Artist jmw327 turned to Twitter to express how hard it is living on $10,000 a year, which pushed them to turn to NFTs
A financially struggling digital artist who goes by the name of jmw327 has become a Twitter sensation overnight, as their first NFT release will bag them more money than they normally would make in a year. We’ve seen such a move before when Beeple went from Instagram sensation to NFT millionaire.
- Digital artist jmw327 expressed their struggles on Twitter, and the post is now trending with more than 5,000 likes and over 1,000 retweets
- They launched an auction for one of their pieces called “Corner” which currently has a highest bid of 19 ETH with several hours to go
- NFT art marketplaces attract more people despite a growing bear market concern
Digital artist jmw327 has become a Twitter sensation overnight after posting a heartfelt and honest tweet about their struggles in this professional avenue. According to their post, jmw327 keeps struggling to afford basic necessities like healthcare because they make merely $10,000 per year. This pushed the artist to turn to NFTs, despite not knowing how they work or why they are so controversial in traditional art spaces. Now one of their artworks is on auction on Foundation and the current highest bid is 19 ETH, or around $38,600.
From financial struggle to high-value auctions
Digital artist jmw327 has taken over the Twitter NFT space with a simple but heartfelt and honest look at their financial situation. This tweet outlined how jmw327 is struggling to support themselves with only making about $10,000 a year through their digital artwork. In an effort to better their financial situation, the artist turned to NFTs. And this brought immediate results.
Just a couple of hours after posting this tweet, jmw327 posted a link to his first NFT artwork minted on Foundation. The artwork has become a hit, attracting numerous bids, with the highest being 19 ETH at the time of writing. You can check out jmw327’s artwork here.
Can NFTs change lives? It turns out they can
Importantly, jmw327’s story points out an important success that was brought forward by blockchain technology and NFTs. The digital artist was struggling with selling his art only earning several thousand dollars per year. But one single NFT auction is already on the way to bringing them close to four times that amount of money in less than 24 hours.
Previous to their newly found NFT career, jmw327 used to sell similar digital artworks and commissions for about $200 apiece. The difference in value is staggering, while the artwork itself is of exactly the same quality.
However, once minted as an NFT this piece of art becomes authentic and scarce, owned by a single individual storing it in their wallet. This is one of the purest case studies of what non-fungible tokens can bring to both artists and collectors when it comes to value.
We’ve seen this type of success before. Beeple used to make – and still makes – daily images on Instagram, but became a millionaire when he monetized his work through NFTs. In a similar style, music artist 3LAU uses Web3 and NFT technology to monetize his work, which earns him a lot more money compared to streaming music on Spotify.
NFT art marketplaces attract more users
Many mainstream media outlets and traditional art dealers have dismissed NFTs as an art medium. And this is understandable to some extent, considering the NFT boom was predominantly caused by simpler PFP art projects. However, digital artists are starting to turn more and more to this medium as a way to authenticate their work. And collectors seeking out NFT art pieces are also growing in number.
A quick check of the DappRadar Top NFT Marketplaces ranking reveals that art-focused marketplaces have been defying the bearish trends and attracting more users. Rarible, one of the most popular NFT marketplaces out there saw a 5% boost in traders in the past 30 days, bringing the total to over 3,000.
Smaller marketplaces that are even more targeted towards unique art NFTs have also seen activity pumping in the past thirty days. KnownOrigin attracted 32% more traders, while Waves-based SIGN Art saw a 13% spike.
This is an important trend to follow, especially as the crypto market braces for a tough bear climate. NFT art is picking up and it has the potential to change the lives of artists and collectors alike.
DappRadar will continue monitoring the NFT space as more artists like jmw327 turn their lives around thanks to this innovative approach to creativity. To keep up with the latest NFT trends and news, follow DappRadar on Twitter.