Londoner Benyamin Ahmed is just twelve years old, but has already earned a million dollars with NFTs he has created himself.
Benyamin learned programming from his father at pre-school age. With his "weird whales", the schoolboy created a digital collection of 3,350 pixelated images in 2021.
Each picture is unique, differing in color and details, such as the headgear. He created NFTs from the pictures and offered them for sale. The starting price was around 60 dollars, but some pictures have since been traded for 20,000 dollars. The entire collection was sold out within a day of publication and fetched around 400,000 dollars. According to his own statement, the student kept all the money in cryptocurrency - he did not yet have a regular bank account at the time.
What are NFTs?
NFT stands for "non-fungible token" - literally "denotes a non-exchangeable digital asset". Or simply put: a unique digital asset with a certificate of authenticity.
The certificate of authenticity is issued decentrally via the blockchain, creating a unique digital good that can be sold and bought like a real good:
NFTs can be generated on corresponding platforms, whereby a work - such as a digital whale painting in the case of Benyamin Ahmed - is provided with a unique signature, which is then stored on the blockchain. Once written, this file can no longer be changed, making the work forgery-proof and a digital original that only exists once.
This opens up new possibilities for monetizing works of art.
The big advantage: creators also receive a few percent of every resale. If the prices rise over time, they can earn a lot more with each additional sale. This is how Benyamin Ahmed made an estimated one million dollars. The trading volume of NFTs has exploded in recent years: in 2021, NFTs were sold for a total of 16 billion dollars.
Entry into the NTF world
In principle, anyone can create and sell NFTs. The prerequisite is that you own the property rights to the work that you want to sell as an NFT. And you must have a crypto wallet with credit. This is used to pay the fees for the creation and sales commission, as well as to process the payment.
Then all you have to do is select a marketplace where the NFT will be created and offered for sale. Current marketplaces are:
- NFT Launchpad
- OpenSea
- Crypto.com
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