Yes it may "incentivize" some individuals to work, but only by disincentivizing others. It takes money from top wealth producers, discouraging their labor, and gives it to people who aren't producing as much wealth, effectively subsidizing unproductive work. This will make everyone poorer in the long run.
The struggling artist meme is an appeal to emotion. The struggling artists and entrepreneurs are struggling for a reason -- the market does not want their goods or services! They should fail as quickly as possible, not continue to drag on producing things people don't want.
I'll concede that the welfare state has perverse incentives which trap people in poverty, but there are better ways to address it other than doubling down on the mother of all wealth redistribution schemes.