NFT Market Analysis: 3 Tips on How to Be a Successful NFT Artist on Foundation

Sun, 20 Mar 2022 10:24:28 +0000

81 Bored Apes Profit

A report from Nature and Scientific Reports recently took a look at how an artist can be successful on a marketplace selling NFT art. They study the Foundation platform, identifying over 48,000 artworks through the associated NFTs listed by over 15,000 artists, allowing them to then further characterize the patterns that govern the networks that shape artistic success.

I thought this would make a great piece of content to share. It’s important to note the unique platform growth mechanism in place at Foundation: as a creator, you need to be invited by someone, and only certain users can invite other users to the platform. Much of the below will make more sense now.

Analysis of User Growth and Sales Over Time

The study grouped users into four buckets: Initial Adopters, Early Majority, Majority, Laggards. This image helps define those trends, and then provides some interesting information on trends over time:

Early Mover Advantage

Well this one is a bit obvious, but Initial Adopters have earned more than the Early Majority, which in turn earned more than the Laggards.

Early artists have also sold more art for a higher average price than the late comers and early collectors have invested in more art at a higher price than new collectors. The study claims that early adopters established themselves as successful artists, benefiting from a significant first-mover advantage. If you didn’t get there first, don’t worry, we’ve still got tips you can use today.

Tip #1: If you’re not on Foundation, get invited by a very successful artist

So how does Foundation work? It is based on the drive to become an established and successful artist, so you can then invite additional artists. There is a proven benefit to being in a good circle of artists, as far as average sale price.

Who knows how it works underneath the hood, but the data doesn’t lie: If you get invited by a successful artist, and your peer group of fellow invited artists are successful, it seems like you’ll have a better chance of being successful, too.

Tip #2: In-platform followers shape NFT valuation, understand the impact

On Foundation, collectors can keep track of their favorite artists by following them. As you might expect the number of followers on Foundation greatly impacts the selling price. Followers will likely see your new mints, driving up demand for your art.

The left hand of this chart below shows you how the number of Foundation followers impacts the total artist earnings.

Tip #3: Grow your Foundation followers with these strategies

Market Yourself

You are the brand if you’re an artist, and your goal is Foundation followers, and Twitter followers, in that order of importance. Any tips you’ve discovered? Please leave them in the comments!

I also invite you to check out my company’s new Roku Channel, called StreamNFT. You can view your NFTs, and tons of others, right on your existing Roku-Enabled TV. Stay tuned for the next NFT Market Analysis!

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