While the market of non-fungible tokens (NFTs) still remains relatively small in comparison to the traditional crypto market, the size of the average income that creators can make varies significantly. According to a new survey conducted by a16z crypto, the Web3 market pays out on average $174,000 per creator, which outperforms Spotify's numbers by over 27,000%.

Estimated creators revenue. Source: a16zcrypto.com
Estimated creators revenue. Source: a16zcrypto.com

Such an enormous gap in salaries can be explained due to the number of creators the NFT space have. For example, Spotify paid out $7 billion to 11 million artists in 2021, which makes an average check at approximately $636. Meanwhile, The NFT market counts around 22,000 creators with the total amount of payouts at $3.9 billion.

Although the NFT market overcomes Spotify, YouTube or Meta by an average paycheck significantly, it's still unpresentable by the number of users that adopted the product. That doesn't mean, however, that NFT startups do nothing to fight the Web2 monopoly. OpenSea, an NFT marketplace, takes a 2.5% cut from each sale, while Meta's products in total get around 100%.

Take rates. Source: a16zcrypto.com
Take rates. Source: a16zcrypto.com

Yet, the fundamentals remain unchanged, which means that should transaction fees rise once again and the NFT market will likely lean back as Ethereum still remains the primary network in terms of users and usage.

Transaction fees in blockchains. Source: a16zcrypto.com
Transaction fees in blockchains. Source: a16zcrypto.com

Nonetheless, a16z crypto says the market still has a long way to go, projecting that in 10 years is likely to hit 1 billion active users as the Internet did back in 2005:

Again, though it’s very hard to estimate, if the trendlines continue as depicted, web3 could reach 1 billion users by 2031. In other words, you’re still early. Much remains to be done. Let’s keep building.

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