NFT: ‘Selling virtual currency works has completely changed my life’
Artists are making life-changing money by selling digital images in non-fungible tokens (NFTs).
Digital artist Bipple recently set a world record for selling digital artworks by selling artworks for $69 million (about 78 billion won) through NFT, a method of verifying ownership through blockchain.
British auctioneer Christie’s said the auction puts Beeple “on the top three most expensive surviving artists in the world”. Numerous other writers also say that NFTs have changed their lives.
‘I was in debt until I found out about NFT’
Alena Essington, 35, of Ontario, Canada, says she was in debt before she discovered the world of NFTs.
Although he had been doing art all his life, he was introverted and never had a work in a gallery. Instead, he switched jobs, raising three children, and studying to get a degree in horticulture.
“Like everyone else, I was earning a daily income, and I had credit card debt, so I had no hope of how I could get out of this high interest rate bondage.” he says
When she found out that she could sell images of her oil paintings online, Allena hoped to earn just $500 or so.
But when Allana posted her first online auction, bids for thousands of dollars came in, and he sold 16 images for C$100,000.
Allenna said the experience at the time was “stunning” and “It was like a dream to see people really buy my work.”
The auction’s success changed Alan’s life forever. She was able to pay off all her credit card debt, she paid for her college degree, and she moved into a bigger house in the suburbs.
And finally, he was able to spend the money on the treatment of his son, Ron, who has autism, ADHD and Tourette’s syndrome.
Allenah also hopes her success will help more women writers enter the NFT. He said women writers are having a hard time entering the world of NFTs “dominated by men.”
“The door is wide open. The possibilities are endless. I now have a more positive and hopeful outlook on life.” Allenna added. “I make art with all my soul and make money from it. I never thought it would be possible until then.”
What is NFT and how does it work?
An NFT is like a digital certificate that certifies who owns a particular asset. In the world of NFT art, each token (NFT) corresponds to ownership of a genuine work of art.
These talks exist as blockchain technology used in virtual currencies such as Bitcoin, and contain details such as who made the work and when it was sold to whom.
Anyone can view an image of the work online, but only the person who purchased the work’s NFT can claim it.
It is also possible to sell tokens and transfer ownership to someone else. The original author of the work retains the intellectual property rights of the work linked to the NFT and can receive royalties whenever tokens are resold.
‘I was virtually bankrupt, but suddenly I made 300 million won’
Darius Puia, 30, a 3D artist living in Karlsruhe, Germany, was “virtually bankrupt” and decided to dive right into the world of NFT art when he saw his friends selling his work online.
“I wanted to see how valuable my work is and if I could get anything out of it.” he said
“I wasn’t expecting too much.”
But within a few weeks of signing up for several online platforms, Darius started making money.
His first NFT digital illustration sold for $12,497.
“I was at a loss for words. I didn’t know it would sell at such a high price.” he said “I called my girlfriend and said, ‘Are you watching this? Is this real?’”
Darius’s works were sold for progressively higher prices.
“Twenty days ago, I was struggling financially, and now I’m making almost $250,000.” he said
“Now, if you think you need something, you can buy it right away. It really helps me mentally.”
Darius, who donated a portion of his income to a mental health foundation, said it’s a “very healthy environment” despite a lot of money in the world of NFTs.
“Because the values of artists are recognized. Are you finally getting my treatment?”
‘Give us equal opportunities’
It is not only paintings and illustrations that are sold as NFTs. Argentine writer Bruno Nasif, 37, sold his animated GIF files and used the money to install solar power on his farm.
Cyber Shakti, an Indian glitch artist and photographer, also agrees with Nasif. He says the NFT “provides hope for sustainable financial independence.”
“The traditional art world has been closed to self-taught artists, but the NFT world gives us equal opportunities. After 5 months of NFT, the average unit price for my work went up from $80 to $800.”
Who Buys NFTs?
Ragabendra Law, a finance professor at the University of Cambridge, says the surge in interest in NFTs may be because the pandemic is causing people to find more “fun” ways to spend their money.
He predicts that most NFT writers will see sales rise and then disappear, and that demand for a small number of writers will last longer.
“There have been many times in the past when the price of a commodity is separated from the fundamental and continues to soar. You could make a lot of money, but you can’t be sure. You could lose a lot of money.”
NFT enthusiast and collector Nelson Robach, 26, describes the NFT art movement as a “rebellion” against those “who try to take value away from the artist.”
Chicago-based Robark, who has spent about $20,000 on NFT art since January so far, says NFTs will become the foundation of the way we do business in the future, “a promising investment opportunity.”
“I am very interested in supporting artists. We also support allowing artists to become more financially independent and more secure in their work.” he says
“Of course there are risks. But it is a risk I am fully willing to take.”