American youtuber Logan Paul created an art of himself holding anime-style Pokémon cards and transformed it into a NFT, or non-fungible token, a new type of digital asset. He then determined that a stock of 3,000 units would be sold for 1 ether (ETH) each. In total, the influencer grossed more than $ 5 million.
After all, what are NFTs?
What Logan Paul created is something new even in the world of currencies and digital assets. The so-called “non-fungible tokens”, or NFTs, are a new category of digital heritage generally linked to copyright works, which can be marketed at a pre-determined value by their owner and through multiple platforms.
An NFT can be absolutely anything, a code, 3D models, games, but they are mainly used to certify the exclusivity of works for a growing digital art market. They are encoded and assimilated by blockchain networks, mainly by the Ethereum system. In this way, a digital creation can be encrypted to be absolutely unique and permanent in the world.
This became a full plate for a collector’s market. In the case of Paul, his art was created as a kind of super exclusive and limited product. Only 3,000 units were made available and they will be permanently on the internet, but they can be exchanged, as well as works of art.
Euphoria and exclusivity attracts collectors’ market
Young influencer and investor Tiffany Zhong published on his Twitter the balance sheet for Logan Paul’s sales that began on February 20 and lasted for 48 hours. On the first day alone, 1,772 NFTs were sold for 1 ETH, which was worth about $ 2,000. The amount raised was US $ 3.5 million.
Sales continued for the next few days. According to the information released, of the total supply of 3 thousand NFTs, 2586 were purchased and 414 were left that would be permanently destroyed at the end of the established period. It was not revealed whether all the stock was purchased.
Paul, who now has 22.8 million subscribers to his YouTube channel, has created euphoria among his fans to acquire the extremely limited art. In addition, he announced that 3 buyers would win through 1st edition Pokémon card packs, a product that today is worth about $ 40,000 in the collectors market.
With information: Cryptoslate