The market for NFTs or non-fungible tokens has exploded this year – and many developers have benefited from the hype.
Among them is Brooklyn artist Blake Jamieson, who made over $ 46,000 in six weeks between February 1st and mid-March and sells NFTs of his artwork on platforms like SuperRare and OpenSea.
“I firmly believe that I’ll be a millionaire in eight weeks just because I see the potential of the NFT material,” says Jamieson. “I have a really big Rolodex of pro-athlete clients and they are like they’re breaking my door into doing this stuff.”
NFTs are unique digital assets like JPEGs and video clips that are represented by code recorded on the blockchain, a decentralized digital ledger. Any NFT can be bought and sold, just like physical assets, but the blockchain makes it possible to keep track of the ownership and validity of each one.
Jamieson, a successful artist known for his vivid paintings and has a clientele of professional athletes including the former NFL running back CJ Anderson, learned about NFTs from his friend, NFT artist and former MLB player Micah Johnson.
Artist Blake Jamieson
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Jamieson created NFTs of his art, which ranged from athlete portraits to abstract paintings, by taking high resolution images of his previous work and embossing those JPEGs for sale on NFT platforms. For example, Jamieson took photos of sections of a “trippy, funky” acrylic cast painting he created in 2020 and listed each and every “part” of it as a separate NFT on SuperRare as a series.
“I was like, ‘Someone is going to pay me over $ 150 for a JPEG of a painting I did two years ago that I don’t even think about?’ That makes me more excited, “he says.
As soon as the bids are received, it’s “just a snowball” thanks to the SuperRare algorithm.
In about a month and a half, Jamieson made about $ 40,000 from 17 sales on SuperRare. In total, Jamieson has sold 19 NFTs for $ 44,399 on SuperRare to date, according to the platform, with his highest NFT sale being $ 4,772 and an average retail price of $ 2,336. On OpenSea, Jamieson sold an NFT of his painting by Lebron James, which sold for about $ 6,500.
So far, his NFTs have sold for less than Jamieson made from his physical art – he usually sells pieces for $ 10,000 to $ 15,000, about $ 100,000 to $ 150,000 total a year, he says. In 2020, Jamieson made around $ 800,000, largely due to a collaboration with collector company Topps, which commissioned him to recreate 20 different “legendary” baseball cards for the company’s 2020 project.
“But that extra NFT income has a huge impact on today’s business,” he says.
Now Jamieson is promoting his NFT drops on social media and is excited about the potential.
“There is a proven shortage of these things, while you could get a print and they could say, ‘Oh, that’s one in 10’ but it could print 50. You wouldn’t know. But with NFTs you will know “Said Jamieson.
“Just think of the long-term growth of the concept of absolute authenticity and verifiable scarcity. This is much more exciting than, ‘You just bought a JPEG.'”
Jamieson is currently working with Topps again on a series called Project70 which he projects to make $ 500,000. And he’ll continue to sell NFTs on the side.
Recently, the NFT market appears to have cooled off as sales volume fell and prices fell too. However, Jamieson is confident that the market will continue to grow even if prices stabilize.
“I think there’s a price bubble right now, for which things are going,” he says, but “I think so [the current NFT market] is just the tip of the iceberg of what is possible. “
“I think it’s a great opportunity for artists and it’s silly for artists to ignore it at this point. I don’t think it’s going anywhere.”
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