On OpenSea, a non-fungible token (NFT) marketplace, a 22-year-old Indonesian guy has become an overnight phenomenon after trading images of himself.
When Ghozali Ghozalu turned 18 in 2017, he began taking pictures of himself every day. Every day, he posts a new selfie to Instagram. They went for $3.25 each and were snapped up in a matter of days for just 0.001 ETH.
The NFT ape was purchased by Eminem for about $462,000.
NFT collection Sells for Millions
He made $3,000 in his first sale. As of January 12, 277 ETH has been traded in the collection’s trading volume, resulting in a floor price of 0.38 ETH for each NFT that is valued around $1.4 million, having previously hovered around $3 million.
With a 72,000 percent increase in trading volume, Ghozali Everyday ranks in the top 40 on OpenSea’s 24-hour trading volume. According to a report by blockchain specialist Chainalysis, $40.9 billion was spent on non-fungible tokens (NFTs) in 2021. For an industry that was expected to bring in just one billion dollars in 2020, this is a remarkable increase.
A step-by-step approach to minting NFTs
- An NFT is a digital property certificate that is issued on the blockchain. An owner can verify their ownership of a digital asset using this method, and the technology enables them to keep track of previous transactions.
- Interest in Ghozali’s collection has risen as a result of the large NFT trading volumes that have marked the beginning of 2022. In just the first ten days of January, OpenSea generated almost $1.36 billion in volume.
- For artists, NFTs’ offer price discovery is currently unavailable outside of the few recognised auction houses in existence, however investors can cash in on their purchased NFTs at any time.
- These digital assets have risen to the top of the list of crypto-based investments because of their versatility.
- In India, interest in NFTs has skyrocketed since some well-known Indian celebrities have released NFTs.