It seems like the only thing everyone can talk about these days is NFTs: non-fungible tokens that have taken the world by storm and revolutionised art collecting.
Although the concept of NFTs has been in the blockchain realm since 2012 when "Coloured Coins" was released by Meni Rosenfeld on the Bitcoin blockchain, it really only took off in 2021, after it was popularised by the Ethereum blockchain – long before Ethereum was even established.
To get up to speed with NFTs, read our earlier article as it will help you understand both the concept and hype.
Now that you are fluent with the blockchain lingo, it's time to address the real burning question: how does one make and sell NFTs?
We've got you covered, as here's a step-by-step guide on how to make and sell your very own NFT artwork.
When it comes down to it, NFTs can be anything and everything. You can actually create artworks in any format such as TXT, JPG, PNG, MP3 or GIF. The first order of business is to outline your creative vision and think about the unique digital content or asset that you wish to tokenize.
That being said, we admit that may sound a lot simpler than it actually is to realize.
Since NFTs are in such a vast and subjective category, you might just be spoilt for choice – or worse, not really hitting where the appetite is. What collectors are looking for, aside from rarity, are artworks that lean towards pop culture or social trends.
If you're more of a creative strategist than a designer, this is where partnering with Brandripe can help you. We're a team of seasoned creative designers that have worked with some of the biggest names in Malaysia (and South East Asia) and experts in understanding not just our clients' brand tone of voice but also positioning it to suit what the audience needs.
With a single and flexible subscription that starts from as low as RM 1,695 (where you are not tied up to a rigid plan), you'll have access to our team of designers at your disposal to turn your vision into NFT pieces.
You can also issue multiple design requests for a flat fee, meaning that our team can help you create multiple pieces or a collection piece in different formats to your liking. On top of that, we also guarantee 24 to 48 hours turnaround time, so you’ll definitely be seeing your NFT artwork before you know it!
As for inspiration, we’ve put together a list of 10 Malaysian whose NFT artworks could potentially help ignite that creative spark in you. Take a look at them here.
If you’re excited and ready to launch into NFT mode, that’s fantastic. But there are a few things you’ll need to take into account – quite literally so.
In order to sell or list your NFT pieces, you actually need to have a cryptocurrency wallet first. This is because you will need to 'mint' your art pieces before you are able to sell them.
We'll talk about minting further in the next point, but essentially you need to pay a platform like OpenSea and SuperRare to mint an NFT. Hence, you’ll need to have the cryptocurrency basics in place first.
Most, or more commonly, NFTs are sold on the Ethereum blockchain. That can be a good place to start when you are ready to proceed with your art piece.
Once you have connected your crypto wallet to an auction platform, you're one step closer to auctioning your pieces and selling them to interested collectors.
Next on the to-do list is to mint your NFTs.
In simple terms, minting NFT refers to the process of turning a digital file into a crypto collectable or digital asset on the Ethereum blockchain.
The digital item or file is stored in this decentralized database or distributed ledger (or in other terms, blockchain) forever, and it cannot be edited, modified, or deleted.
Again, as mentioned, the rule is that before you are able to sell your pieces on any marketplace or platform, you need to understand that you will need to pay a marketplace to mint an NFT of your work.
But there are also platforms out there that offer you the option to create and list your NFT for free in advance, in which case it will only be minted on the blockchain once you have sold it.
However, in this situation, your buyer will then need to pay the 'gas fees' or the transaction amount required to write data on a blockchain network, after the first sale of a specific NFT collection.
Typically, the cost of minting ranges anywhere from even less than RM4 to way over RM4,000. Many factors affect this; such as the type of item you are trying to mint, the time of day and even which day you are trying to mint your piece.
Image: Forkast News
This is probably the least of your worries as the number of marketplace or platforms are booming like mushrooms as of now.
As mentioned earlier, you can always start on OpenSea, which operates off the Ethereum blockchain. OpenSea claims to be the world's largest and first NFT marketplace, where you'll access a global pool of collectors.
Another option is Rarible, which was established in 2020 and operates off the rari blockchain.
But don't underestimate the growing appetite for NFTs locally here in Malaysia. Launched in August 2021, Pentas.io has since seen more than 150,000 transactions on the site.
While the intention was to act as a catalyst to progress awareness on the tech evolution in the world of cryptocurrency, the marketplace is growing exponentially with an increasing user base reach outside of the Malaysian locality such as Singapore, the US and the UK.
Before you dive in head-first, it's good to be aware of the regulations or rules surrounding NFTs.
First and foremost, the most crucial thing to note is that an NFT is an exclusive digital item that can only have a single owner at any given point in time. Hence, you need to ensure that you have the intellectual property rights for the item you are converting as an NFT.
If you are outsourcing or engaging a graphic designer to bring your concepts to life, it's vital that you cover the grounds on ownership.
Here at Brandripe, every output 100% belongs to our clients – so there is no dispute about your ownership of the digital asset.
In terms of governmental regulations, if NFTs are eventually regarded as securities (a tradable financial asset), they will come under the purview and jurisdiction of the authorities who regulate securities. In Malaysia, this would be the Securities Commission Malaysia (SC).
Now that you've got the full idea of what making and selling NFTs entails, are you ready to start designing your very own NFT collection?
The NFT landscape is very much a more technology-charged style of art collecting. While the possibilities are endless in terms of what sort of art you can tokenize, that doesn't mean that a quality artwork isn't scrutinized by collectors.
Much like traditional art collecting itself, every piece is appreciated for many reasons. It could be for its sheer creativity, rarity or skilful execution.
If you're committed to playing the field in the longer-term, engaging professionals for your graphic design needs would help you to focus on the creative vision when establishing your very own personal brand.
Want to find out more about how Brandripe can be your perfect NFT partner? We’ll be more than happy to talk you through the entire process and how we can make your NFT dreams come true. Schedule a 15-minute VIP Demo Call, email us at email@example.com or drop us a line via chat to discuss how it all works at your earliest convenience.