Most artists are not making money off NFTs and here are some graphs to prove it

Number of Sales Per NFT. Each different colour represents a different number of times an NFT was sold. Size represents what % of total NFTs in our sample set had that many sales.
Number of Primary Sales at a Given Price (Adjusted for historical price). The taller the bar, the more NFTs were sold at that price (primary sales only). Prices lumped into $100 increments.
Number of Primary Sales at a Given Price (Adjusted for historical price) — see it in circle form!
Median OpenSea Primary Sale Price by Collection. A small number of collections have very high median prices, but most collections on OpenSea average much lower
Same chart — but on a log scale!

Getting ahead of some objections:

This Wasn’t a Surprise

So Why the Promise of Riches?

People invest in the hope of profit. This means that more money has to come into the system — new people have to join the scheme. This is obvious to everyone “investing” — they have to recruit… Old investors are paid with money from new investors — the key characteristic of a Ponzi scheme. Functionally, this is a pyramid scheme — even as it has no specific operator.

If you peel back the slick marketing and technical obscurantism you’re confronted with a simple inescapable cashflow question. Where will all the money come from to pay out all these new paper bitcoin millionaires? The answer is simple: they need it to come from you.

We live in capitalism. Its power seems inescapable. So did the divine right of kings. Any human power can be resisted and changed by human beings. Resistance and change often begin in art, and very often in our art, the art of words.


Github Project

Price and Currency Conversion

A Note on Nifty Gateway

A Note on Proof of Stake

*Fee Calculations


  • Gas fee to mint
  • Primary Sale: -15%


  • Gas fee* to mint
  • One-time “wallet approval” fee*
    This fee allows Rarible to connect with your wallet
  • No “List for Sale” fee for auction items
  • “List for Sale” fee* for fixed price items
  • Gas fees* are charged to the buyer on purchase of fixed price items
  • Gas fees* are charged to the artist when an item is sold at auction
    For example, a piece sold for $5 may require $40-$80 in gas fees
  • All Sales -2.5%


  • One-time account setup fees
    Initialize account fee: -$60*
    Wallet access fee: -$10*
  • Gas fees are charged when the piece is sold
    For example, a piece sold for $5 may require $40-$80 in gas fees
    The artist pays if they accept a bid before the auction is over
    **unless the piece is sold for 1 ETH or more, then OpenSea covers the artist’s gas fees (at the time of writing, 1 ETH = $2018 USD)
    The buyer pays if the buyer wins the auction
  • Primary Sales -2.5%


  • Gas fee* to mint
  • Primary Sales: -15%

Canadian concept artist

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Kimberly Parker

Kimberly Parker

Canadian concept artist

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