Paul "Lamborghini" Kell made the news in 2018 when he paid $US38, 000 for a digital artwork that anyone could already view or download.
This week, he sold the same artwork — a depiction of Homer Simpson combined with internet meme Pepe the Frog — for $US320, 000.
The answer goes to the heart of this emerging digital economy, and opens up new avenues for artists to (finally) make more money for their work.
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A typical plane ticket, on the other hand, is non-fungible. You can't give it to a random person waiting at the airport after you've decided not to jump on your plane.
So NFTs are unique collectible tokens that are permanently tied to, for instance, digital artworks and music. They cannot be separated; the token is the art.
This was soon topped by a 10-second animated video of what appears to be Donald Trump collapsed on the ground in an urban park. It sold for $US6 million.
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Mr Kell, who made his money as a cryptocurrency investor and lives in Denver, Colorado, where he drives a white Lamborghini, said the value of owning Homer Pepe is the "token under the picture that represents Homer Pepe".
For some, the "stupid money" being paid for NFTs is just the latest example of a speculative bubble that will soon pop. For others, it means artists get paid.
They point to a central fact of the internet: in a digital medium where objects can endlessly be cut-and-pasted, copied and reproduced, nobody bothers to pay for the original.
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For instance, music ripped from CDs and put online to download as mp3s is why musicians have been paid less for each song they release.
Foundation, a website for buying and selling digital goods and run by a company based in New York, contacted her last year about selling one of her works as an NFT at their launch.
This isn't a bad price, but what makes the process really interesting to Ms Attafuah is that she retains 10 per cent equity in the artwork.
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At the time of sale, no-one in her circle of artists knew about NFTs. Last month, a GIF sold on the same website for $US580, 000. Australian artists have since been rushing to get on the website.
"When I dropped my NFT, none of my artist friends understood it, but now all my artist friends are saying 'how do I get onto it?'
The music business is quickly taking notice of this, particularly as the lack of revenue from live music has forced a recalibration in the industry.
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"We're excited to push the boundaries of it — experimenting with the space, going beyond just audio and visuals. This feels like phase one."
Nathan McLay, Flume's manager and the founder of his label, Future Classic, said from initial conversations with NFT marketplaces, it seemed artists will get a cut of subsequent sale of the works, rather than just the initial one.
"The first drop from Flume and Jonathan Zawada has a 1- to 2-minute audio piece that goes along with a visual, so it's a new 'piece'.
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"There's lots of potential for that to grow out into how it integrates with a live show, or merch drop, or a giveaway to fans."
"The space has just accelerated so much that almost every artist out there is considering how they should be using NFTs and what they should do, " Sean Gardner, co-founder and CEO, told the .
A collaboration between deadmau5 and the LA-based Australian designer Sutu — a 30-second animation of a golden mouse head backed by music — sold in December for 78 Ethereum, or, at the time, about $US49, 000.
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At the moment, Mr Gardner said, the works being sold — generally very short 3D animations with music behind them — are just the beginning of what's possible.
"What this is going to evolve into is a way for artists to actually claw back a little of the super-fan-type revenue that they used to get from selling CDs directly to their closest fans, or selling limited-edition vinyl, " he said.
Melbourne electronic producer Jacob Steele, who performs under the name Tobacco Rat, has also collaborated with Sutu. The pair produced three NFTs.
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At the moment, Steele is concerned about the environmental consequences of the technology — like other cryptocurrencies, Ethereum must be generated or "mined" using a lot of computer power.
"You put a track on Bandcamp and sell it for $1, or you create this crazy artwork and sell it for like $5, 000."
The person who bought the deadmau5-Sutu collaboration, who declined to reveal their real name or location, told the he didn't know much about NFTs — or art — before a friend brought the work to his attention.
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He initially just got interested "for the flip" — to resell it at a higher price — and paid "an irresponsible amount of money … for reasons that are difficult for me to articulate to my wife".
But while he was initially drawn to the speculative nature of NFTs, he said he got "sucked in by the art" and the community that trading tokens can create.
But in a way not dissimilar to the philosophy behind the GameStop surge, he believes that to think of it in dollars is to obscure the deeper meaning and potential of NFTs.
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"These things, they are almost like the keys to relationships and networks that I am using at the moment and that I find a lot of value in."Teenager Jaiden Stipp has sold a digital illustration (a waving astronaut) for 20 ETH (works out to $62, 000 at the going rate). 18-year old Victor Langlois has raked in $18 million from NFT sales in 2020. His digital art work, titled The Everlasting Beautiful
While the level of success achieved by Stipp, Langlois, and Beegley is certainly not the norm, marketplaces for digital collectibles are thriving.
While your digital art can still be seen, screenshotted, and downloaded by anyone online (at approximately the same quality), the express purpose of NFTs is to assign an agreed-upon value of ownership for your digital art. The blockchain ensures the ownership and validity of NFTs.
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“Imagine you owned a pair of expensive Air Jordans. If Nike went out of business, those sneakers wouldn’t suddenly disappear from your closet. Why should digital goods—like a Fortnite skin or an original Beeple—be any different?, ” says Duncan Cock Foster, the founder of Nifty Gateway (the online marketplace which hosted the Beeple auction).
Meanwhile, billionaire entrepreneur Mark Cuban likened his ownership of NBA Top Shot reels to collecting baseball cards instead of printing them out. According to him, digital goods are as valuable as physical goods and function on the same principles of supply and demand.
Before choosing a wallet, you may want to consider whether you want a software wallet or a hardware wallet, which one has the best protection, and check which wallet is accepted by the NFT marketplace you are interested in.
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Platforms like Nifty Gateway and SuperRare are curated and invite-only, while others (called open NFT marketplaces) simply require user verification before transactions and allow anyone to mint new works (such Rarible and Foundation).
Most of these platforms charge a service fee: for instance, Foundation charges a 15% commission, while Nifty Gateway claims 5% plus $0.30 for every secondary sale. The fee is used to cover the energy expenses required to convert a digital work into an NFT on Ethereum, and typically fluctuate with network demand. There are, however, platforms like OpenSea that offer a “lazy minting” option,
The value of NFTs hinges on the narrative around it. The more interesting or absurd the story behind your collection is, the more press you’re going to get and the more people are going to be drawn to it.
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Hype is the name of the game. It would pay to invest time in studying the market and learning trends.You should also devote time to cultivate followers through posting on social media, churning out daily content, and creating your own website to attract eyeballs.
Drowned in reading sci-fi, fantasy, and classics in equal measure; Srishti carries her bond with literature head-on into the world of science and tech, learning and writing about the fascinating possibilities in the fields of artificial intelligence and machine learning. Making hyperrealistic paintings of her dog Pickle and going through succession memes are her ideas of fun.
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