A 22-year-old man from Indonesia has become a sensation in the non-fungible token (NFT) world after trading pictures of himself on OpenSea, an NFT marketplace.
Ghozali Ghozalu clicked himself every day from the time he was 18 in 2017. ‘Ghozali Everyday’ is a collection of his selfies. The pictures were sold for 0.001 ETH ($3.25) and were bought in a matter of days.
In his first sale, he made $3,000. After two days, the collection had a peak of roughly 1 ETH ($3250) for each NFT, settling to a floor price of 0.38 ETH on January 12, with 277 ETH in traded volume, which means the floor price is worth around $1.4 million, having already hovered around the $3 million mark at one point.
According to data from the NFT marketplace, Ghozali Everyday ranked among the top 40 on OpenSea’s 24-hour trading volume with a 72,000 percent rise in activities.
In 2021, about $40.9 billion was spent on non-fungible tokens (NFTs), according to a report by blockchain expert Chainalysis. This demonstrates a historic growth for an industry that only yielded one billion dollars in 2020.
NFTs are tokens that are launched on blockchain technology that offer a digital property certificate. This confirms to the holder that they are the proper owner of the digital object, and the technology enables the tracking of previous transactions.
The massive NFT trading volumes that have marked the start of 2022 have driven interest in Ghozali’s collection. OpenSea recorded over $1.36 billion in volume in just the first 10 days of January.
For artists, NFTs’ offer price discovery is currently unavailable outside of the few renowned auction houses in operation, while investors can cash in on their purchased NFTs whenever they want.
This flexibility offered by these digital assets has moved them to the top of the list of crypto-based investments.
With a slew of NFT releases by prominent celebrities, there is an exponentially growing interest in NFTs in India.
(Edited by : Shoma Bhattacharjee)
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