“I made 75 times my money with digital art – it’s paid for my new home”

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This is the third in a three-part series examining the rise of cryptocurrency enthusiasts who have integrated digital currencies into all aspects of their lives, both personal and professional. The first looked at building token-based businesses online and the second looked at “meme” cryptocurrencies.

In the wacky world of cryptocurrency, where dog-inspired coins ride millionaires and companies issue their own currencies online, non-fungible tokens – NFTs – stand out as a particularly strange phenomenon.

NFTs are proof of ownership of a range of digital assets, acting like virtual stock certificates. When NFTs are bought or sold, transactions are listed in a digital ledger called a blockchain.

Tokens cannot be replicated which makes them unique and in some cases very valuable. NFT’s sales so far in 2021 have reached $ 13.2 billion (£ 9.6 billion), according to DappRadar, a cryptocurrency data site. They are most often paid in Ethereum, the second largest cryptocurrency, behind Bitcoin.

One person inside the booming industry is Josh Sandhu, 31, of Cardiff, who has been trading NFTs since 2019 and first invested in cryptocurrency in 2011. A recent big win has come. of NFT’s purchase of “CryptoDad,” a collection of 10,000 animated middle-aged male characters.

“I spent $ 2,000 after seeing that the creators were very followed on Discord, a discussion site, as well as on Twitter. One of the selling points was that they had “utility,” meaning they had real value. For example, there was talk of Netflix and Fox creating a TV show based on them that would pay royalties to the owners of CryptoDad, ”he said.

Mr. Sandhu, who works for Grove Square Galleries in London, sold six of his 12 CryptoDads this year for $ 75,000 in profit.


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