As NFTs Grow in Popularity, Some Collectors Are Striking it Rich

Late last Friday Friday, Easy Pollock decided to buy two boring apps NFT – a reminder to many who think, Yes, but I still don’t know what NFT is – That is, he bought unique, digital images (in this case, monkeys).

As the owner of the Board app, he now has the commercial rights of his choice on the digital image. Many people prefer to display their NFT as their profile picture on social media accounts.

(And if you’re wondering how digital asset ownership can be proven: each NFT, or non-fungible token, has a different serial number, and each NFT’s transaction history is stored on a blockchain so people can see who Is the real owner.)

Mr. Pollack, 29, who bought three more a few months later, got it from a collection of 10,000 NFT called the Board App Yacht Club. Some monkeys wear gold jackets or animal-print tunics. Others are smoking cigars or smiling broadly.

At that time Mr. Pollak, who works for Genies, a tech start-up in Los Angeles that makes NFTs and avatars, didn’t have much disposable income. “I lived in a four-bedroom townhouse with three other people,” he said. “We have all shared a bathroom. It felt like college life. ”

It didn’t even come out of the money. During the 2008 financial crisis, Shri. When he was 16, his mother could not pay the mortgage, so he and his family had to rent an apartment, Pollack said.

Mr. Pollack’s interest in NFTs was piqued when he heard about her at the clubhouse. “I was like,‘ Oh my God, this is crazy. I’m going to spend hundreds of dollars on a picture of a monkey, “he said.

Turns out it was a wise decision. Last fall, a few months after he bought his first NFTs, Mr. Pollock monkeys are sky high in value. He sold about 14 ethers (a virtual currency that cost about $ 40,000 on the day of purchase) for about 70 ethers (approximately). દિવસે 231,000 on the day of sale).

He used the money for a down payment in a three-bedroom house with a backyard in Los Angeles. “We call it Chimp Chalet,” he said with a smile. “I always wanted to have a home but never thought I could make it work.”

It now has three board app NFT In his portfolio. He hasn’t sold them yet, but he will one day. For the first time in his life, he is financially sound.

A handful of lucky people now have stories rich in their own rags thanks to NFT. About NFTs, Matt Medweed, founder of digital media publication Nft Now, said that by investing in the right project at the right time, some collectors and digital artists have made “life-changing money”. Some are using the funds to pay off student loans, buy a home, or quit a job they hate. (Some people, of course, also buy yachts or throw lavish parties.)

“NFTs are like manna from heaven,” Mr. said. Pollock, who also admits how lucky he is. “I have heard horrible stories of people spending their rent money on NFTs. It’s heartbreaking to see people risking their money when it doesn’t work normally.

Most people who make or buy NFTs never make a profit. There is no regulation or consumer protection, and trading it is basically as risky as gambling. Investing in cryptocurrency is high risk and involves a lot of technical knowledge and luck; A few financial professionals would recommend it, and scams abound.

Mr. Medved encourages people to think about NFTs like baseball cards. “Rare baseball cards have been valued by our society for generations,” he said. “It’s a rare Mickey Mental card that probably cost 5 cents to sell for $ 5.2 million last year. And why? It’s not about the physical part of the card stock. It’s history, rarity, scarcity, cultural relevance. “

“It comes down to the Fandom,” he added.

Likewise, many NFT artists who make or invest collectors will be worth little or nothing in the long run. But there are some NFTs that have become very valuable and have earned their owners and creators huge sums in a short period of time.

Bore apps that Mr. For example, purchased pollen can be minted – i.e. go to the market – at .08 ether (વસ 200 last spring). Now, less than a year later, the cheapest price is about 73 ethers (about $ 190,000). (Ether can be converted into cash on major cryptocurrency platforms like Coinbase and Gemini and then transferred to a bank account.)

Claire Silver, an artist working with Artificial Intelligence in her early 30’s, is another NFT success story. In 2017, she was awarded three cryptopunks, a collection of 10,000 unique pixel art characters created from an algorithm she found on Slack.

