NFT Artists Can Still Make $121 Monthly in the Bear Market, Says Latest July 2022 Research (2024)

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NFT Artists Can Still Make $121 Monthly in the Bear Market, Says Latest July 2022 Research? ›

NFT Artists Can Still Make $121 Monthly in the Bear Market, Says Latest July 2022 Research. New research has revealed how much money NFT artists can make per month. According to the research: The top 35% NFT artists earn over the U.S minimum wage.

Crypto marketing firm DappGambl estimates that 95% of NFT's on the market are now worthless.

As the market became more crowded, the value of NFTs plummeted. The value of NFTs is often tied to the value of cryptocurrency, especially Ethereum. As the crypto market went through a downturn, so did the buying power for NFTs.

As of Jun 10, 2024, the average hourly pay for a Nft Artist in the United States is $24.65 an hour. While ZipRecruiter is seeing hourly wages as high as $40.38 and as low as $9.13, the majority of Nft Artist wages currently range between $17.55 (25th percentile) to $27.88 (75th percentile) across the United States.

A 2023 report from crypto analysis firm dappGambl found that 95% of NFTs are worth practically nothing. The report found that, following the immense hype over NFTs between 2021 and 2022, around 79% of all NFT collections have remained unsold.

The direct and effective method of making money with NFTs is to create and sell them. Yes, you can create and sell anything digital such as arts, images, videos, memes, properties, etc., as NFTs. If you have a notch to creativity, you can monetize all your creations by selling them as NFT.

TechNavio anticipates that the NFT market will expand at a 30 percent CAGR from 2024 to 2028 and reach a value of US$68 billion by 2028. This occurrence is probably due to innovation, increased adoption, and the growing realization of the benefits that NFTs offer in connecting the digital and physical worlds.

Non-fungible tokens (NFTs) and ordinals are assets that are tokenized using a blockchain. Because blockchains use energy, NFTs can contribute to greenhouse gas emissions and climate change through their production, exchange, and storage.

With a nearly two-year bear market behind us, wherein 2022 NFTs were dubbed the gateway drug to crypto and had a $21 billion dollar market cap before crashing to speculations of worthlessness. It appears in this 2024 bull run the NFT industry is determined to make a conscientious comeback.

The decline in sales doesn't necessarily mean NFTs are going bye-bye. Instead, it points to the growing prevalence of low-barrier NFT sales and the space becoming more accessible to general audiences, who may not want to spend a lot on NFTs right away.

Who is the richest NFT artist in the world? ›

PAK. Pak, an anonymous digital artist, is now ranked as the highest-grossing artist in the world of NFTs. Pak has been an active member of the digital media world for the past two decades and remains anonymous to this day.

NFT royalties are an elegant way for artists to get paid every time their art is sold, provided it's done so on an exchange that enforces royalties. The calculations are performed within smart contracts and result in a payout to the artist's wallet once their NFT experiences a secondary sale.

Staking: If you own valuable NFTs and store them long-term on a platform or in a protocol (known as “staking”), you can earn interest on them. For example, if you stake one of the 11,111 existing “Creepz” on MOBOX, you can earn around $75 a day in interest (as of August 2022).

The NFT bubble has burst, according to an analysis of 73,257 collections that showed 95% of them to be worthless. The market for NFTs, or non-fungible tokens, has come to a crashing halt, according to a new report from researchers at dappGambl.

Rather than fading away, the NFT debate “has shifted to the longer-term impact of blockchain applications in the art market,” according to the annual Art Basel & UBS Art Market Report. The NFT market has dropped substantially since its peak in 2022, but the bottom seems to have passed.

Since most NFT trading activity used cryptocurrencies, the devaluation of these digital currencies meant that investors had less capital to invest in NFTs. The resulting liquidity crunch was a significant blow to the NFT market, which heavily relies on the health and stability of the broader crypto ecosystem.

But NFTs are still showing signs of life and interest from businesses and consumers. High-value brands, including the Premier League, Louis Vuitton and McDonald's, announced plans for NFTs in 2023. I believe there remains a future in NFTs—and with it, there is an opportunity to evolve.

Has the value of NFTs dropped? Yes, the value of many NFTs has significantly declined following their initial surge. This drop is attributed to various factors, including market saturation, decreased speculative trading, and shifts in the broader economic environment.

The decline can be attributed to the NFT market's dwindling trading volume, which has plummeted 97% since its peak in 2021. Adding to the gloom, the once-thriving market, renowned for generating millions per sale through collections like CryptoPunk and Bored Ape Yacht Club, now struggles to generate even hundreds.

“NFTs have seen incredible returns on investment, with rare and sought-after pieces being sold for big profits, and some NFTs can still offer a unique way to diversify your investment portfolio if you have already invested in other digital assets. The reality, however, is many NFTs stay unprofitable.”