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3 Strategies to Diversify Your Revenue Streams as an Artist

As an artist, it is crucial to be constantly exploring new avenues to help you diversify your revenue streams.

Diversifying your revenue streams is not just about creating a more stable financial foundation, but is also about encouraging you to expand the way you create, while also exposing your art to a wider audience.

In this article, we will explore three effective strategies that can help you diversify your income as an artist, ensuring a more sustainable and fulfilling career.

Let’s get started!

#1: Expand upon physical interpretations of your artwork

Diversifying your revenue streams begins with expanding your physical product line beyond prints. While your primary focus may be on creating digital art, there are several complementary products that can appeal to a wider range of customers such as prints of different kinds or interpretation of your artwork on different physical mediums.

For example, HUG and Amber Vittoria recently collaborated on a limited edition capsule collection that features both digital artwork (NFTs) and accompanying physical items. This allows art lovers and collectors to take their love for art from the blockchain to IRL, and vice versa!

Learn more about the collection in this tweet (or just browse and shop it directly).

Even if you have taken to selling NFTs, don’t forget to explore selling copies of it as physical prints. Collage artist POSTWOOK has an incredible print shop, which not only has a range of products that makes collecting her art accessible, but also consists of special items to reward her NFT collectors.

To get started, Shopify is a useful tool for creating customizable online stores. It also provides seamless Web3 integration for token-gating physical products to your digital collectors. Dive deeper into how artists are embracing the future of digital and physical in our recent article on phygital NFTs here.

#2: Get personal through a commissions practice

As we covered in our article on Growing Your Income Through Commissions, accepting commissions is a valuable way to augment your income while creating personalized artwork for clients.

Apart from being able to charge more for your work, you also get to develop an extra-meaningful relationship with your client due to the highly customized nature of the work.

To make your life easier, HUG has a feature that lets collectors know you are open for commissions and submit their requests directly from our platform. Explore all the artists on HUG that are available for commissions here.

#3: Monetize your expertise through digital tooling and resources

As you think about expanding your physical product line, do the same in the digital space! For example, you can share your knowledge and skills by offering online courses or workshops, or sell tools like mockup templates, Procreate brushes, and more.

Many aspiring artists are eager to learn from experienced professionals, and this can be a lucrative way to generate income while establishing yourself as an authority in your field. For example, artist Fernanda Boccard has a Spanish language course about NFTs here.

Alternatively, consider crowdfunding platforms like Patreon, where fans and supporters can contribute funds to support your creative endeavors in exchange for exclusive content or rewards. This ongoing support can provide a stable income and foster a dedicated community around your art.

For instance, Korean artist Kohui sells creative coding resources on Patreon, while also providing YouTube tutorials to help onboard more artists into the world of generative art.

Closing Thoughts

Ultimately, by embracing diversified revenue streams, you can reach a broader audience, find your thousand true fans, and generate income even outside the traditional gallery or exhibition model.

Always remember to adapt these strategies to suit your specific artistic style and goals, so you can be well on your way of establishing a more sustainable and prosperous career as an artist.

In the News

Industry News

• Twitter is feeling the heat, as Instagram’s Threads is now the fastest-growing app in history, achieving 100 million users in just 5 days. HUG is on Threads - are you following us yet?

• Thanks to the rise of royalty-optional platforms like Blur and OpenSea, artists across the space are experiencing declining royalty payments, resulting in royalties having hit a two-year low.

• Does generative AI require its own blockchain? Jesus Rodriguez, CEO of IntoTheBlock goes through the various considerations as to why or why not.

Tools and Resources

• Want to get better at Midjourney? Check out Tracejourney’s tool that helps you produce better prompts to effortlessly transform into breathtaking visuals.

• Google has recently released a new AI tool called StyleDrop that allows users to generate images in a specific style. StyleDrop uses Muse, a text-to-image generative vision transformer, to produce realistic, stylized, or abstract images.

Notable Creators

• Recently, an AI-generated nude by AI and generative artist Robbie Barrat sold for $340,000, sparking off continued controversy and debate over whether AI art is art.

• Contemporary digital illustrator Alienqueen opens up about how she visually manifests psychedelics, dreams, and death in her artwork.

Artist Grants and Opportunities

• Calling all HUG animators! Get your work displayed in Digital Dreams in Kansas City, MO, while also getting your work produced as customizable video sculptures in partnership with Infinite Objects. Winning artists earn 90% of sales less production costs. Learn more and apply here.

• HUG is offering $500 USD grants to two artists each month in exchange for unminted artwork to raffle off to our community. Learn more and become a HUG Visionary here.

• Get your work displayed with ArtCrush in London. This is a 24 hour open call and submissions close July 12th. Learn more and submit here.

• Want to get an all-expenses paid trip to Kyoto, Japan and spend 3 months exploring your creative practice while you’re there? Learn more and apply to be a part of Kyoto Art Center’s Artist-in-Residence program here by July 31st.

• Prefer to spend time in London instead? UK and EU resident artists are eligible for a six-month residency at the South London Gallery. Learn more and apply here by July 17.

This Week’s Art Drops

Did you know that these are just 8 of 300+ art drops on HUG? Get a full list of this week’s art drops from HUG here.