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NFTs are here to stay. The non-fungible token (NFT) industry has already taken the world by storm. NFT creators are already making 6 to 7 figures from NFT collections.
One particular NFT creator, who has been attracting the focus of the NFT fans is 12-year-old Benyamin Ahmed from London. He curated a project called “Weird Whales,” an NFT collection that features 3,350 pixelated whales. After the project’s launch, the young software engineer has raked in $350K worth of Ether.
The London Teen reportedly made around £290,000 after selling his pixelated digital whale emoji collection, Weird Whales.
Benyamin Ahmed, 12, will be keeping his earnings in the form of Ethereum, as his NFT collection was sold for ETH. Ahmed has been coding since he was five.
Talking to CNBC, Ahmed has stated that he learned about NFTs earlier this year. He stated, “I got fascinated with NFTs because you can easily transfer the ownership of an NFT by the blockchain.”
His first collection on NFT, after learning about the technology, has been inspired by Minecraft, which is a videogame. Ahmed had created 40 pixelated versions of Minecraft Yee Haa.
For clarity, A non-fungible token (NFT) is a unit of data stored on a digital ledger, known as a blockchain. It certifies the digital asset to be unique and therefore not interchangeable. NFTs will be used to represent items like photos, videos, audio, and other kinds of digital files.
It is generally built using the same kind of programming for cryptocurrencies like Bitcoin or Ethereum, but that’s where the similarity ends. Since each NFT has a unique digital signature, NFTs can’t be exchanged for or be considered equal to one another.
Every NFT has data about the owner stored in the immutable blockchain. When an asset with the NFT token undergoes a transaction digitally or in real life, the blockchain creates a new ‘block’ with the new owner’s information.
NFTs are even used to ensure the provenance (historical record of ownership) of luxury goods. The very idea behind NFTs is that any other authority than their owners cannot control them. A ‘good’ NFT is, therefore, one that is safe from damage and tampering. This is important because a collector should not have to worry about the future of his artwork.
The simple steps to creating a cryptocurrency are that you need to create a digital wallet. Go to the MetaMask website and click on the blue ‘Download’ button in the top-right. Add money to the wallet. Connect your wallet to the NFT platform. Upload the file. Set up an auction. Describe the NFT, and Pay the fee.
