How To Survive the Bear Market as an NFT Artist

Anyone working in web3 knows that pulling through the bear market can be tough, but with each challenge comes an opportunity to learn, improve and excel on the other side. Let’s find out how you can turn the bear market into an advantage!

Enter.art logo
@enter.artPUBLISHED 8TH DECEMBER 2022

I'm sure you've heard it a million times: "The bear market is here. And it’s the root of all evil." It's true in some sense, but it's not quite as bad as everyone thinks. The fact is that the crypto market has been in a bear phase for many, many months now, so there's no reason to panic or give up on your dream of becoming an NFT artist just yet. Quite the opposite is true!

As often in life, it’s a matter of perspective.

Be Patient

Patience is a virtue. It's important to have patience with yourself and your art, because it will help you get through the bear market. When things are going well and you're making money like crazy, it's easy to feel like there's no reason why you can't succeed at anything — but that's not true!

It takes time for any business or creative project (even if it’s already had success) to grow into something bigger than itself. The same goes for NFT artists: We're still learning how best to do what we do, so our work may not be perfect yet. In fact it is highly likely that the day you’ll finish your best work is still in the future.

Patience is also key when dealing with difficult situations in life — like having an unexpected job loss due to layoffs or budget cuts at work. In these situations I've learned that patience helps me avoid getting stressed out too much by thinking about all of my options right away, without considering any benefits or drawbacks beforehand.

Patience is a true advantage to have in life, whether it's waiting for something good or bad to happen. It helps you out when things are not going your way and you need to bide time until things improve for you. But patience does not mean falling to deep sleep without doing anything, though.

Stay Focused on Improving Your Skills, Keep Working Hard and Practice Every Day

As an NFT artist, you should keep focused on improving your skill set. If you don’t have a strong portfolio and portfolio content strategy, then it will be hard for people to see what you can do.

By keeping up productivity and practicing every day you are better equipped to stay up-to-date with the latest trends in the field. Right now new opportunities to manifest your creativity in art are arising on a daily basis. Only practice makes perfect!

You might consider continuing learning new things about art and technology as well as exploring new mediums like 3D printing for example. It's not just about making art — it's about improving yourself so that when the bear market ends, you'll still be able to find work —  be it as an independent NFT artist or in a real world situation.

While you keep looking into the future you, should not forget the past. Knowing your roots as an artist is a valuable asset, so think about putting some time into a little trip down the history of art once in a while to learn more about the amazing art from artists that lived before you. Explore other cultures, and their unique take on artistic expression.

When the bear market ends and the crypto economy becomes more stable, it will be easier for you to find buyers as an NFT artist. Until then, you can make sure that your portfolio is up-to-date with current trends in blockchain technology.

If you’re looking for work as an NFT artist, then you should have the necessary abilities as well as your own fresh ideas. Never before have you had such a great chance to witness the evolution of other people’s art —  right here on your favorite NFT platform. You also have a friendly community to discuss and improve your ideas and techniques with.

Take a Break From the NFT Market If You Need To

While you ought to be patient and stay focused, you should not worry too much about the bear market. Focus on your art, not the price of NFTs. Don't let it get you down, rather spend your time to become a better artist. Being worried all the time will not help you in any way and it is in fact very unhealthy. If you're feeling burnt out or keep feeling frustrated by the bear market, take a break from NFTs for a while so that you can recharge before returning stronger at a later point in time.

There is more than one way to make money in this space! In fact, if anything else besides NFT creation helps bring in income right now (like streaming, blogging, etc), then go ahead and do that instead. No matter what you do, each new skill learned helps you grow as a person.

If you're a beginner, don't expect to get rich right away. It takes time and effort to build up your skills as an artist and make money from them. Don't quit your day job just yet, you can always use the money from that to fund your NFT creations. As long as you keep making art and improving yourself, then eventually you will start earning crypto from it!

Don't get caught up in hype. It's easy to fall for scams or get burned by bad investments, especially when there are so many people talking about them all over social media. Don't let all of that information cloud your judgment —  instead, focus on what you know from personal experience and research. DYOR is always king.

