The art market raised alarms in March when the artwork EVERYDAYS: THE FIRST 5000 by Beeple (a digital image converted to NFT) sold for nearly $ 70 million. Both artists and agents around the world turned to face to ask: and how the hell do you turn a digital image into an NFT to become a millionaire? The situation is more complicated than it seems.
An NFT (Non-Fungible Token) is an image that goes through a process to acquire the value of a collectible. It is not just an artistic image: it can be the image or a text that refers to an emblematic moment in society, sports or politics. The important thing is that it acquires a halo (yes, there is Walter Benjamin again!) that distinguishes it from the others. For an image to become an NFT it must be emblematic and must go through a social, political, even anthropological process. It is not easy to describe everything that should happen for it. However, the technical steps are a bit easier to list.
Here is a simple guide to convert your image into NFT. The guide does not guarantee its sale:
- NFTs are stored in crypto wallets. So you need a digital wallet on Etherum. Registering implies making a first expense, since you cannot open your account in zeros. As cryptocurrencies vary in value according to your mood, it is not possible to offer an exact figure on the opening of an account. Although with a high probability you could spend a minimum of 100 dollars.
- You have to connect the place where you have your image stored with this digital wallet. There are many sites where you can have your image, such as Metamask.
- Once you have accomplished these two steps you can create your “work of art”. Remember that once you have an image, you must make sure that it has not been registered by anyone else. An important part of the value of an NFT is its “originality”.
- When you have finished this process, you can convert that image or text into an NFT. You will have to give it a name and assign it a descriptive text. The platform will notify you when the process is complete and you decide if you want to put it up for sale immediately. Some platforms ask you to set a price. Others also offer the possibility for the market to regulate their value.
- Finally, there is a transaction fee to complete the process. This expense varies according to the state in which the cryptocurrency is located and according to the requirements of the application where you carry out the process.
You are already an artist! You have contributed significantly to the growth of the art market thanks to economic speculation.
An NFT does not just refer to an image or text produced by an artist. These digital objects are also iconic moments in society. As in other disciplines, NFTs can be authentic, surprising, but also boring and predictable. Don’t despair if your NFT doesn’t sell immediately. This market cannot be regulated. Like almost no other.