New research reveals how much money NFT artists can make per month

New research has indicated that the top 30 per cent of NFT artists are earning over the UK minimum wage, the top 20 per cent earning at least £80k per year, and the top 10 per cent are earning enough to be in the top 0.5 per cent income earners in the UK, according to IFS thresholds.

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

The analysis revealed that over the last 30 days, the average price for NFT art is £196.06 per artwork. Average 30 day sales for an NFT collection totals £35,878.98, based on the average NFT price and average sales volume of 183 sales per month.

With monthly sales ranging from £6,700-£34.9m, the top 20 per cent of NFT artists can earn at least £80k per year in sales. This means that successful NFT artists could earn as much as a sales director or lawyer, according to wage data from ONS.

The top 10 per cent has made over £34k in the last 30 days, which would put them in the top 0.5 per cent income threshold in the UK, based on yearly estimates.

However, median monthly earnings equal £102.08, with the bottom 35 per cent of NFT collections delivering zero sales, and the top 30 per cent earning at least £1,395 in sales, which is the monthly UK minimum wage.

The top 25 per cent earns at least £3,174.79 per month, or £18.32 per hour from NFT art collections, with an average price of £725.25 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 ether, or £91,583.80, based on the last 30 days. It has also earned the most from sales over the last 30 days, totalling £36.2m. The average number of NFT assets per collection is 5,589.92, with an average of 39 per cent ownership.

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

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 fluctuates, 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.”

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