a fast pace, it is important to quickly understand the working of these platforms and also stay connected to the latest news. The industry is just a few years old but holds immense potential for digital arts. Pakistani digital artists need not miss out.