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Someone who was living paycheck to paycheck made it in the news by making more than $109,000 by selling NFTs.
CNBC Make It Shared: I had $10 in my bank account’: This 36-year-old went from living paycheck to paycheck to making over $109,000 selling NFTs
However, the reaction was mixed. There are many people who do not understand d NFTs. They have to state that selling people a scam (NFT) is not something to be proud of.
Those who understand the NFT process were curious about the “scam – and – NFT” being talked about together. And they asked exactly how is it a scam? Those who believe in NFT clarified stating, “She had a product, she marketed the product, she sold a product, because people wanted to buy the product. Owners just paid in a currency that wasn’t USD and now they have immutable ownership of the product they wanted to own.”
NFT non-believers were not satisfied with the clarification given for NFT is not a scam. They went ahead asking – Is this a common thing or an extraordinary thing? Can this happen for anyone or was she doing something that was unique?
Further clarification: The key is she was selling NFTs, not trading them. She minted stuff and sold it off to people who are rushing into a losing game. Buying NFTs means you’re gambling on their price going up, and not being left at the bottom of a pump-and-dump.
People who wanted some genuine clarify opposed glorifying NFTs by stating, “Stop trying to push personal anecdotes as successful business options. NFTs are a scam, and crypto stories only exist to make people feel bad for the FOMO they have for not getting into something earlier. These bubbles are going to burst and are nothing but a scam.”
While it can be HEARTWARMING to see the 36 year old who was poor make a fortune running a gambling racket – Question is why are people willing to pay more for the NFT version of her art vs the physical version?
Those who were not bothered about the scam or non-scam part of it and were interested only in the money element were left wondering: “I don’t understand. This story is missing a step. How she is able to cash out and have USD in her bank acct to buy groceries, pay rent and save for a car. None of these stories explain how to exit and actually use this digital value for practical purposes. Where’s it originating?”
The answer is simple: You trade/sell the cryptocurrency back to USD. It’s not much different than buying stocks.
