As an artist, minting your artwork into NFTs can be an excellent way to make money off your hard work and talent. There are a lot of reasons why you might be interested in NFTs. The artist can also choose to mint a set number of an NFT as well. There is only one original version of that NFT, which can be auctioned, sold, and traded. This is what gives NFTs the potential of becoming valuable. This means that when an NFT is minted, it carries unique, non-transferable information, unlike say the iconic Dogecoin. NFTs are stored on the blockchain as unique tokens, proof of ownership in this case, and linked to the same tech that powers cryptocurrency. Surely someone could just snap a screenshot, or right-click and hit copy, right? Well, not exactly.
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That said, in a digital world, where it is so easy to download and save a copy of a digital image, GIF, or video, you may be wondering how there could really be a single copy of a digital piece of art.
NFTs work in the same way as that theoretical one-of-a-kind card. Potentially, that card could have extremely high value if enough people desire it. Now imagine that an extremely rare trading card was printed, and there is only one real copy of that card in the entire world. You can trade a dollar for a dollar because they are the same. That means traditional currency, on the other hand, is fungible. In broad terms, anything that is non-fungible, like an NFT, is inherently unique and can’t be replaced. If you want to know how NFTs work, you may need to find a very knowledgeable computer programmer to explain all the intricacies, but we will do our best to boil down the main points. How Do NFTs Work?Īnything related to the blockchain can be a little confusing when it comes to the technical aspects, and NFTs are no exception.
While these numbers fluctuate, and there is no guarantee that anything you mint will reach such prices, it goes to show how valuable minting NFTs can be for artists.
Some estimate that by January 2021, the average NFT was selling for $195, and by mid-February, that number had reached as high as $4000 dollars. Today, NFTs have surged in popularity, enabling artists, creators, and brands, big and small, to realize new potential and profits from their work and intellectual property.Īs the popularity of NFTs has surged, more and more artists have been able to make money off of their digital art. Fast-forward to 2020, an NFT collection called EveryDays: the first 5000 Days by an artist called Beeple sold for $69.3 million USD and took the world’s media by storm. At first, they were a part of a niche sector of blockchain tokens and cryptocurrency, with hot sellers like Bitcoin stealing the majority of the limelight.
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This post will also cover how you can use our free 3D software platform, Daz Studio, to design and create your very own professional quality images, which you can then mint as NFTs on platforms like OpenSea where they can be auctioned or purchased. However, if you’re wondering what an NFT (Non-Fungible Token) is, let us clear up any confusion you might have.