NFT:’Selling virtual currency has completely changed my life’

Artists are earning enough money to change their lives by selling digital images with non-replaceable tokens (NFTs).

Digital artist Biffle recently set a world record in selling digital artworks by selling works for $69 million (approximately 78 billion won) with NFT, a technique that authenticates ownership through a blockchain.

Christie, a British auctioneer, said the auction made Biffle “one of the three most expensive surviving writers in the world.” Numerous other writers also say that NFT has changed their lives.

Alana Esington, 35, of Ontario, Canada, says she was struggling with debt until she discovered the world of the NFT.

He had been doing art all his life, but he was introverted, so he couldn’t even walk into the gallery. Instead, he studied to raise three children and get a degree in horticulture while transferring jobs.

“Like everyone else, I earned a day and lived a day, and I also had credit card debt, so I had no hope of how to get out of the bondage of this high interest rate.” He says.

When she learned that she could sell images of her oil paintings online, Allena just wanted her to make $500 or so.

But when Alana put up her first online auction, thousands of dollars in bids came in, and he sold 16 images for $100,000 (approximately 90 million won).

Allenna said that the experience at the time was “very amazing,” and “it was like a dream to see people really buy my work.”

The success of the auction completely changed Alana’s life. I was able to pay off my credit card debt, paid for my college degree, and moved to a bigger home outside the suburbs.

And finally, money could be spent on the treatment of Adlon, who has autism, ADHD, and Tourette’s syndrome.

Allenah also hopes that her success can help more female writers enter the NFT. He said women writers are having a hard time entering the world of the “male dominated” NFT.

“The door is wide open. The possibilities are endless. I now have a more positive and hopeful outlook for life.” Allena added. “I make a work with all my soul and make money from it. I never thought it would be possible until then.”

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 a blockchain technology used for cryptocurrencies such as Bitcoin and contain details such as who made the work and when it was sold to whom.

Anyone can view images of the work online, but only the person who purchased the NFT of the work can claim the title.

It is also possible to resell tokens and transfer ownership to others. 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.

Darius Puia, 30, a 3D artist living in Karlsruhe, Germany, was “virtually bankrupt,” but after seeing his friends selling his work online, he decided to jump directly into the world of NFT art.

“I wanted to see how much my work was worth and if I could get something out of it.” He said.

“I didn’t expect too much.”

But within weeks of signing up for several online platforms, Darius started making money.

His first NFT digital illustration sold for $12,497.

“I lost something to say. I didn’t know it would sell at such a high price.” He said. “I called my girlfriend and said,’Are you looking at this? Is this real?’

Darius’ work was gradually sold at a higher price.

“I was financially struggling 20 days ago, but now I have made almost 250,000 dollars (about 300 million won).” 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 the Mental Health Foundation, said the NFT’s world was “a very healthy environment,” despite the five senses.

“Because artists are valued. Will you finally be receiving my treatment.”

Not only paintings and illustrations are sold through NFT. Argentine author Bruno Nasif, 37, sold GIF animation files and used the money to install solar power on his farm.

Nasif, who has been making works since the age of 15, said the current trend is “connecting not only art collectors, artists, but also thousands of people around the world who were previously unable to connect with them.”

The Indian glitch (art technique that uses patterns that occur due to errors in digital data) artist and photographer CyberShakti also agrees with Nasif’s idea. He says the NFT “gives hope for sustainable financial independence.”

“While the traditional world of art has been closed to self-taught artists, the world of NFT gives us equal opportunities. After five months of NFT, the average unit price for my work has risen from $80 to $800.”

Professor Ragavendra Law, who teaches finance at the University of Cambridge, says the surge in interest in the NFT may be because the pandemic is causing people to find ways to “fun” their money.

He predicts that sales of most NFT writers will rise to some extent and then disappear, and the demand for only a few writers will last longer.

“There have been a number of times in the past where commodity prices are separated from fundamentals and continue to soar. You can make a lot of money, but there is nothing you can be sure of. You could lose a lot of money.”

NFT enthusiast and collector Nelson Robak, 26, describes the NFT art movement as a “revolt” against those who “take away value from the artist.”

Chicago-based Robark has spent about $20,000 on NFT art from January to the present, and says the NFT will in the future become the basis for the way we do business, “a promising investment opportunity.”

“I am very interested in supporting artists. We also support enabling artists to be more financially independent and to preserve more rights to their work.” He says.

“Of course there is a risk. But that’s the risk I’m totally willing to take.”