If you follow the blockchain hype closely, then by now you’ve probably heard about crypto collectibles. You’ll see them referred to in many contexts, but they all boil down to one concept: non-fungible tokens are crypto assets which are unique and validateable. So, if you want to make money this way, here are some ways you can do it too.
Of course, the most obvious way to make money in this space is by making art. This isn’t too surprising when you consider that humans have been making art for thousands of years. However, if you’re trying to explore this idea on your own, there are some basic guidelines you should follow if you want your art to be more than just another addition to the crypto collectibles junk pile.
First off, you need something that is unique and verifiable about your piece of artwork. If it’s just a picture of some kitties with text plastered everywhere on it, then the second someone sees it, they’re going to call out its lack of uniqueness. It’ll only take seconds before they realize how easy it is for anyone with basic photoshop skills to make one of these “artworks”. Then, you can sell it or even create it at sites like jungle or other sites and services. But, notice how NFTs are introduced as non-fungible tokens. If you make 100 unique paintings of cats, each with different color schemes and backgrounds, then suddenly your art becomes much more valuable. Each painting has something distinct about it that makes one worth less than another when it comes to price (unless the collector is extremely rich). Without this aspect, all of your artwork will just look like a scammy NFT that someone made in an afternoon.
Second, you need to consider how collectible your art is. If someone looks at your piece and says, “this isn’t my style”, they won’t want to buy it, no matter how big their wallet is or how many crypto collectibles they already have. This means that if you want to monetize these pieces of art, you need to make them desirable. Some ideas to consider here are making a limited quantity of pieces available, adding a time limit to their availability, or even having a price on something that’s entirely free! The latter is especially interesting as it means artists can monetize their work without turning off potential buyers. If you’re trying to sell your paintings for 100 ETH apiece, you’re going to be losing out on sales left and right as people wonder why they should buy the painting when there’s no way that it could ever grow in value since it costs so much money.
Sell it the right way
Of course, there are ways to monetize your art that aren’t selling. One of the most popular is curation. This means you need to figure out who is buying your artwork and how much they’re paying for it. Since you can sell one painting without necessarily getting rid of all of them, this gives people an incentive to purchase the ones they do want, while allowing others who don’t have as much money to get their hands on some pretty cool stuff.
Curation markets are also great because they allow artists more freedom when it comes to what’s being sold. Instead of worrying about any legal ramifications or copyright issues with existing characters or entities, an artist can just create something new purely for the fun of it and let someone else worry about the distribution part. They just need to figure out the distribution of their individual pieces, which isn’t too difficult if you’re already selling them at all! Monetizing art is something many people have tried, but it’s hard to do well. This is why there are so many sub-par crypto collectibles out there, especially in the NFT space, where basic pictures of cats and dogs abound. However, by sticking to these guidelines, you’ll be better able to avoid disappointments like this and end up with something unique that will stand the test of time (and future investors) for years to come.
Know how to market it
There’s also the ability to market these types of pieces, which can help artists earn even more money. If you follow all the rules up until this point, then it shouldn’t be too difficult to gain a bit of exposure for your work. Of course, what kind of exposure you attain is entirely dependent on who’s buying your art and how much they’re willing to pay for it. All this might sound like a lot of effort on the artist’s end, but–surprisingly enough–marketing is actually pretty simple. If someone wants to purchase something off of Amazon, then they’ll do that instead of scrolling through social media or searching Google. Compared to that, crypto collectibles are still relatively new and there aren’t as many artists out there looking to sell them yet. With competition like this, an artist has an excellent chance at getting their work picked up by someone willing to pay for it. Then, since the NFT is unique and not attached to a major company like Disney, there’s no worry about it becoming obsolete or unpopular in the future.
Social media is a great way to get the word out about what you’re selling, but if that’s not your strong suit, then there are other channels you can pursue. Reddit, for example, is a good place to try to get noticed by crypto enthusiasts who might be interested in spending money on something completely unique. Twitter is another good spot, although it may require more time invested into finding the right followers before getting any attention. Like most things in life–especially in this day and age–if you want results, then you need to work hard for them! This means putting yourself out there via every social media platform under the sun until someone takes notice of all your hard work.
Artists have been trying to figure out how to monetize their work for a long time now. A recent trend in cryptocurrencies has allowed artists to do this with crypto collectibles, which shows the potential of NFTs and blockchain technology. Monetizing art is hard, but by sticking to these guidelines, you’ll be able to craft a piece that’ll stand the test of time and attract future investors!