Ms. Silver, who lives a nomadic lifestyle but recently moved to Denver. He told her he had 730 cryptopunk, she said, “and asked if I wanted three. I said, ‘Sure.’

In 2017, collectors can claim CryptoPunks for free as long as they have an Ethereum wallet. Now the cheapest price is selling at about 68 ethers (about $ 175,000).

She held on to him Until 2020 when she heard the rumble that they were selling for a lot of money. She sold one for about $ 60,000 in July 2021 and still has two more. (A lot of people are selling six figures. One sold for about $ 600,000 last month.)

Ms. Silver also makes its own NFTs. He, like all NFT performers, earns money from original sales and can earn up to 10 percent of each secondary sale. One of her pieces sold for 15 ethers (સમયે 63,000 at the time).

She has saved so much that she finally feels financially secure, at least for now. “It’s a big deal for me because I came out of poverty. We had to accept church donations for growing food, “she said.” The next day I went to Walmart and I thought, ‘I can buy cheese, I can buy good coffee.’ I have never experienced this freedom before. ”

She recently returned from a trip to Britain, where Sotheby’s was auctioning off her work, and has planned a trip to Japan.

This month she is also giving her mother a house, for which she has paid all the cash. “I’ve got one of those big red bows, and I’ll stick it on the front door like the ad,” she said. “I’ve wanted to do something like this for my mom since I was little.”

Just two years ago, Alex Lugo, 29, who lives in Lindenhurst, NY, drove a truck to support his wife and two children, 9 and 5. “I was earning 25 25 an hour,” he said. “It’s nothing in New York.” She decided to enroll in a program to learn how to trade in cryptocurrency, and that changed her family’s life.

While some collectors buy NFTs of choice and hold them for years, it flips many in the short term. “I bought them and flipped some of them in 10K, some in 30K, some in 5K, 2K,” he said.

It has also benefited from investing in new types of NFTs. “I have real estate in Metawars next to the Adidas headquarters,” he said. “It’s like owning real estate in Hampton, because what will Adidas do when they want to expand? They’ll buy me and pay me millions of dollars so I’ll move.”

(This seems speculative rather than anything that can be easily proven, “Mr Medvedev said in an email.)

Mr. Lugo made so much money from this personal sale that he quit his truck driving job in January 2021. Now, she says, she has been able to save significantly for her children, who “will have the freedom to choose what they want. To do with their lives.”

He and his family currently live in a two-bedroom apartment, but he wants to buy a four-bedroom home in Lindenhurst.

NFTs have helped others get themselves out of financial holes and make fresh beginnings.

Gosamar Ferris, 32, is now a full-time artist in Brooklyn. But it took NFTs to get her there comfortably.

After college he did 9 to 5 jobs at the Student Loan Servicing Center. “I was doing as much art as I could after work,” she said. “I made paintings and sculptures and textile work, and I also made things like small stickers that people could buy in my online store.”

In 2019, she quit her job to become a tattoo artist, but it was also a struggle, especially in the early months of the epidemic. “I had a very difficult time getting it done,” she said. “Unfortunately I had credit card debt and health related debt because I am a transgender person and had surgery.”

In the winter of 2021 she saw that people were going crazy for NFTs, and she decided to collaborate on her NFTs with her work focusing on Filipinos and Black Heritage, and with other artists.

Since then she has paid off her debt, and now she earns enough money through NFTs that she can only follow her passion. “I don’t stress that I need to make money as an artist,” she said. “I can pay the rent and not have to worry about finishing.”

While some people are getting rich from NFT, Mr. Medved advises people to remember that many other NFT projects lose value over time. “You should never invest more money than you are willing to lose,” he said. “Like crypto space, NFT space is very volatile, and markets go up and down very fast.”

“I think a lot of NFTs will be zero in the long run,” he said. “Your success depends on your ability to choose the best project, and it’s not easy.”

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