Are you interested in making money selling your digital artwork NFTs but fed up with the ever-changing gas fees making the process somewhat difficult and the profit not as high as you would like?
Rarible.com is now offering options to creators and minors, giving them a new way to mint their artwork for free through their lazy minting feature, and we couldn’t be more excited.
This feature is a game-changer in the NFT industry, making this digital market a great way to possibly earn a living, collect digital creations, invest in artists and showcase all of your creative work.
What are NFTS
NFT’s are a form of digital currency rapidly growing in popularity. NFT stands for Non-Fungible Token which is a fancy way of saying, “unique.” NFTs are different than say, Bitcoin in that one Bitcoin is equal to another Bitcoin. With NFTs, one NFT could be more valuable or less valuable than another one.
This form of “currency” is similar to bitcoin or crypto-currency in the fact that it is an online cash system that utilizes digital money that has its own unique digital code that can not be duplicated, giving the owner full rights to their tokens.
They are given a unique code that is stored on platforms like Etheruem by using smart contracts. Right now Etheruem and its currency Ether are used most in the NFT marketplace.
Unlike real cash and bitcoins, NFTs can not be traded. These items are usually in the form of artwork, whether it be a painting, a piece of art (mine on Foundation and Rarible), memes, music, digital flowers, a video game, etc.
In order to purchase an NFT, you will likely need some form of crypto-currency, like Ether. One other thing you will need is a wallet to store NFTs and Cryptocurrency. Check out the top 9 wallets to buy and collect NFTs.
Why Buy NFTs?
When you purchase an NFT you are not only gaining the artwork you were interested in but the rights to the original piece as well. This means you can do what you please with the item, whether that means, selling it, or giving it away. If you decide to purchase an NFT from an artist it could either go up in value or decrease in value. It’s all about the market and demand.
One item of concern when it comes to NFTs is copyright law and this article will drop some serious knowledge.
Another great benefit of creating your own NFTs is that you can continue to profit off of them even after you sell them. That’s right! You have the potential to profit from the next sale and the sale after that; this is the power of online art and business.
Here is the example. You can create your NFT and sell it for 1 ETH to a buyer. You set your resale percentage, let’s say 10%. This means that when the person you sold it to sells it you get a 10% commission on what it sold for and this can happen for infinity. Pretty cool, right?
If you are serious about becoming a profitable NFT digital artist you will want to read this, “How to Become an NFT Digital Artist.”
What is Minting NFTS and How Does it Work?
Minting an NFT is tokenizing your artwork and publishing it online to a blockchain in order to market and sell it in its original digital form. These platforms allow you to sell your digital work and will give it a unique coded identification number in order for it to be easily tracked and logged during every transaction.
Some of the top NFT platforms are:
Minting your artwork on these NFT platforms will usually cost minors (NFT creators) a fee for the transaction that takes place on the blockchain and digitally filing these pieces. This is called a gas fee.
How to Mint NFTS for Free
Anyone trying to make a profit from creating online digital artwork can get pretty frustrated by the accumulation of gas fees and the constant fluctuation in the amount of the fee.
Because these gas fees can get to an extreme high, many artists will hesitate to participate in minting or purchasing NFTs, which can be a total bummer on all accounts.
We go into greater detail on the costs of mining NFTs with real-world examples in this post:
Luckily, this problem may be a thing of the past.
Who is Rarible and How are They Making NFT’s Free?
Rarible.com is a digital marketplace that allows digital artists to create and sell their products on an Ethereum platform, eliminating the need for a middle man.
Rarible is now offering artists, creators, or “minors” the ability to create NFT’s for free, (in reality deferring the fees to the buyer at time of purchase) with their new “lazy minting” feature. Meaning you need nothing in your digital wallet to start.
Artists worldwide now have the ability to showcase and profit from their talents without placing a single penny down and with the removal of upfront gas fees.
How is This Possible?
Typically, an artist will mint their creations to the blockchain immediately, accruing the gas fee charge in the process. With Rarible.com’s “lazy minting,” this step happens at the time of the purchase, passing the gas fee off to the buyer.
Although the minting process hasn’t taken place, your item will still be listed in the authorized marketplace and still in your control until contracts have been signed and the payment has been collected.
If you are interested in giving this new option a try go to Rarible, click the “Create” tab on the Rarible.com page, filling out all your NFT information, clicking the “create Item” tab, and then signing the free authorizations with the e-wallet.
That is literally all you have to do. With these steps already in place, your NFT will be minted and automatically transferred to the buyer after the purchase is finalized.
Like any other business, there are terms and conditions to follow with this service; for more information, you should visit the Rarible Discord for more information and assistance.
Summing Things Up
Digital currency is becoming the newest way for people to create, sell, and buy all types of digital artwork. You can collect certain creations or sell bundles of items all online, and having the ability to utilize this platform for free will then make a world of difference when selling NFT’s.
To get more familiar with all things NFTs we have provided the following posts.