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Showing posts from July, 2022

The 12 years-old boy who made £290k from an NFT collection.

    A  12-year-old boy from London has made about £290,000 during the school holidays, after creating a series of pixelated artworks called Weird Whales and selling non-fungible tokens (NFTs). With NFTs, artwork can be "tokenised" to create a digital certificate of ownership that can be bought and sold. They do not generally give the buyer the actual artwork or its copyright. Benyamin Ahmed is keeping his earnings in the form of Ethereum - the crypto-currency in which they were sold. This means they could go up or down in value and there is no back-up from the authorities if the digital wallet in which he is holding them is hacked or compromised. He has never had a traditional bank account. Extremely proud Benyamin's classmates are as yet unaware of his new-found crypto-wealth, although he has made YouTube videos about his hobby, which he enjoys alongside swimming, badminton and taekwondo. "My advice to other children that maybe want to get into this space is don'

Side-eying girl image sold as NFT generates thousands of dollars

S ide-eying Chloe" Clem - a young girl who became an internet sensation when a picture of her looking unimpressed went viral - is selling the original image for thousands of dollars at auction. It's being offered as a "non-fungible token" (NFT), a way of owning the original digital image. Where Bitcoin was hailed as the digital answer to currency, NFTs are now being touted as the digital answer to collectables, but plenty of sceptics fear they're a bubble waiting to burst. What is a non-fungible token? In economics, a fungible asset is something with units that can be readily interchanged - like money. With money, you can swap a £10 note for two £5 notes and it will have the same value. However, if something is non-fungible, this is impossible - it means it has unique properties so it can't be interchanged with something else. It could be a house, or a painting such as the Mona Lisa, which is one of a kind. You can take a photo of the painting or buy a print