This transcript was generated from the episode audio and may contain minor errors.
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Are NFTs still a thing? Can you still make money from them? Did you lose money on them? We haven't talked about NFTs in a long time. Got a listener question today.
Can I still make and sell NFTs? We will delve into it, but short answer is yes. There is still a market for this. There's still a lot of artists making NFTs. There's still a big user base.
It has changed a lot, for sure, since the big NFT boom. So it's definitely not easy money the way it was for a time. But let's unlock perhaps the secrets or at least the method of turning a digital landscape into a coveted NFT, or at least an NFT that people want to buy, let's say, from crafting your digital masterpiece to finding its place in the ever-evolving market. Let's see what we can do. We'll hear from Amir, he's in San Francisco.
His question's coming up, along with my detailed answer in just 30 seconds. [Music]
Hi there, I'm Amir, an artist based in San Francisco known for my vibrant digital landscapes. Recently I've grown curious about the NFT space as a new avenue for monetizing my art. However, I'm a bit overwhelmed by the technical aspects and the market dynamics. Could you guide me through the key considerations I should keep in mind as I venture into turning my digital art into NFTs?
Also, what are some effective ways to market these NFTs to potential buyers who appreciate my style of work? [Music]
Amir, let's talk about NFTs. I think just a note of, is it not warning? I don't know if it's warning. It's more just like be aware, like let's just be realistic.
The digital art market has seen both meteoric rises and significant corrections. Like a lot of the NFTs that came out at first, they are down 80%, 90% in value, while some others continue to hold some value and new ones are launching all the time. So I would just say this is not a get rich quick plan, but if you like digital art, which I think is pretty cool, I still think NFTs and AI art and stuff from Mid-Journey or Dolly, I think that's kind of fun. So just understand the current realities. So if you understand that, the next step is to do some research, look into some various blockchain platforms.
Obviously there's Ethereum, there's Avax, there's Solana, many others. They all have different processes for how you can mint or create an NFT on that network. And then you have a blockchain address that can then be listed for sale on various platforms. I know OpenSea was a huge one. I'm not sure what else is out there.
The world of NFTs and all things cryptocurrency, broadly speaking, it just changes so much. It's like every three months, like the whole world is kind of like reinvented. At least it feels that way, maybe it's more like six months and maybe it's not everything being reinvented, but you wanna do some active research on what matters now. And Discord is great for that. Like Discord tends to be where Discord and Twitter are probably the two places where most online conversations are happening about NFTs.
And again, anything broadly related to cryptocurrency or blockchain, broadly speaking. So do that research before you do anything else. And of course, make sure you're committed to the art for art's sake. You wanna make money with your art. I think that's admirable.
I totally support people in doing that, but it's also good to like, okay, do I have a creative purpose for this? And if your answer is yes, I have a creative purpose and I want to profit, then that's great. That's when you kind of delve in further and keep going. If you don't have a creative purpose for it, then I almost think there's probably some better answer for you, probably some better business idea or better side hustle idea to pursue because this is really kind of a high risk strategy or at least it's maybe not taking a huge amount of risk, but the odds of success are relatively low, just considering all the different art that's out there all the time. And most of it doesn't have a lot of value.
Keep that in mind. I hope you'll be the exception. Let me know what you think. Listeners, if you have a question, sidehustleschool.com/questions, let me know what you're working on, what you're up to, what's going well, what's not. We got a new episode out every single day.
It's always free wherever you get your podcasts, Apple Music, Spotify, anywhere else, or directly on the website. And I'm excited to bring you so much more as we roll out the year. That's it for now. My name's Chris Guillebeau. This is Side Hustle School.
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from the Onward Project.
