Thanks to platforms like Rarible there has never been a better time to create and sell digital art.
Blockchain-based digital art in the form of Non-fungible tokens (NFTs) are generating a lot of hype of late with investors willing to pay top dollar for rare digital art. A case in point being Trevor Jones “Picasso’s Bull” which sold for $55,000 on July 23, 2020.
What is tokenized art?
Tokenization refers to the process of converting the rights of a digital asset into NFT tokens on the blockchain.
Moreover, NFT tokens have the potential to revolutionize the art world by addressing the main issues that plague the art world.
Firstly, the tokens are fully transparent and act as verified proof of ownership of unique digital assets such as art.
In addition, they eliminate forgeries by providing proof of authenticity with all data related to the art piece secured on the blockchain.
Finally, NFTs ensure rarity by tracking the history of each artist so you know the exact number of artworks in circulation.
What is Rarible?
Rarible is a community-owned NFT minting platform and marketplace that launched to the public at the beginning of 2020.
Moreover, the platform makes it easy for digital artists to tokenized and sell digital art pieces on the Rarible marketplace through a process called minting. Thus, Rarible provides an all in one solution for artists looking to sell digital art online.
In addition, artists can add unlockable content to their art creations. This unlockable content only becomes available after the transfer of ownership. This content can take the form of high-resolution files, secret messages, or videos from the artist.
Another great feature for artists is the ability to select a percentage of royalties for secondary sales of their artwork. As a result, artists can earn a passive income through future sales of their artworks.
How to mint and sell digital art
Rarible allows you to create and sell NFT artwork from scratch without any coding skills.
First of all, you will need to download and connect the MetaMask browser extension to Rarible. Once the wallet is connected, you can interact in the Rarible market by buying or selling digital art.
Next, you can navigate to ‘Create collectible, which will give you the option to either sell either single or multiple editions of your art piece.
After that, you will have the choice to upload any file in the format of jpgs, pngs or gifs. And for artists using different formats, they can easily use an online image converter to convert to an acceptable file type.
Furthermore, it’s recommended to use a file type less than 10mb. So, for larger files, an image compressor is recommended.
Next, you will be prompted to enter details of the artwork and set a value. Additionally, you can set percentage royalties of future sales and add unlockable content.
The last step is to follow the wallet instructions and pay a gas fee to verify the transaction on the Ethereum blockchain. Once the transaction is verified you can mint the token and sign the order sell.
Rarible is currently transiting towards becoming a decentralized autonomous organization (DAO). As a result, the power to influence decisions on the platform rests with the community.
Thus, Rari will become the governance token of the decentralized Rarible ecosystem and gives the community the power to influence decisions. Currently, Rari limits owners to voting on and submitting proposals to the platform. Proposals may include new features, trading fees, and curating featured artworks.
Also, Rari incentive’s NFT trading through marketplace liquidity mining. To achieve this, Rarible distributes 75,000 Rari tokens per week to users who buy or sell digital art on the platform.
With the world of blockchain-managed digital art projected to grow massively over the coming years, digital artists look set to reap the rewards.
And for artists looking to dip their toes into the work of tokenized art, the Rarible marketplace offers an all-in-one solution to tokenize and sell digital art online.
Furthermore, thanks to Rari token, artists have the power to influence decisions on the platform.