Where to start with NFT’s
You’ve probably heard about the 13-year old who made $400,000 in NFTs, but can’t even hold a bank account yet. People are making real money off of NFTs today. Artists slam NFT creation on Youtube, critics bash the technology, and the news repeatedly sheds skepticism on this new art format. Well, it’s not actually new. NFTs are JPEGs and we’ve had them since the invention of the computer. Apple and Facebook are now fighting over who can create the metaverse faster. It’s not a question over whether or not this technology is here to stay. Many artist’s are seeing this opportunity and asking how they can start with NFT creation.
It’s more a question of how quickly can you dive into this opportunity?
Where to start with NFT creation
The first question I would ask you is are you an artist? If you are an artist, then you already have a product you can create into an NFT. It’s quite easy to create an NFT, but it’s difficult to find success selling them. If you jumped into the game early, then you would already have an established line of art and maybe even have a circulating NFT collection.
How to understand this technology
This technology will touch every aspect of our lives. Apple is developing glasses to integrate VR technology into glasses. This would be the first integration of VR technology into daily life called enhanced reality. The reason I’m mentioning this technology first is because it will affect everything from advertising, marketing, to the creative experience — experiencing art in a virtual way. 3D experiences and interfaces will change the way we define our reality and the way we experience it.
Creating your first NFT
In order to make your first NFT you will need a creative artwork and a way to convert that artwork to a digital format such as a JPEG, video file, GIF, or other graphic format. I teach this process in my NFT Crash Course for beginners.
Launching a collection of NFTs
After creating your collection, you will need to select a marketplace There are many to choose from. Some charge gas fees for you to list the artwork just like a storefront that takes profit from sales. Other marketplaces allow you to sell your art for free and charge the buyer the gas fee.
Taxes and NFTs
The Fed has not announced restrictions to crypto currency yet, but regulation is coming. It’s important to understand how taking profits from NFT art can affect your taxes and how to plan for it. I’m releasing a module on Tax Planning for NFTs in my NFT Crash Course on January 23rd with a guest speaker who works in accounting. This technology is rapidly changing and research is key to success.
Take me to the NFT Crash Course