The Value Of NFT Art Amid Crypto Crash: One In Five NFT Artists Earn At Least $96,000 Per Year

The Value Of NFT Art Amid Crypto Crash: One In Five NFT Artists Earn At Least $96,000 Per Year
The Value Of NFT Art Amid Crypto Crash: One In Five NFT Artists Earn At Least $96,000 Per Year

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By citiesabc news - Jul 18, 2022

·       The average price for NFT art is $232.24, with the top 20% of NFT art collections earning over $8,000+ in sales over the last 30 days, as much as an architect or engineer’s monthly earnings, according to wage data from the Bureau of Labour Statistics.
·       One in four earns at least $3,773.63 per month, or $21.77 per hour from NFT art collections, with an average price of $862.52 per artwork.
·       Total sales in the last 30 days equals $317m, with Bored Ape Yacht Club being the bestselling NFT art collection earning over $41m+ in this period.

The Value Of NFT Art Amid Crypto Crash: One In Five NFT Artists Earn At Least $96,000 Per Year

NFT trends have immense potential to change the way of experiencing the web- buy and sell art, brand products, and even create or experience art. According to some experts, 2022 sounds like a promising year in terms of Web 3.0 and NFTs taking off to new heights.

New research has revealed how much money NFT artists can make per month, with the top 35% earning over the U.S minimum wage, the top 20% earning at least $96,000 per year, and the top 10% earning enough to be in the top 5% income threshold in the United States.

A comprehensive research report: Key findings

The research, conducted by crypto and blockchain news site Crypto.news, analysed the last 30 days of global NFT sales data from 2,675 NFT collections on CoinMarketCap to establish the average salary for an NFT artist, using currency conversions from 12 July 2022.

The analysis revealed that over the last 30 days, the average price for NFT art is $232.24 per artwork. Average 30-day sales for an NFT collection total $42,499.92, based on the average NFT price and average sales volume of 183 sales per month.

With monthly sales ranging from $8,000-$41.5m, the top 20% of NFT artists can earn at least $96,000 per year in sales. This means that successful NFT artists could earn more than an architect, engineer or fashion designer, according to wage data from the Bureau of Labour Statistics. The top 10% has made over $41,000 in the last 30 days, which would put them in the top 5% income threshold in the U.S, based on yearly estimates.

However, median monthly earnings equal $121.47, with the bottom 35% of NFT collections delivering zero sales, and the top 35% earning at least $1,160 in sales, which is the monthly U.S. minimum wage. The top 25% earn at least $3,773.63 per month, or $21.77 per hour from NFT art collections, with an average price of $862.52 per artwork for this quartile. These calculations are based on a 40-hour work week, using sales figures over the last 30 days.

The most expensive NFT collection is Bored Ape Yacht Club, which has an average price per NFT of 101.96 ETH, or $108,948, based on the last 30 days. It has also earned the most from sales over the last 30 days, totalling $43.15m.

The average number of NFT assets per collection is 5,589.92, with an average of 39% ownership.

Ethereum is still the main cryptocurrency used for purchasing NFTs, used in over half (55.14%) of all NFT collections. Solana and Binance USD were used in over one-fifth each (22.42% and 21.57%, respectively). The remainder is made up of collections where the blockchain was not recorded.

Notable collections include Murakami.Flowers by artist Takashi Murakami. Many celebrities have launched their own NFT collections, including Paris Hilton, Snoop Dogg and Madonna.

The top ten NFT collections by sales earnings in the last 30 days are:
· Bored Ape Yacht Club - 368 sales totalling $41.5m
· CryptoPunks - 528 sales totalling $37.7m
· Otherdeed for Otherside - 4,690 sales totalling $25.4m
· Mutant Ape Yacht Club - 991 sales totalling $20.9m
· CLONE X - 1,001 sales totalling $13.7m
· Moonbirds - 535 sales totalling $13m
· goblintown.wtf - 2,912 sales totalling $12.7m
· Doodles - 652 sales totalling $10.6m
· Moonrunners - 22,349 sales totalling $9m
· Azuki - 612 sales totalling $8.5m

Over the last 30 days, 8,87m ether, or $9.73bn, of volume has been traded.

NFT Art: A realm that unfolds with time

A spokesperson from Crypto.news commented on the findings: -

Much like traditional art, the value of NFTs can be highly subjective. However, NFTs can offer owners something extra, such as in the case of Bored Ape Yacht Club where owners are granted access to an exclusive community. This exclusivity can drive the values even higher. As the price of cryptocurrencies fluctuate, so too will the value of its art. While fine art is typically considered a good investment, the world of NFTs is still in its infancy, so it will be exciting to watch how the value of the art which pioneered this movement develops over time. From what we have seen from the sales figures of the top 20%, it has paid to be an early adopter in this space, and the market is still going strong with a total of $317 million in sales in the last 30 days.”

Key Players – SolSea, Binance NFT and Rarity Sniper, monitor the market across Ethereum, Solana and Bitcoin, which are the main blockchains used for NFTs. Ethereum’s share of the NFT market is dominant, around 80% as of February 2022.

While we cannot guarantee that these figures represent the entire market, the data used in the study covers the global activity seen across the most popular NFT communities.

The study was conducted by Crypto.news, a crypto and blockchain news site.

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