NFT tokens have already contributed significantly to the development of the cryptocurrency industry and have joined the digital revolution. Today’s popular trend of creating and selling crypto art draws an increasing number of artists, everyday amateurs, and enthusiasts, prompting many of them to quickly grab their laptops and post their work to well-known marketplaces like OpenSea or Rarible.
Most people aren’t aware, though, that this field has its own quirks and significant issues that you should be aware of before you begin selling your crypto artwork.
In this article, we’ll discuss the top five challenges faced by fans who wish to join NFT and explain why the procedure is more complicated than it initially appears to be.
Is it true that you can start an NFT and earn a million dollars?
Many believe that once they print their tokens and put them up for sale, wealthy collectors would quickly line up and offer them thousands of dollars for collectibles. This is a fairly typical assumption among newcomers who enter the NFT market on a wave of enthusiasm and public discussion.
The majority of artists who have tried their hand at this industry will contest this. See why, will we?
NFTs undoubtedly provide enormous prospects for purchasing and selling digital art, but this does not imply that collectors would run out and purchase a piece from a new artist as soon as they hear their name mentioned. Users who sell their digital creations for a high profit are typically artists who have amassed a sizable fan base.
The basic conclusion is that consumers are frequently willing to pay exorbitant prices for a distinctive NFT to join their collection, but that NFT typically needs to be produced by a well-known artist. Of course, undiscovered artists’ works might also do well on the market, although this occurs far less frequently. Why? The NFT you produce will be one of the millions of other digital creations that will never be purchased since no one will ever find or notice them.
Therefore, artists who command high prices for their NFTs either have a sizable fan base, have a contract with a well-known marketplace, or are really fortunate (the case when the work of an unknown artist is sold for large sums).
What if someone wants to sell my work after tokenizing it?
Yes, it is true. In this instance, the author is free to sue or protest to the platform that listed this token; the fraudster will be held accountable. You will need to show that you genuinely hold the copyright to the work throughout the investigation, which is why it’s critical to establish your reputation and publicise your actions.
Additionally, you should include a link to your work on your website for buyers. By doing this, collectors will be able to visit your platforms directly from your website and be certain they are not purchasing fakes of your artwork.
Why is my NFT’s price higher than the commission for issuing it?
When users list their NFTs for sale on NFT marketplaces like OpenSea, Rarible, and others, they are required to pay a commission (gas fees). This cost varies during the day and is also greatly influenced by the Ethereum network’s configuration, network demand, Ethereum’s current value, the size and speed of the contract you are attempting to finish, as well as other factors.
Both NFT producers and collectors should be aware of these procedures. Sometimes the commission is greater than the cost of the artwork produced.
As a result, we suggest that you keep an eye on gas costs and evaluate offers to produce and market your NFTs on various trading platforms.
Whom should I ask questions to?
Customer service suffers in major markets, to put it mildly. Most frequently, issues for users (especially novices) arise from a lack of knowledge of how the system works and a lack of comprehension of all operations, from establishing an NFT to receiving payment for its sale to a wallet. Your query is probably previously answered in the forums or the platform’s FAQ (commonly asked questions) section. You can also speak with customer service; however, many issues take a few days to be fixed.
How should your NFT art be judged?
a question that is frequently asked yet actually causes trouble. It is challenging to judge any work of art because its price depends on a variety of elements, from the author’s notoriety to the costs of comparable works.
In order to assess your actual or digital piece of art, it is crucial to take into account the following 4 factors:
- Demand
- Liquidity
- Intermediary
- Market value
The Last Wise Words
Many businesspeople view the growth of the NFT market as a fantastic opportunity to profit from this quickly expanding area of emerging technology. But building an NFT market from scratch typically comes at a considerable cost. The least expensive option to start an NFT marketplace platform is by selecting a White Label NFT Marketplace solution.
