New research has revealed how much money NFT artists can make per month.
According to the research:
- The top 35% NFT artists earn over the U.S minimum wage
- The top 20% earn atleast $96,000 per year, and
- The top 10% NFT artists earn enough to be in the top 5% income threshold in the United States
The research, conducted by crypto and blockchain news site Crypto.news, analyzed 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 July 2022.
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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 totals $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 – $41.5 million, 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 Labor 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% 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 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 $43.15 million.
The average number of NFT assets per collection is 5,589.92, with an average of 39% ownership.
In terms of crypto usage:
- 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.
Over the last 30 days, 8,87 million Ether, or $9.73 billion, of volume has been traded.
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RECOMMENDED READING: Facebook Begins Testing Ethereum and Polygon NFTs on User Profiles
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