Selling Your Art as NFTs

Written By Sophia D'Urso

NFTs (Non-Fungible Tokens) are changing the way artists showcase and monetise their work. By enabling creators to sell their art as unique digital assets on blockchain platforms, NFTs provide a new frontier for global exposure, increased revenue, and secure ownership. This article explores what NFTs are, how they work, the risks involved when it comes to scams and an unpredictable market, and the future of NFTs in the Arts.

Warning: The way that NFTs are created is highly energy-intensive. Most NFTs are minted using the proof-of-work operating method, which uses large amounts of electricity. Any energy intensive process, crypto-related or otherwise, can exacerbate climate change by adding to the atmosphere's carbon dioxide emissions. Please do your research into the current environmental impacts of this controversial space.

NFTs and the Environment by Alice Grace Garnett 

What Are NFTs?

NFTs are digital assets stored on a blockchain, a decentralised and transparent ledger that records transactions and ownership. Unlike cryptocurrencies, which are interchangeable, NFTs are unique and non-fungible, meaning no two are alike. This makes them perfect for representing one-of-a-kind artworks, ensuring authenticity and providing a digital certificate of ownership.

The versatility of NFTs means they are not limited to traditional digital art. They can encompass tokenised photographs, animated artworks, or even hybrid works combining music, visuals, and video. NFTs can also serve as a digital counterpart to physical artworks, expanding their appeal to collectors.

Why Do Artists Sell NFTs?

NFTs offer a host of benefits that set them apart from traditional methods of selling art. For one, they allow artists to embed smart contracts into their works, enabling residual income through royalties on resales. This means that every time your NFT changes hands on the secondary market, you can receive a percentage of the sale price—providing a reliable source of passive income.

Additionally, NFTs eliminate logistical challenges associated with physical art. Once purchased, NFTs are delivered instantly to the buyer, bypassing the need for shipping, framing, or gallery fees. This easy delivery also appeals to collectors, making the buying process more attractive.

How to Start Selling Art as NFTs

Research and Choose the Right Blockchain

Not all blockchains are created equal, and your choice will impact fees, audience reach, and sustainability. Ethereum is the most popular blockchain for NFTs, offering broad marketplace compatibility but with higher gas fees. For more environmentally-friendly platforms consider platforms like Tezos.

Select a Marketplace That Fits Your Needs

The marketplace you choose will shape your selling experience. Platforms like OpenSea, the largest NFT marketplace, support a variety of file types and allow you to list work at fixed prices or auctions. For more curated experiences, Foundation and SuperRare cater to high-quality art, often attracting serious collectors. Meanwhile, environmentally-conscious artists may prefer Hic et Nunc, a marketplace built on the Tezos blockchain.

Each platform has its own features and fee structures. For instance, OpenSea charges a 2.5% transaction fee, while Foundation takes 15% on primary sales. Research these differences to find the best fit for your practice.

Create and Mint NFTs

The process of minting converts your digital artwork into an NFT by uploading it to the blockchain. To get started, prepare high-quality files of your work and ensure they meet the platform’s specifications. For instance, OpenSea allows file sizes up to 100MB, good for high-resolution photography or detailed digital art.

When minting, you’ll also add metadata to your NFT, including a title, description, and optional unlockable content like exclusive usage rights or behind-the-scenes. Smart contracts can also be configured to include royalties, ensuring you earn a percentage of future resales.

The Role of Smart Contracts in NFTs

Smart contracts are the backbone of NFTs. These are self-executing pieces of code embedded on the blockchain, automating key aspects of NFT transactions. They enable features like royalties, which ensure you receive a percentage of resale revenue every time your work is sold in the secondary market.

For example, if you mint an NFT with a 10% royalty, and it’s resold for $1,000, you would automatically earn $100 from that transaction. This capability ensures long-term income from your work without requiring further effort on your part.

NFT Scams

The NFT space, while filled with exciting opportunities, is also rife with potential scams. As the popularity of NFTs grows, so does the number of individuals and groups attempting to exploit unsuspecting artists and buyers. Understanding the common scams and how to safeguard your work and earnings is important for anyone entering this evolving market.

Common Scams in the NFT Space

  • Fake Marketplaces / Scammers often create websites that mimic legitimate NFT marketplaces. These fake platforms might request upfront payments or access to your digital wallet, only to steal your funds or assets.

  • Impersonation / Fraudsters may impersonate well-known collectors or platforms, offering to buy your NFTs or collaborate on projects in exchange for upfront fees or access to your work.

  • Stolen Artwork / Digital thieves frequently take publicly available art and mint it as NFTs without the creator’s consent. Once minted, they profit by selling these fraudulent NFTs.

  • Phishing Scams / Artists and buyers can receive emails or messages directing them to malicious links disguised as official NFT platforms. Clicking these links can compromise digital wallets and personal information.

