NEW DELHI: An Indonesian college student made a million dollars by selling nonfungible token (NFT) versions of his selfies on the OpenSea NFT marketplace.
Sultan Gustaf Al Ghozali, a 22-year-old Indonesian computer science student, transformed and sold approximately 1,000 selfie photos as NFTs. Ghozali claims he took images of himself for five years — between the ages of 18 and 22 — as a method to reflect on his graduation journey.
Ghozali shot selfies in front of his computer, either seated or standing, which were eventually turned into NFTs and posted to OpenSea in December 2021. The artist set the price for each NFT selfie at $3, not expecting serious purchasers. Ghozali stated while marketing his expressionless images: “You can do anything like flipping or whatever but please don’t abuse my photos or my parents will very disappointed in me. I believe in you guys so please take care of my photos.”
Ghozali’s NFT offering blew up, contrary to his wildest expectations, as notable members of Crypto Twitter showed support by acquiring and pushing the offerings.
According to AFP, one of Ghozali’s NFT sold for 0.247 Ether (ETH) on Friday, making it worth $806 at the time of acquisition. The young entrepreneur also put a personal touch to the selfies by including some background information, which adds to the NFT’s rarity.
According to a Lifestyle Asia post, some of Ghozali’s selfie NFTs sold for 0.9 ETH ($3,000). Following that, Ghozali’s collection reached a total transaction volume of 317 ETH, which is more than $1 million. Through OpenSea, the young artist also made his first tax payment based on this money.
Despite the general crypto market’s recent sluggishness, the NFT marketplace and blockchain gaming business continue to see large transaction volumes.
According to DappRadar statistics, the number of unique active wallets connected to Ethereum NFT decentralised applications has increased by 43% from Q3 2021, as reported by Cointelegraph. Furthermore, NFT trading revenue increased from $10.7 billion in Q3 2021 to $11.9 billion in the first ten days of 2022.
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