How do NFT artists earn income?

NFT artists primarily earn income through the sale of their non-fungible tokens (NFTs). When they create and mint an artwork as an NFT, they can list it on online platforms like OpenSea or Rarible, where collectors can bid on or directly purchase their artwork using cryptocurrencies such as Ethereum. Artists generally receive a percentage of the sale price, often around 10-15%, as a royalty fee whenever their NFT is resold on these platforms in the future. This provides them with ongoing income as their artwork gains popularity and value, even after the initial sale. Additionally, artists may offer limited editions or special perks with their NFTs, such as exclusive access to future artwork or physical merchandise, which can attract buyers and generate further revenue streams. Some artists also engage in commissioned work or collaborations with brands, influential figures, or other artists, which allows them to earn additional income outside of direct NFT sales. Overall, the rising interest in NFTs has opened up new opportunities for artists to monetize their digital creations and gain financial independence in the digital art world.

This mind map was published on 16 August 2023 and has been viewed 52 times.