The concept of NFT (non-fungible tokens – also known as “virtual assets”, those tokens that cannot be replaced) has been making waves around the world in recent months. From billionaires, celebrities, entrepreneurs, artists to ordinary people, everyone is participating in buying and selling NFTs as personal assets.
It is undeniable that NFTs suddenly became a global sensation, enabling many people to change their lives in unexpected ways. Among them is a 32-year-old Indian artist named Amrit Pal Singh.
9 Years of Diligence Doesn’t Compare to 9 Months of “Just for Fun”
Singh has been working as a designer and illustrator since 2012. This part-time job helped him maintain a modest living but did not make him wealthy.
In February 2021, he officially created his first NFT artwork. Previously, Singh had worked on a 3D art project titled Toy Faces. A friend suggested that this project would be perfect for the NFT model, so he wanted to “give it a try”.
Unexpectedly, he then received several auction offers for his paintings. Singh continued to sell NFT products from his Toy Faces collection on online marketplaces such as Foundation and SuperRare. He even received requests from clients for custom products.
Toy Faces are 3D cartoon portraits of various characters, including famous figures like Malala Yousafzai, Steve Jobs, and Frida Kahlo. All of them are handmade products, meaning Singh painted each image by hand. He said: “Most of them are people who have inspired me.”
Singh stated that each of his Toy Faces NFTs was sold for a minimum price of 1 Ether, which is about 4,706 USD (equivalent to over 100 million VND).
Thus, in about 9 months, Singh reported that he earned over 1 million USD from selling his NFT artworks.
He mentioned that this “staggering” income allowed him to invest in products from other artists, including LIRONA, Tory Bryant, Ankit Kapoor, Navneet Bawa, Prasad Bhat, Anwesh Kumar Sahoo, and Rachna Ravi. Some of these artists sold works for hundreds of thousands of USD.
Although he has done quite well as a designer over the past 9 years, his income still does not compare to what he made from selling NFTs in just 9 months. Singh revealed that the income he earned from NFTs in 7 months equaled 3-4 years of work as an artist and designer. Therefore, Singh stated that he would focus all his time on NFTs in the future.
Buying Virtual Land for His Virtual Art Gallery
According to CNBC Make It, Singh purchased a virtual plot of land for 2 Ether, around 9,300 USD at current prices, on Cryptovoxels, a metaverse powered by the Ethereum blockchain where players can buy land and build homes. Here, he built a 180m2 gallery called Toy Face Cafe, named after his NFT collection.
On the ground floor of the café, Singh displays the works he has created, and on other floors, he showcases pieces he has collected from the virtual world.
“Besides owning the land, I think it would be great to use it to exhibit art and showcase my growing collection,” he said.
Singh also designed and sold a project called Toy Rooms. This is a collection of 3D illustrations depicting different rooms, including the cave from Disney’s “Aladdin”, the home of Hobbits from “The Lord of the Rings”, and the living room of “The Simpsons” family.
He said that these rooms are like a gateway to a different world full of surprises and fun. Especially during the pandemic when isolated in his room, he rekindled his love for 3D illustrations through this collection.
According to Foundation, the floor price for each Toy Rooms NFT is about 1.22 Ether, equivalent to around 5,741 USD. If any of his works are resold, Singh will also earn 10% in royalties.
Although very optimistic about NFTs, Singh emphasizes the importance of “only spending within the limits you can afford to lose”.
Source: CNBC