ELR: THE DESIGN LAB
WTF are NFT's?
Still wondering what an NFT is/are? This post will try to explain...
NFT stands for Non-fungible token. It can digitally represent any asset, including online-only assets like digital artwork and real assets such as real estate. Other examples of the assets that NFTs can represent include in-game items like avatars, digital and non-digital collectibles, domain names, and event tickets.
Keeping up so far? Good!
How to make money from NFTs
Whilst we have a basic grasp of what an NFT is. Just how do you actually make money from them? Naturally you heard about the the 22 year old college student who became a millionaire from selling NFT Selfies.
But just how did he do it. I mean I take selfies all the time. I ain't no millionaire!
The dude set the price for each NFT selfie at $3 in the beginning. However, Some of Ghozali’s selfie NFTs were sold for ETH 0.9, amounting to around $3,000 (Rs 2.22 lakh approx). Ghozali took to Twitter and said: “You can do anything like flipping or whatever but please don’t abuse my photos or my parents will very disappointed in me. I believe in you guys so please take care of my photos.”
In an interview with AFP, he said that he still doesn’t have the courage to tell his parents about the money he made through his selfies.
He's not the only youngun to make more money than all of us put together.
12 year old Benyamin Ahmed, an eighth grader with a knack for coming up with original images, turned his skill into a massive crypto wallet worth about $1 million. And he did it in less than a year.
His signature collection of 3,350 pixelated images features whales wearing baseball caps or sweatbands, smoking pipes or donning top hats, with a variety of colorful backgrounds.
"Artists in this space are a really good thing. If they weren’t... these financial technologies might continue to burn up the planet and fewer people would know to even ask about it."
How can creatives get involved?
As a design studio we wonder how creatives can participate in this digital wonderland of NFTs.
These articles from Creative Review and It's Nice That eloquently explain how this medium can become a creative outlet and even source of income.
So whether you understand NFTs or not I hope this post gives you a taster of what there all about.
Pak's The Merge has fetched the highest price of any NFT – $91.8 million (Image credit: Pak)
NFTs are part of the Ethereum blockchain (Image credit: Ethereum)
Beeple's Everydays – The first 5000 days sold for $69.3 million at Christie's (Image credit: Christie's)