The success of the world of non-fungible tokens continues. One success is quickly followed by the next success and more and more young people become millionaires in one fell swoop, thanks to these NFTs. Where it is unimaginable for many people, other young people take their chances and book great successes here.
Thanks to the freedom of the term ‘non-fungible token’, virtually everything on the blockchain can exist as NFT. And young people knew that. They give free rein to their creativity and hope that it will also bring in some money. Sultan Ghozali sold selfies as NFTs and his collection was worth a whopping $1 million in just a few days. How? Discover all about Sultan’s selfie NFT collection in this blog.
The development of crypto connects the whole world. Despite the fact that we all come from different backgrounds, thanks to the internet and blockchain technology, we almost all have the same opportunities to change our lives. While everyone would like to make a lot of money with crypto, these options are of much greater importance in low-cost countries. In countries where the majority of the population lives at or even below the poverty line. Also for them, crypto can be life-changing.
An important development in this is the emergence of web 3.0. We have internet almost everywhere in the world. This means access to the digital network that connects the world. Web 1.0 was in the early days of the Internet, where we could only consume information. Afterward, the web 2.0 developed. We were also able to add information ourselves through our own websites, blogs and e-commerce trading platforms.
Web 3.0 goes one step further. This is where users of the internet can own things. Years ago, a photo or digital image was worth next to nothing. It was stolen unsolicited and copied on their own website or on social media. Thanks to blockchain technology and the development of NFTs, you can record these digital images as your property. You have a certificate of ownership here. In this way, you can effectively own all digital assets that exist on the blockchain.
Regardless of your origin, religion, or place of residence, anyone can own digital assets. All you need for this is an internet connection and a software wallet such as MetaMask or TrustWallet. From that moment on you can mint everything to NFT and trade as NFT. You can’t think of it that crazy.
Thanks to its decentralized nature, everyone has access to DeFi. It happens more often at central exchanges that have a KYC procedure, a know-your-customer. Regulations prevent people from gaining access to certain countries. Fortunately, this is not the case with DeFi, which creates numerous possibilities. This has already changed many lives, especially in low-wage countries, such as Indonesia and the Philippines.
The game industry is a multi-billion dollar business with the largest number of gamers coming from the Philippines in 2021. The local population there earns an average of fewer than 300 dollars per month. With the development of play-to-earn, a large number of residents now earn more than double their monthly income. Previously, these play-to-earn games were also under fire, because they required a minimum entry fee. This amount was already 3x the average monthly salary of someone in Indonesia or the Philippines.
As a result, the largest population group in the gaming industry was left out. As a result, new games have been developed, where it is possible to participate for free. These games are therefore extremely popular and are an important source of income, especially in these low-wage countries. As long as you have internet, pretty much anything is possible. And this freedom and these possibilities seem just the beginning.
The year 2021 will go down in the history books as the year in which the development and trade in non-fungible tokens traded exploded through OpenSea’s NFT platform NFTs.
With the development of NFTs and Web 3.0, everyone is able to make their own NFT. Often we only think of digital art, such as Bored Ape Yacht Club and CryptoPunks, but there is much more possible. Since an NFT is a unique digital asset, the creator has complete freedom to determine what he creates and in what way. When looking at the metaverse, every unique asset here is an NFT, from digital land to digital real estate, to even art on the wall of your virtual property. But the music industry also has many advantages of NFTs, whereby songs and video images can be traded as NFTs. In short: the maker decides, that everything is possible. Sultan Ghozali thought so too.
Who is Sultan Ghozali?
Sultan Gustaf Al Ghozali is a 22-year-old student from Searang in Java, Indonesia. He studies computer science and has been designing logos and the like for some time now. During his studies, he learned more about blockchain technology, the metaverse, and eventually also about NFTs. What was supposed to be a graduation project got a different twist. His NFT collection traded for more than $1 million in a few days.
Check out all the selfies Sultan sold as NFT in the video below:
Selfie NFT collection
Sultan Ghozali took a selfie every day for 5 years, totaling 1000 unique photos. Not in special places or in special clothes, but just behind his computer without any form of emotion. He took these photos as part of a school project. His idea was to put these individual photos together and make a timelapse of them as a graduation project. Now he is certainly not the first person to make a timelapse of photos. We’ve seen this before on both Instagram and TikTok, but Ghozali decided to capitalize on the hype of NFT’s
Ghozali decided to individually mint all these photos from 2017 to 2021 as an NFT. A selfie NFT collection of 933 items was created, called Ghozali Everyday. The collection was launched on January 9, 2022, for a price of just $3 per photo. Each NFT exists here on the Polygon and is, therefore, an ERC-1155 token.
Polygon is a layer 2 blockchain that exists on the Ethereum blockchain. This allows NFTs on Polygon’s blockchain to be traded on OpenSea, which is originally an Ethereum-based NFT trading platform.
After its launch, the project received worldwide attention. Despite the meaningless selfies of a completely unknown person, the floor price rose to 0.9 Ethereum in a few days. At that time, it was worth about $3,000. He himself sold it for 3 dollars because he was convinced that no one would buy random photos of a completely strange person. Nothing could be further from the truth, as it turns out. Less than a week later, on January 14, 2022, the total trading volume on his selfie NFT collection was a whopping 314 Ethereum or more than one million dollars.
Note that the NFT collection is worth more than $1 million. But because he himself sold these NFTs for only $3 each, the big profits go to the new owners of his photos. Ironically, his parents don’t know about his success. On the contrary, he asks the owners of his NFTs to be careful with his photos:
“You can do anything like flipping or whatever but please don’t abuse my photos or my parents will be very disappointed in me. I believe in you guys so please take care of my photos. “
Sultan is not the first to become unexpectedly wealthy from his NFT collection. In August 2021, 12-year-old Benjamin Ahmed from London also became a millionaire overnight, thanks to his NFT collection. The young computer technician created a collection of 3,350 pixelated whales called Weird Whales. The entire collection was sold within 9 hours. The average price rose to $1400 per NFT, making him a 12-year-old millionaire in a matter of days.
We currently live in a special era, in which a lot of money can be earned. We are just a few clicks away from all the information we need to completely change our future. Years ago, absorbing information was difficult and time-consuming, from bulky books in dusty libraries to boring papers. Now you can find everything online within seconds.
This era also ensures that, when we collect information in a smart way, we can also benefit from it financially. The development of NFT is relatively new and the possibilities are endless here. It is therefore the people who take action who benefit from this. Not through intricate animated art, but by taking down ordinary selfies, Sultan Ghozali became a millionaire in just a few days. In an age where anything is possible, big profits are made. But remember that you are always doing your research at all times. In a decentralized world, dangers are always lurking. With great power, comes great responsibilities.