It's not easy to make money from your art. In fact, the vast majority of artists make very little money at all. If they are even in a position to still create. A common experience of many artists is being discouraged by family or friends to pursue art full time. "Being an 'artist' is more of a hobby than a career." "You don't want to become a ‘starving artist’." "Perhaps that's something you can pick up later in life when you've retired?"
Thankfully, a new digital age is emerging. One that could see a world where a young person is encouraged to explore the pursuit of art as a career. One where society's most creative minds are celebrated, rather than suppressed.
The rise of non-fungible tokens (NFTs) has created new opportunities for artists to create and sell unique, limited edition, work.
The rise of non-fungible tokens (NFTs) has created new opportunities for artists to create and sell unique, limited edition, artwork, photography, and even music. NFTs are digital assets that are one of a kind and can be sold and traded on the blockchain.
We’re still in the early days of NFTs, but there are already a number of ways artists can make money with them. You can sell your work directly to buyers, collectors and galleries, sell your work to other artists, and even work for or create your own NFT project. They can also work on projects or create their own projects.
Artists have the potential to earn more money selling their work as NFTs than selling physical copies.
For the average creator, who may be creating as a hobbyist or freelance professional, NFTs can be a great way to supplement income. Particularly in comparison to physical copies. A few reasons why:
- NFT artists tend to keep a larger percentage of the profits due less overhead involved in production and distribution
- Selling online is easier than setting up and standing at a craft show for hours over the weekend. Smart contracts and blockchain technology streamline the process of buying and selling digital art without worry of shipping and currency exchanges.
- NFTs are global, providing you with access to a worldwide audience of potential collectors by way of a number of marketplaces like, OpenSea, Rarible, and MagicEden.
That said, monetizing your skills in the digital world is about much more than the work you create. There are more tactical considerations like marketplaces, category, price point et. al. that will impact sales.
What influences a digital artist’s ability to sell their art?
While open and available for most to use (as long as they have access to internet), there are still many things that can make it easier or harder for you to find buyers. Some of these factors include:
Where you're selling: some key considerations when selling your art include the blockchain you use (Tezos, Ethereum, Solana are a few popular ones) as well as the marketplace you're selling them on (Rarible, OpenSea, and Magic Eden to name a few). Each chain and marketplace have their own opportunities and challenges, so it's important to research thoroughly before making a decision.
Your category of art: there are many categories of art where NFTs are being used. The most widely adopted to date has been 1:1 and edition art pieces, however quickly gaining popularity are both Photography and Music NFTs. All collectors don't necessarily collect across all categories and all categories don't have the same average price points which can affect your ability to sell.
The interests of collectors: a frustrating but well-known fact for artists currently in NFTs is that a majority of the money being spent by collectors is going towards PFP purchases (profile picture with collectible or trading card-type assets like, Bored Ape Yacht Club and World of Women) over 1:1 art.
The market: the NFT markets are new, volatile, and can be susceptible to overarching global market conditions, similar to stocks, bonds and other asset classes. No different, the NFT market can be impacted by inflation, global politics, and many more things out of an artist's control.
An essential element to selling your art is Storytelling and Community Building
As the digital art market matures it’s becoming clear to artists that there are, often overlooked, "soft skills" that impact your ability to sell. You have to market yourself, define and find your community (also known as "collectors"), and engage them in an ongoing process of storytelling.
If web2 was the competitive-economy, web3 is the community-economy. And the most effective way to build community is through storytelling. You don't need to be an expert, you simply (and authentically!) need to talk about your work, why you make it, your process (within reason of course), and experiences as you build and grow through this journey.
Some people will buy your art because they like the piece. More will buy it because they like you, the artist, connect with your experiences, and want to support you. I'll be writing about this at length in an upcoming post.
Conclusion
While it can seem (and be) overwhelming, start with step #1 - do you want to sell your work online? If the answer is a resounding YES, all other decisions and actions are in service of that goal. Spend time researching, join communities and collectives of like-minded people, and most importantly (in my opinion) BE PATIENT. No matter what stage you're at in your life, you've never been better positioned to share your work with the world and be paid for those contributions.