Don’t Have Enough Time to Make Art Every Day? Focus on Learning New Things

Not all of us have the luxury to put endless hours into our art every day. But that might not be necessary either. The most important factor is consistency. Keep doing what you do on a regular basis!

If you want to be the best at something, there are two things that matter: Time and effort. The more time and effort put into something, the better results it will produce (assuming everything else is equal).

We all have limited amounts of both, so we need to choose how we allocate these scarce resources wisely if we want to improve over time. Doing this will help us to not just stay stagnant but actually get better in a way that people will notice.

Building Your Brand Takes Time, But Is the Best Thing You Can Do Right Now

Brand building is the best way to get better sales, exposure, reputation and opportunities.

It also takes a lot of time and effort. But if you don't do it now, you're going to have a really hard time doing it later.

As an NFT artist who has been making his own NFTs for quite a while now, I've learned some valuable lessons about brand building along the way.

It’s important to make time in your schedule for self-promotion and put in an effort to develop your own brand. If that means having to cut back on other things, then so be it! The reward will be worth it.

There are many things you can do, but social media is a good place to start spreading the word about your creations. It’s not all that simple to be recognized in these channels. You have to create regular content and engage with people to be successful.

Maybe an old-school website with an option for people to subscribe to a mailing list is not such a bad idea in the end. A strong mailing list is an amazingly useful channel to deliver content to people who really care about what you do and are expecting to read from you on a regular basis.

No matter where you start to build your brand, make sure you're in it for the long haul. There is no easy way, you will have to work on it for a long time.


It's Not Easy Now, But It's Not Impossible Either

To do things not because they are easy but because they are hard is good advice. Know that you are working against a seemingly impenetrable wall of resistance. Be prepared for setbacks and long waits. Success will be the ultimate goal and you can only get closer to it when you just keep on moving.

I believe the best way to survive the bear market is to keep creating art, whether that means making new digital artwork or refining what you already have. If you don't have much time on your hands, or if you're just starting out, focus on learning new techniques and improving every day.

Collectors will always be there — they may just need something new in order to show their appreciation of your work! Now may be a good time to become a fixed name in their heads. They will return to the markets in time.

In the long run, it doesn't matter if you're creating digital art or traditional paintings: What matters is that you're creating something new and exciting. The more time you spend on your craft, the better you'll get at it!

Conclusion

I hope this article helped you understand the opportunities of a bear market in a better way. Remember that it’s not easy being an NFT artist and you will make mistakes. But with dedication and perseverance, you can succeed!

If you're just starting out, don't worry about the market too much. Focus on improving yourself and creating something new. In time collectors will come to you, too.

Don't get discouraged by the price of digital artwork — it doesn't matter if it's $5 or $500. What matters is that you're creating something new!




This article is written by Luvcraft as a part of enter.blog's bounty program. Do you have an interesting topic, series or subject you think would be fitting for enter.blog? 

You can now submit your articles to enter.blog and get paid for your contributions!
Read more and submit your article here

NFT Knowledge

Looking to learn more about NFTs? In this section you can learn more about how NFTs are revolutionizing the world.

View all

PUBLISHED 2ND MARCH 2022

Are NFTs bad for the environment?

NFTs give power to the creators while securing transparency in transactions, and many artists choose to sell their art and audio NFTs independently from labels and curators. However, the environmental impact of NFTs has been widely discussed, and this is what we are taking a closer look at in this article.

PUBLISHED 8TH DECEMBER 2021

How to promote your NFTs

How do you give your NFT art the best conditions for being discovered by collectors? In this article, we explore a question that most NFT creators have faced at some point, and give you 4 tips on how to market your NFTs!

PUBLISHED 6TH APRIL 2022

Traditional artist's crash course for NFT creation

In this article, the talented Andalee Hyatt takes us through the basics of creating NFTs, from the perspective of a traditional artist. A must read for all creators that are new to the space!

{{loaderText}}