News / Uncategorized
How a 12-year-old made six figures on NFTs…
How a 12-year-old made six figures on NFTs…
August 21, 2023
The kid’s name is Benyamin Ahmed. His father is a computer programmer, so Benyamin became interested in computers at a young age. He was programming using basic HTML code by the time he was five years old. And he later advanced to JavaScript and more complex programming languages. It was through this process that Benyamin became exposed to smart contracts and NFTs at age 12. And he was quickly taken in by the technology.
As he put it, “I got fascinated with NFTs because you can easily transfer the ownership of an NFT by the blockchain.” As a reminder, NFTs are digital collectibles. They allow us to cryptographically secure and authenticate unique assets or data on a blockchain. And smart contracts are contracts that self-execute on a blockchain once the agreed-upon parameters are met. Benyamin’s statement on NFTs really highlights one reason why digital assets are valuable.
Ownership can be transferred from one person to the next with just the click of a button. It’s a simple thing, but it’s powerful. Compare this to trying to sell a gold coin or a piece of fine art. Those transactions often have to flow through intermediaries, making them time-consuming and inconvenient. Plus, the middlemen – the coin dealers and the art galleries, in this example – each take a cut of the sale.
In this context, it’s easy to see why anyone would love the idea of NFTs and digital assets. Benyamin’s first foray into this world was to create a collection of Minecraft-avatar NFTs. Minecraft is a popular online game for younger kids. The Minecraft NFTs didn’t make a bunch of money for Benyamin. But they gave him the idea to create his own collection. In June, Benyamin minted a collection of 3,350 pixelated whales. They were inspired by the CryptoPunks and Bored Ape collections! He called them the Weird Whale collection.
Here’s a visual:
It cost Benyamin $300 plus his time to mint the Weird Whale collection. And get this – the entire collection sold for $255,000. That’s a monetary return of 84,900%. Not too shabby for a 12-year-old. And that’s just the beginning…
Benyamin also programmed royalty-generating smart contracts into each of his NFTs. These contracts pay him royalties of 2.5% of the sale price any time a Weird Whale NFT trades on a secondary market. That happens automatically. For example, if an individual sells one of these NFTs on OpenSea for $1,000 in ether (ETH), the smart contract automatically sends $25 worth of ETH to Benyamin. And this happens over and over again, every single time a Weird Whale NFT is sold. How’s that for a brilliant business model?
As it stands, Benyamin has earned over $95,000 in royalties since selling the Weird Whale collection. That brings his total earnings up to $350,000. And funds will only continue to roll in. I’m sure Benyamin will make at least seven figures on his NFTs. Maybe even eight. This raises the question – what’s a 12-year-old going to do with all this money?
Here’s Benyamin’s answer: “I plan to keep all my ether and not convert it to fiat money. It might be early proof that, in the future, maybe everyone doesn’t [need] a bank account and just has an ether address and a wallet.”
Talk about a view of our digital-first future. Benyamin has raked in $350,000, yet he has never had a bank account… and he doesn’t particularly want one. He’s got his Ethereum wallet right in the palm of his hand. That’s powerful.
Share this article:
More in Uncategorized:
Hedge funds and banks typically use multiple time frames for intraday trading
Hedge funds and banks typically use multiple time frames for intraday trading, as this allows them to gain a comprehensive...
![Trent Grinkmeyer in front of stock market with bull background](https://bestofusinvestors.com/uploads/2023/06/trent-e1687263019450-300x300.webp)
Trent Grinkmeyer
August 30, 2024
Nvidia Earnings Call: A Record Quarter with a Twist
Nvidia’s Q2 earnings call was a mixed bag, with the company reporting a record quarter but also revealing a drop...
![Kerry Grinkmeyer in a suit standing in front of a stock chart with a bull on it](https://bestofusinvestors.com/uploads/2023/07/kerry-300x300.webp)
Kerry Grinkmeyer
August 29, 2024
Nvidia Earnings: A Critical Moment for Big Tech
As we approach Nvidia’s earnings report, the tech world holds its breath. This isn’t just about one company’s performance; it’s...
![Trent Grinkmeyer in front of stock market with bull background](https://bestofusinvestors.com/uploads/2023/06/trent-e1687263019450-300x300.webp)
Trent Grinkmeyer
August 28, 2024
The Sleeping Giant: Why Intel is an Undervalued Stock
As the world’s largest semiconductor company, Intel (INTC) has long been a household name in the tech industry. However, despite...
![Kerry Grinkmeyer in a suit standing in front of a stock chart with a bull on it](https://bestofusinvestors.com/uploads/2023/07/kerry-300x300.webp)
Kerry Grinkmeyer
August 23, 2024
The Trillion Dollar Addiction...
The Trillion Dollar Addiction That Amazon, Google, Meta and Microsoft Will Be Selling Next Year As I discussed in my...
![Kerry Grinkmeyer in a suit standing in front of a stock chart with a bull on it](https://bestofusinvestors.com/uploads/2023/07/kerry-300x300.webp)
Kerry Grinkmeyer
August 19, 2024
What is an AI Agent? What Can It Do For You? Where Can You Get One?
As I discussed with my tribe during our recent stock talk, I’m excited to share with you the concept of...
How a 12-year-old made six figures on NFTs…
August 18, 2024