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?
Here It Is: Our 2022 Small Business Spotlight
Small Business Spotlight 2022: GOBankingRates Celebrates Small Businesses Across the US
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.
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.
Check Out: 6 Alternative Investments To Consider for Diversification in 2022
“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:
Leasing Out. “The procedure of renting isn’t in the least bit complicated; it operates similarly to leasing out a piece of real estate and collecting rent,” Merry said. “An NFT can be rented by giving it on loan to someone for a predetermined period of time in exchange for cash. An efficient technique to earn profit from NFTs without giving up ownership is to rent out the property.”
Earning Royalties. “The developer of a digital asset might still get passive lifetime royalties even after selling it to a third party,” Merry said. “However, the creator must impose these conditions; and, if someone purchases the asset you made, you will receive royalties for the rest of your life. Royalties are a great source of passive income for artists. When it comes to making money from NFTs, royalties are important to take into account, despite the initial confusion they may cause.
Trading NFTs. “Some business owners and investors buy and sell NFTs like stocks in order to make money,” Merry said. “You can easily sell your collection of NFTs if you no longer need them, in the same manner you would if you had produced them yourself. The only step you’ll skip is the minting procedure. Understanding when to sell is essential when trading NFTs though. Making money from NFTs via trading may appear dangerous to some, but the rewards can be substantial.”
To kick off a career in NFTs, here’s what you need to do:
Have an Ethereum wallet. “This is actually inevitable,” said Igor Zakharov, CEO of the DBX Digital Ecosystem. “Most NFTs are solved via the Ethereum blockchain; and, as such, Ether is the standard medium of exchange used to both buy and sell NFTs.”
Build an audience/community. “NFTs are highly community-driven and this is a vital step in launching a successful NFT career,” Zakharov said. “Besides the obvious social media platform used to build communities, other websites such as Telegram and Bitcoin Talk can be helpful.”
List your NFT. “Conduct some research and determine where to list your NFTs for sale,” Zakharov said. “There are a number of NFT marketplaces, including Open Sea and Super Rare. It could be necessary to list on multiple platforms to widen your chances of making sales.”
Build an audience. Market your art and build a community on online platforms including Discord, Reddit and Twitter.
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.”
More From GOBankingRates
States Whose Economies Are Failing vs. States Whose Economies Are Thriving
Check Out Readers’ Favorite Small Businesses in Our 2022 Small Business Spotlight
Looking To Diversify in a Bear Market? Consider These Alternative Investments
18 Reasons Why You Should Be Using Your Credit Cards More
This article originally appeared on GOBankingRates.com: How To Make It as an NFT Artist
Roger Ackerman, who has died at age 83, doubled the company’s sales in the late 1990s, but some big acquisitions didn’t pan out.
Chinese gaming giant Tencent Holding Ltd (OTC: TCEHY) saw advertising in its nascent short video platform becoming a potential revenue driver, CNBC reports. The new focus puts it in direct competition with China's leading short video players, ByteDance's Douyin, the Chinese cousin of TikTok and Kuaishou Technology (OTC: KUASF). Tencent's foray into a short video is relatively new and looked to step up the challenge to Douyin and Kuaishou. Also Read: Amazon Succumbs To TikTok Fever After Meta, Yo
In a tweet, Brian Armstrong expressed his preference not to censor transactions to and from sanctioned addresses after Ethereum's transition to proof-of-stake.
Criminal activity in cryptocurrency was more resilient than legitimate uses despite the downturn in the crypto market in 2022, according to a new report by blockchain data aggregation firm Chainalysis. See related article: Chainalysis says $2 bln stolen in cross-chain bridge hacks this year, more expected Fast facts Illicit transaction volumes are down just 15% […]
In the margins of the crypto-ecosystem, a frenzy is brewing to snap up .eth domain names before they go mainstream.
Counterfeit and pirated products make up 2.5% of global trade, according to a 2021 study. It sounds incremental, until you do the math — that’s $464 billion a year.
Almost all of the data-storage network’s recent deal growth has come from one incentive program, and project leaders are now looking for new revenue streams.
Stablecoin issuer Tether Holdings has tapped BDO Italia, the Italian branch of accounting firm Binder Dijker Otte, to provide attestation reports.
‘Downloads available on all plans except Netflix with ads’, code in the
(Bloomberg) — Tencent Holdings Ltd. reported its first quarterly drop in workforce in almost a decade, as the layoffs rippling through the global tech sector finally engulf China’s biggest social media player. Most Read from BloombergApple Targets Sept. 7 for iPhone 14 Launch in Flurry of New DevicesCovid’s Harmful Effects on the Brain Reverberate Years LaterBiden Called Cheney After Her Loss to Trump-Backed ChallengerAfter 2,240% Run, Tesla Visionary Leaves UK Fund Bleeding MoneyStock Market P
In just two years, Solana has become one of the most popular cryptos in the world. All it needs now is a "killer app."
Datadog (DDOG) announces expanded monitoring for Microsoft SQL Server and Microsoft Azure database platforms.
Internet usage continues to skyrocket, with 29.3 billion networked devices projected to be in use by 2023 and the growth rate currently at around 10%. Today, an enterprise startup called DriveNets that's built a more cost-effective way for service providers and other outsized connectivity users to scale to meet that demand by leveraging software and cloud innovations — not relying solely on hardware — is announcing a big round of funding, a mark of the rising demand it's seeing for its tech. The Israeli startup provides software-based internet routing solutions to service providers to run them as virtualized services over “white box” generic architecture, and today it is announcing $262 million in equity funding to continue expanding its technology, its geographical footprint and its business development.
The largest U.S.-based crypto exchange announced its intent to temporarily halt ETH-related activity during the blockchain upgrade set for Sept. 15.
Jump Crypto, the crypto arm of high-frequency trading firm Jump Trading Group, announced on Tuesday plans to develop a new open source validator client for the Solana network to boost throughput and reliability. See related article: Solana validators complete restart; Laos ends crypto ban Fast facts Jump Crypto will “propose a major upgrade to Solana’s […]
In light of OFAC’s Tornado Cash sanctions, Ethereum's community debates what to do if validators censor sanctioned addresses.
Google Cloud announced this week that it’s shutting down its IoT Core service, giving customers a year to move to a partner to manage their IoT devices. The announcement appeared at the top of the IoT Core web page this week with little fanfare. The company also sent an email to customers announcing the change.
Britain’s signals-intelligence service has helped to protect critical infrastructure, says Sir Jeremy Fleming
The Federal Reserve on Thursday confirmed that Fed Chairman Jerome Powell will speak at the central bank's Jackson Hole summer retreat on Friday Aug. 26 at 10 a.m. Eastern. The topic of Powell's remarks is the economic outlook.
Shares of troubled retailer and meme stock darling Bed Bath & Beyond Inc. were hit hard Thursday after GameStop Corp. Chairman Ryan Cohen disclosed he is selling a large stake in the company.
Author
Administraroot
