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A digital-only artwork has sold at Christie's auction house for an eye-watering $69m (£50m) - but the winning bidder will not receive a sculpture, painting or even a print. Instead, they get a unique digital token known as an NFT. “Non-fungible token” means a crypto asset that cannot be altered or reproduced. You can think of these tokens as the digital equivalent of artwork in a private collection. Each piece of art in the collection is unique and valued differently.
Where Bitcoin was hailed as the digital answer to currency, NFTs are now being touted as the digital answer to collectables. Non-fungible tokens are becoming some of the most profitable blockchain-based experiments in history. High-profile influencers, like Twitter CEO Jack Dorsey, have recently made the news by auctioning off NFTs.
Like pieces of art, an NFT can be sold for money or cryptocurrency. However, the token’s asset transfer is recorded in the blockchain just like cryptocurrency. This establishes who currently owns it. Each NFT is tied to a digital (or in some cases, physical) asset of the original owner. Technically, anything in digital form can be turned into an NFT. Famous tweets, Facebook posts, Instagram pictures, and more can be turned into NFTs and sold by anyone. With the NFT market recording sales of $2 BILLION in the first quarter of 2021, there is no better reason to include it as week 9 of our 10 week build a business challenge.
Show Objectives - The Why
Digital artist Sarah Zucker started selling NFTs of her art work in 2019 when no one but the crypto community knew what an NFT even was. Then, within a year, it became her main source of income. In 2021, Zucker has had over $274,000 in NFT sales already.
And Zucker isn’t alone. The latest NFT hype cycle has led to billions of dollars in sales this year. Celebrities – from athletes like NFL player Rob Gronkowski, to musicians like Shawn Mendes and executives like Tesla’s Elon Musk – have cashed in on the craze with drops of their own. And there have been record-breaking auctions like artist Beeple’s, who sold his NFT “Everydays: The First 5000 Days” for over $69 million. But there are also everyday creators making an impressive living off of NFTs, who are using the technology to take control of their art and careers.
So, what’s stopping you! NOTHING! Meet three creators making more money than they ever have before thanks to NFTs:
His first NFT collection, which he launched earlier this summer, consists of 40 colorful, pixelized avatars called Minecraft Yee Haa, that “I created after spending too many hours playing [video game] Minecraft,” Ahmed says. He created the artwork and coded each himself, he says. The collection didn’t immediately sell, but that was OK. Ahmed saw the project as more of a learning experience than a “money grab” and wanted to continue to create.
In June, he began to code Weird Whales, his second NFT collection, which features 3,350 pixelated whales, each with distinct traits. The project fused together a sort of meme, using the image of a whale, with traits similar to that of the iconic pixelated CryptoPunks, one of the first NFT collections to exist.
After launching in July, the entire collection sold out in nine hours, and Ahmed made over 80 ether in one day. Since he has held his profits in ether, that sum is worth over $255,000 with today’s pricing. He then earned an additional 30 ether, worth over $95,000, from the resale market, since Ahmed earns a 2.5% royalty on each secondary sale.
Ahmed has made over $350,000 to date, and by the end of August, projects his total earnings will be over $400,000!!!
What You Need to Know
Surprisingly, creating an NFT isn’t complicated, and there are platforms where you can get guidance on the entire process. NFTs are built and supported by a particular blockchain, with Ethereum NFT being the most popular. Apart from Ethereum, Flow and Binance are also commonly used for its development. You need a crypto wallet and cryptocurrency, mainly Ethereum, to transact. You can sell NFTs for cryptocurrency or fiat money through smart contracts, and the transfer is recorded on a blockchain.
Check out this great step by step : https://www.cnbc.com/2021/03/23/how-to-create-buy-sell-nfts.html
Don’t want to create or sell your own NFT’s? No worries! Several other ways to get into the NFT market!
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