As an entrepreneur, real estate business man, and venture capitalist, being driven by passion, Ryan Dean Hoggan have always been passionate about entrepreneurship, start-ups, and brand building.
There is no doubt that his willingness to take chances is noteworthy and goes to show what side of the ‘coin’ (pun intended) he belongs to in the world of cryptocurrency and NFTs—and real estate investment—albeit unrelated.
Ryan Dean Hoggan is unafraid of change, and this year his focus is NFTs. He’s hoping that upcoming digital artists looking to tokenize their talents would be brave-hearts ready to take the ‘bull’ by the horn, even in the presence of a ‘bear.’
Yes! NFTs are not excluded from the everyday market.
So, what are NFTs (Non-fungible tokens)?
NFTs are tokens that can be digitally utilized to represent and publicly declare ownership of a whole lot of unique items. Although it is only logical that since NFT is an emerging digital revolution, digital items such as media files seem like the only permitted residents.
Contrary to this line of thought, NFTs basically cover anything that can have unique and non-interchangeable properties. Any unique item with unique properties and ownership worth recording on the blockchain is a potential NFT.
It is important to note that no one can modify, duplicate or mimic an NFT into existence. All NFTs are digitally unique; no two NFTs are the same.
As an artist new to the NFT market and looking to monetize your craft via this platform, here are a few things you should know before landing your own internet-breaking sales and probably beat Beeple at their game:
Research and study NTFs
There is no doubt that the NFT space is going to explode and currently, it is dominated by art. But the term ‘art’ itself and its application is fast becoming relative, especially with the increasing popularity of memes and its introduction to the prestigious club.
Securing proof of ownership is the goal since an original art creator or the “minting artist” is always regarded as the owner of the digital artwork. If you skip a lesson, then you may find yourself perplexed with a distasteful pit of gas fees, taxes, and even legal battles.
Select the minting platform that best suits your work
Not all platforms will cater to your needs; you need to choose carefully and wisely. There are over 50 NFT outlets to choose from, and that is a sea of confusion.
These digital marketplaces work based on different interests and values. As an artist, you will have to find out your match.
It is important to choose your platform based on service fees and availability of features such as automated resale royalties. The advantage of selling digital art through a blockchain-powered tool such as NTFs platforms as opposed to the old ways of selling canvasses in physical auction houses and galleries is some NFT marketplaces build flexible enough to allow you to choose the level of your resale royalty.
This advantage is not without its limits; the automated resale royalty is in most cases reserved for the platform of the NFT origin. The burgeoning cryptoart market is currently worth hundreds of million dollars, and most of the sales are happening on Nifty Gateway.
Other platforms to watch out for are: Foundation, Open Sea, Rarible, SuperRare, and Knoworigin.