The NFT market went really crazy in 2020-2021, many price records were broken, and NFTs got a lot more popular. Artists worldwide made lots of money, reaching thousands and millions of dollars, just by selling their digital art as NFTs on blockchains.
Since then, the NFT hype has been increasing, and more artists are jumping on this money train. Yes, many are making profit as NFT artists, but some are taking losses and regrets because of some basic mistakes.
As a new NFT artist, you don’t have to make these mistakes. This is why we are listing them out here, so you can avoid them as you begin your journey as an NFT artist.
You will be surprised to find out how many artists get into creating NFT art simply because it is trending right now. Many of these artists will get scammed or hit roadblocks as they try to sell NFTs successfully.
This is why understanding how NFTs operate is really important for NFT artists. You shouldn’t make any investment without truly understanding how it works, and NFTs are not an exception to this.
Yes, your NFT is on a marketplace, where people can select it for a purchase, but you can make a lot of sales from your personal marketing. You will make a lot more sales and profit if you can build a personal relationship with buyers.
The best way to do this is through social media accounts; that’s how the big names are making their massive sales. Build your artist profile on social media platforms, post your art and interact with the public.
This way, your NFTs will not just sit on the marketplace, but they will be sought after by buyers.
When you mint your art on a digital marketplace, you’re entering a legal agreement with them. Make sure that this agreement is one you’re comfortable with, and you still hold the rights you want to your NFTs.
Most marketplaces allow you to hold commercial rights to your art, and this is sufficient for you to sell the art on the platform. Nonetheless, ensure you read the agreement and understand your rights and their rights in the contract.
There are many more specific mistakes that NFT artists need to be aware of; the best place to get foreknowledge of this is in a community. An artist that tries to do it alone would be a victim of many avoidable errors.
Communities also share tips, information and resources that help them stay ahead in the market. Find a community related to the NFT art you create, join them and contribute to the space.
Overpricing your work
The huge prices you see big accounts tagging art, when you’re just starting, can be quite tempting. If you are going to be successful, you can’t let that get to you.
You have to understand that you’re just starting. Yes, your goal is to make huge profits, but you need to focus on building a trusting customer base.
Keep your prices moderate and engage and reward your buyers on social media.