Income boost: how emerging technologies produce big bucks

NFTs, Web3 and 3D animation are among the big money earners for a new wave of enterprising Aussie freelancers.

Anthony Keane

@keanemoney

3 min read

April 7, 2022 - 9:00AM

The Australian Business Network

3D animation freelancer Xandra Haynes says have passion and patience. Picture: Jake Nowakowski

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Know anything about NFTs, Shopify or YouTube editing?

If so, your skills are in huge demand and can potentially deliver you thousands of extra dollars a month. If not, there are many more ways to boost your income right now.

Aussie freelancers are world leaders when it comes to profiting from emerging technologies, according to new research by global freelance marketplace Fiverr.

It found 84 per cent of freelancers had already profited from selling NFT-related services, better than Germany (77 per cent) and the US (64 per cent), and more than half expected to earn between $1900 and $6000 a month using their skills around Web3, which is based on blockchain technology including cryptocurrencies.

Other skills surging in demand include 3D animation, YouTube editors, Shopify developers, Facebook ad managers and influencers, the research found.

Among this growing breed of freelancers is Xandra Haynes, 27, who has been earning about $17,000 a month through her 3D animation services and has worked on films produced by Disney and Apple TV.

Haynes says the best part about freelancing is having more creative and personal freedom.

“I love being able to choose the projects that I am most passionate about,” she says.

“My work involves creating 3D digital characters, environments and animations, as well as development on cinematics, trailers and small games. At the moment, my clients are both local and global small businesses, as well as individuals.”

3D animation specialist Xandra Haynes has built a successful business by freelancing.Picture: Jake Nowakowski

HAVE A PASSION

Haynes says it is important for potential freelancers to choose something they are passionate about and are willing to put time and patience into.

“My business started slowly with a simple idea, but over time it grew into something bigger as I gained feedback and improved my skills,” she says.

Fiverr’s vice president of international expansion, Peggy Lange, says people with digital and Web3 skill are in hot demand amid labour shortages, and a lot of money can be made.

She says many people started freelancing part-time, then enjoyed “such immense financial success that they’ve been able to leave their primary roles”.

Lange says people thinking of freelancing should reach out to others in the space to understand how day-to-day work looks and how they built their skills.

“Committing to upskilling or reskilling when you have a full-time job can be daunting, but there are a number of providers such as RMIT Online and Udemy that run online short courses in NFT, blockchain, digital skills that provide a perfect starting point,” she says.

“Fiverr also recently acquired online course platform CreativeLive to give freelancers the opportunity to not only learn from scratch, but regularly upskill.”

KNOW YOUR WORTH

Lange says it’s important for new freelancers to know their worth.

“Businesses don’t necessarily want the cheapest, they are looking for specialists who are reliable, responsive and deliver quality work,” she says.

“Don’t be intimidated by those offering lower prices on freelancer platforms – a business looking for premium quality work will understand that it comes at a price.

“Many of our Australian freelancers find that they’re able to increase their prices within their first few months on the platform, and businesses are happy to pay more knowing that they are receiving a high quality of work.”

NFT BOOM

The Fiverr research found that demand for skills around NFTs – non-fungible tokens – surged 1164 per cent in a year, and a similar number of male and female freelancers are working in this space.

Lange says NFTs are becoming a “fantastic way” for designers, artists, illustrators and developers to monetise their skills.

“The fact that over four in five Australian freelancers are already earning income by selling NFTs and related services showcases the foresight that freelance talent has in staying on top of the latest technology trends,” she says.

“It also shows the massive opportunities that NFTs, and related services such as blockchain technology and the Metaverse, have for future job creation.”

Peggy de Lange, vice president of international expansion at Fiverr

A 3D render from Xandra Haynes

And don’t worry if you’re not into technology or freelancing – there’s a growing level of opportunities in traditional occupations too.

The latest National Skills Commission data shows record-high job vacancies in a wide range of occupations. This includes technicians and trades workers (37,000 job vacancies), community and personal services (29,595), carers and aides (12,571), automotive and engineering trades (10,259) and hospitality workers (10,227).

CommSec senior economist Ryan Felsman says competition for workers is set to intensify.

“With Australia’s labour market conditions broadly the best in almost 50 years, the shift in bargaining power towards employees and higher inflation expectations should stoke wages growth,” he says.

“Recruitment activity is the most buoyant since 2008.

“Job ads are now 60.4 per cent higher than pre-Covid levels.”