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In recent years, non-fungible tokens (NFTs) have soared in popularity — and it doesn’t look like the momentum will be dying down anytime soon. NFT artists potentially can make some cash (or cryptocurrency). But how much?
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New research from Crypto.news found that the average price of NFT art is $232.24, with the top 20% of NFT art collections pulling in over $8,000 in sales over a 30-day period between mid-June and mid-July. One in four NFT collections rakes in at least $3,773.63 per month, or $21.77 per hour, touting an average price of $862.52 per piece.
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Are these numbers accurate, and furthermore, how can interested artists break into the NFT space to rake in a profit?
Before you go diving into making NFTs solely to land a windfall, bear in mind that not every artist will prosper in this increasingly competitive and saturated field — far from it. In fact, the numbers in this new research are more than a bit misleading.
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“It is possible to make this much money; however, these figures are skewed enormously by the bloated returns earned by the very top collections, which can sell for hundreds of thousands of dollars per NFT,” said Dan Ashmore, cryptocurrency data analyst at CoinJournal. “All through the crypto rally, there was a growing centralization of wealth among the top NFT collectors.”
The length and rigor behind creating art wholly depends on the artist; but, once her NFT work is complete, she can very easily push it out into the world.
“One can upload a collection of photos to the blockchain in minutes,” Ashmore said.
The barrier to entry may be lore, but it does take work to make it catch interest and ultimately sell an NFT.
“The challenge is really in the marketing rather than the art — the blockchain makes the idea of NFTs accessible to all,” Ashmore said. “The most successful collections have built up a type of exclusive, members-only club where to gain access you need to own an NFT. This involves things such as merchandise for owners, private online chat rooms, events such as members-only parties and other ideas.”
NFTs are hot, hot, hot — which means artists must stand out from the crowd with a remarkably distinct piece/collection.
“To get started with NFT art, one must have unique artwork,” said Sudhir Khatwani, founder at The Money Mongers. “If it’s not unique, it will not get much attention as thousands of people are selling NFTs online these days.”
There are a few ways to make money off rendering NFTs beyond just selling them. Jonathan Merry, director at Bankless Times, walked us through some possibilities:
To kick off a career in NFTs, here’s what you need to do:
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Realistically, a talented and aggressive NFT artist can expect to draw in decent dough in the first year — at least enough to count as a decent side hustle.
“The space varies immensely, but serious artists breaking into the NFT space should expect to make at least $10K in their first year,” said Rylee Armond, a cryptocurrency/NFT media consultant, NFT artist and the founder of Omnicake Web3 Media Consulting. “Have there been projects or artists that make more than this? Of course, especially if a larger project mints out (sells every NFT), this can be much more than $10K in total.”
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