In this article, we’ll deep dive into how much do NFT artists make? and what kind of earning potential they offer. There is no secret that the art world is a competitive, and often elusive, industry. Artists used to auction physically their artworks and paintings. It was very easy to copy their artworks even though in the digital era, digital arts got copied easily. But blockchain technology changed the game completely. It introduced a method to tokenize digital arts and save the proof of ownership on a smart contract. So nobody can copy and use the art without the owner’s permission. When the whole process of ownership was changed, how it was possible to sell/purchase methods of digital arts does not evolute. So with these methods, arts popularity got increased and digital art NFTs started auctioned off in online auction houses. Some hardworking and lucky artists made life-changing money with it. Like beeple an NFT artist sold his digital artwork name “everydays” for $69 million and created a record in the nft world. Let’s get back to the topic, our question was how much do NFT artists make? Unfortunately, there’s no easy answer. But by understanding the various factors that come into play, you can give yourself a better understanding that how much do NFT artists make.
Commission on sale:
NFT artists typically make a commission on each NFTs sale they make. The percentage they earn depends on the platform they’re using and the type of programing contract they submit on blockchain smart contract. For example, on OpenSea, the largest NFT marketplace, artists can choose to receive either 80% or 100% of the sale price.
However, it’s important to keep in mind that most NFT platforms take a cut of each sale as well. For example, the Opensea marketplace charges a 3.5% platform fee. This means that if an NFT artist sells an NFT for $100, they would only receive $96.50.
NFT artists have to pay gas fees:
In addition to platform fees, NFT artists also have to pay gas fees. Gas fees are like processing fees to initiate an NFT transaction on the Ethereum blockchain. These fees can vary depending on how congested the network is, but they typically range from a few cents to a few dollars.
If the NFTs are stored on the Ethereum blockchain, each time an NFT is bought or sold, the buyer and seller have to pay gas fees. So, if an NFT artist sells an NFT for $100, they may have to pay $1 in gas fees. This means that they would only receive $99 from the sale.
Related: How Much Does It Cost To Create An NFT – Real Analysis
Royalty:
Some NFT artists also receive royalties for their work. A royalty is a percentage of the sale price that goes to the artist each time the NFT is resold/repurchased on a secondary marketplace after its first sale. For example, an NFT artist may receive a 5% royalty on their work. This means that if an NFT is sold for $100 don’t the secondary marketplace, the artist would receive $5. The royalty percentage is typically set manually by the first owner or creator when they mint their NFT on a blockchain smart contract. The royalty is defined in the programming on the smart contract. However, some platforms, like Foundation, allow buyers to choose how much of the sale price they want to go to the artist as royalty.
NFT artists can also earn tips:
In addition to commissions and royalties, NFT artists can also earn tips. Tips are voluntary payments that buyers can make to the artist in addition to the sale price of the NFT. For example, if an NFT artist sells an NFT for $100, the buyer may choose to leave a $10 tip. This means that the artist would receive a total of $110 from the sale. Tips are a great way for NFT artists to earn additional revenue, but they’re not guaranteed. It’s up to the buyer whether or not they want to leave a tip.
How Much Do NFT Artists Make?
The amount of money an NFT artist makes also depends on how popular their NFTs are. If an NFT is in high demand, it will sell for a higher price. And, if an artist has multiple NFTs that are in high demand, they can make a lot of money. On the other hand, if an NFT is not in high demand, it will sell for a lower price. So it is mandatory for NFTs artist to create NFTs that the audience loves to buy.
So there is no easy answer to the question, “How much do NFT artists make?” The amount of money an NFT artist makes depends on a variety of factors, including the platform they’re using, the type of contract they have with buyers, the gas fees they have to pay, and how popular their NFTs are.
Final thoughts:
That’s everything you need to know about how much do NFT artists make. As you can see, this is a complicated question. The amount of money an NFT artist makes depends on a variety of factors, including the platform they’re using, the type of contract they have with buyers, the gas fees they have to pay, and how popular their NFTs are. The best way to find out “How much do NFT artists make” is to ask artists directly. If you have any questions or suggestions do not hesitate to ask in the comment section. I would love to answer. Thanks for reading!
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