  • Gas Fee Exploits / Some scams involve manipulating gas fees—the transaction costs required to mint or sell an NFT—resulting in excessively high charges.


Tips for Protecting Yourself from Scams

Verify Marketplaces and Platforms
Always use well-known and reputable platforms like OpenSea, Rarible, or Foundation. Verify URLs carefully, as scammers often create sites with minor misspellings to lure users. Bookmark trusted marketplaces to avoid accidental visits to fraudulent sites.

Protect Your Digital Wallet
Use wallets like MetaMask or Ledger that provide robust security features. Never share your wallet’s private keys or recovery phrases, even with individuals claiming to represent official platforms.

Watermark and Limit Previews
To prevent your work from being stolen and minted as an NFT without your consent, use watermarks on publicly shared images or provide only low-resolution previews.

Authenticate Requests
If someone contacts you for a purchase or collaboration, confirm their identity by checking their profile, transaction history, or through direct communication on official channels.

Two-Factor Authentication
Enable two-factor authentication (2FA) on all your accounts and wallets to add an extra layer of security.

Monitor Your Work Online
Regularly search for your art using tools like reverse image search to identify unauthorised uses or potential NFT fraud.

Be Cautious with Social Media Links
Avoid clicking on links shared in unsolicited messages or unverified social media groups. Scammers frequently use these channels to distribute phishing links.

Red Flags to Watch Out For

  • Urgent or Pressure Tactics / Scammers often try to rush you into making decisions. Be wary of anyone insisting on immediate action.

  • Requests for Private Information / Platforms and legitimate collectors will never ask for your wallet’s private keys or recovery phrases.

  • Too-Good-To-Be-True Offers / Be sceptical of unusually high offers for your work, especially if upfront payments or personal information are requested.

Taking Action Against Scams

If you suspect a scam, report it immediately to the relevant marketplace or platform. Most legitimate platforms have dedicated channels for addressing fraudulent activity. Educate yourself regularly about new scams as the NFT space evolves and remain vigilant in all transactions.

Where Are We Currently at with NFTs?

As of April 2024, the once-booming NFT (non-fungible token) market has experienced a steep decline. The initial frenzy during 2021 was largely driven by the promise of quick profits rather than the intrinsic value of the digital assets. However, as more NFTs flooded the market, their overall value began to drop sharply.

Much of the value of NFTs was tied to cryptocurrency, particularly Ethereum. When the cryptocurrency market experienced a downturn, the purchasing power for NFTs also decreased. Additionally, declining interest in virtual spaces like the metaverse further contributed to waning enthusiasm for NFTs. Many tokens that sold for high prices in 2021 are now worth only a fraction of their original value, with reports suggesting that a significant percentage of NFTs are essentially worthless.

Here are some key factors behind the decline:

1. Market Saturation

The initial hype around NFTs led to an explosion of new projects, overwhelming the market with countless digital assets. With thousands of new NFTs created every day, it became increasingly difficult to differentiate between projects and assess their actual value. This oversupply left collectors and investors fatigued, making the market feel overcrowded and less appealing.

2. The End of the Hype Cycle

The NFT boom fueled speculative buying and inflated prices, creating a bubble that eventually burst. Once the excitement faded, prices dropped, and many began to question the long-term sustainability of the market. This re-evaluation led to more cautious investment strategies, further dampening the fervor that initially defined the NFT space.

3. Copyright and Ownership Issues

The NFT market has been plagued by problems like copyright infringement, plagiarism, and disputes over digital ownership. Unauthorised use of copyrighted material eroded trust in the legitimacy of NFTs. These legal and ethical issues made creators and collectors wary of participating in a market riddled with uncertainty.

Are NFTs Dead?

While the initial craze has died down, declaring NFTs entirely dead would be premature. Sales have dropped significantly from their 2021 peak, and oversaturation has driven many projects to failure. Despite this, some NFTs—particularly those with historical importance or strong community backing—continue to retain value.

According to the NFTEvening report from 2024 reveal troubling statistics: about 98% of NFT collections launched in 2024 have failed to gain traction, with most showing little market activity. Only 0.2% of NFT projects generate any profit for investors, and 64% of collections sell fewer than ten units within minutes of launch. Furthermore, nearly all NFT collections experience a price drop of at least 50% within the first three days, and 84% fail to rise above their initial sale price over time.

What Is The Future Of NFTs?

Despite these challenges, NFTs are evolving. Many believe their applications extend beyond digital art, with emerging use cases in event ticketing, gaming, and data ownership. These innovations suggest that while the speculative bubble may have burst, the core concept of digital ownership tied to blockchain technology still holds promise.

As technology advances and digital culture evolves, NFTs may yet play a meaningful role in areas like commerce, art, and digital identity. The market is far from its peak, but it may be transitioning into a new phase of more sustainable growth and innovation.


Sophia D'Urso
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