Even though NFTs are very hard to explain, they are exploiting right now because digital artists are using them. This is how a kid from London made a little fortune during the school holidays, with simple illustrations. With this, we are looking at the future of art collecting, including digital art and more.
Benyamin Ahmed, the artist behind Weird Wales, sold the NFT in Ethereum, a cryptocurrency. Most NFTs are sold this way, and Ahmed keeps his earnings in a personal wallet. He has never had a traditional bank account, so this is the closest he could have to a way of managing the money.
What are NFTs?
NFTs mean Non-fungible tokens, and we know this doesn’t explain too much, but we will try to make this simple. These are unique assets that are represented in a code recorded on a blockchain. So the artist doesn’t have to give the actual artwork and keep its copyright but can sell the asset in the chain. In other words, the artist or buyer can sell or buy the ownership and validity of each art piece.
Benyamin said that “I first learned about NFTs earlier this year. I was fascinated with NFTS because you can easily transfer the ownership of an NFT by blockchain”. Ahmed is already familiarized with programming because he began programming at just 5 years old after watching his father work as a web developer.
His first collection was launched earlier this summer, consisting of 40 colourful pixeled avatars. “I created Minecraft Yee Haa after spending too many hours playing the videogame”. Also, he added that he created the artwork and coded each piece himself. The collection didn’t sell immediately, but he learned how to be patient.
