Crypto Journalist on How He Made Money From NFT Market
A failed journalist joined the current NFT craze to make fortunes for himself. The journalist who was once distressed narrated how he was very indebted while working with Decrypto, one of the leading crypto news media outlets. Then, he told his employer how poor he was. But instead of the latter to sympathize with him, he rather jokingly responded to the journalist, “You are a lazy loser and a debtor to the company.” But in the course of the discussion, his employer advised him to try the NFT investment to see if his financial conditions would change. “No,” Ben Munster, the journalist, retorted. NFT was not yet famous, unlike today that almost everything is now being registered as an NFT work. The conversation between Munster and his employer, Quittner, took place in early January when the NFT was garnering popularity. His employer told him that averagely talented artists earned thousands (and now millions) from their digital artworks, selling as NFTs and earning in cryptocurrencies.
Quittner Explains the Essence of NFT to Munster
As explained by Quittner, NFT is a sort of digital work that represents a persons’ work registered on the blockchain and can be bought on any online exchanges to earn cryptocurrencies, primarily ether. NFTs are more or less like cryptographic signatures used to refer to a digital work of the author. You can neither duplicate nor substitute one NFT for another. An NFT signifies ownership of digital artwork to the person that buys it.
“A hilarious idea,” Munster replied. Meanwhile, he already had some artworks made for a brief fun he tagged, “A crypto Carol.” Quittner advised him to try selling the artwork as NFTs, a move that could improve his financial condition as a poor journalist. The employer promised to pay him if he could sell and narrate his experience selling an NFT.
Munster, a young journalist that was in a financial mess, couldn’t fathom the idea. But he became convinced when Quittner persuaded him to join the booming NFT industry and see how his life would change. But Quittner also asked his colleague, Steven, to link Munster with some artists who would guide the journalist to the best way to earn with NFT. Munster met a talented Australian artist popularly referred to as Swan, who convinced him he had made a lot of money from the NFT industry, especially in his partnership with Monstercat. According to Swan, if you become a full-time digital artist, you’ll start making a killing with NFTs. While the marketplace selling your artwork takes around 10% royalty, you pocket the rest of the money. Swan convinced the curious journalist that he could earn as much as six figures form NFTs. Swan added that Munster should try to make collections of digital artworks. They would promote them through social media.
Swan advised Munster to promote his work
Swan advised Munster that apart from creating a collection of great artworks, he must command a considerable number of Twitter following. So, the journalist decided to hire a Twitter influencer who could promote his work via Twitter. He then hired Neeraj Agrawal, a famous crypto Twitter influencer who he had earlier admired via his tweets. He DM’d Agrawal to portray him in an artwork as a sad clown, looking confused while sitting down. The influencer agreed. Both of them also decided to photoshop the portrait. He also decided to animate the portrait.
Munster also learned that the platform selling the digital artwork would complete the technical work. Some of them get royalties. The NFT marketplaces are hosting providers that keep and auction NFTs to customers. Some of the best NFT platforms to sell are Rarible, SuperRare, Nifty Gateway, and more. Only Rarible was kind enough to give Munster a chance and the founder booked an hour cal with him.
Munster also got an offer from Salkinov, a successful NFT host, to promote Munster’s digital artworks via Salkinov’s site, which would cost $100. Salkinov advised him not to animate but to embed the work. Not wanting to dump his work on Rarible, Munster also consulted Eleneora Brizi, an artist who advised him to try OpenSea to build a real profile.
Brizi advised Munster not to depend on Agrawal’s Twitter following to promote his work. After opening an account with OpenSea, he tried MetaMask, the Ethereum wallet, but it didn’t work. He also attempted Bitski. He also tried Wyre, but the $150 payment couldn’t be processed. Later, he consulted a friend who was able to help pay via Paypal. He spent $400 for the hosting and put the price of his work at $4,000. Then, he turned to Agrawal, the influencer, to start promoting the link on Twitter. Later, Quittner advised him to reduce the price from $4,000 to $500. And he was able to sell the work in a minute.