As we steadily make our way towards the end of 2022, the global economy remains in a bit of precarious position. In these times, it would be imprudent to just rely on one stream of reliable income as an artist to pay for your personal expenses and your business. We have to think about our financial freedom and how we can rid ourselves of monetary constraints that restrict our personal and creative freedom.
How can an artist possibly achieve that?
Well, there are a number of ways, but the one we will be focussing on today is the NFT space. Being someone who has added NFT sales to their business’ income stream, I would like to share some ways on how you can do the same.
Diversification of your NFTs
Diversification is the first piece of advice one gets when getting into investing NFTs and I completely agree with that. Therefore, we have to diversify and hedge our investments risks by investing in different NFT art pieces. Even when purchasing art, art collectors have to be mindful that artists can fall in and out of trends and the value of their work is definitely impacted by those changes. When you’re invested in a single artist or a single artwork, if the market for that specific artist or genre goes out of style, you have complete exposure to that depreciation in value. So experienced art collectors buy artworks by a variety of different artists.
Additionally, acquiring a diverse portfolio of artworks, focusing on incomparable examples of an artist’s most recognizable work, from the most important period of their career, is another way to maximize investment returns because these works are most likely to achieve the highest prices when it’s time to resell. It is also important to focus on artists with strong markets and career trajectories.
Collaborating with an NFT creator
Within the creative economy, you might have noticed how frequent and popular collaborations are, this is largely due to how mutually beneficial this arrangement is as both parties are able to promote their work to each other’s audience. This principle applies to NFTs as well. If you are an artist, collaborate with other NFT artists or brands that can help you raise your profile and brand value. This is obviously something that takes time and considerable planning, as well as finding the right kind of people that you would like to collaborate with. However, when done right, a collaboration can be an incredible opportunity for your NFT art to hit stratosphere!
Visiting or participating in local NFT art events
With the NFT boom of the past two years, promoting NFTs is not an endeavour that is exclusively relegated online, as there is a growing number of actual art events that aim to bring together artists and collectors under one roof to network and promote their work. This is a great opportunity for any NFT artist to integrate themselves into the local NFT scene, get the word out and also find fellow artists to provide mutual support and guidance. This brings us to…
There you have it, just a couple of ideas to consider on how to build a secondary income stream out of NFTs. It bears repeating that consistency is key and you have to stick to educating and keeping yourself updated on NFT art consistently if you want to get anywhere with it. So, if you have not started minting yet, get going now!
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