A STUDENT became a millionaire overnight by selling his selfies as NFTs online.
Sultan Gustaf Al Ghozali, from Indonesia, took photos of himself in the same pose every day for five years, but never expected them to eventually fetch $1million.
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Originally, he simply took the snaps to track his time spent as a student and planned to play a timelapse at his graduation.
But with the boom in NFTs – which stands for non-fungible token – he decided to try and sell them, France24 reported.
NFTs are related to cryptocurrencies, such as Bitcoin, which are collections of computer code with recognisable logos.
An NFT provides something different as it digitises a piece of work such as art or music and turns it into a non-fungible token that is stored on the blockchain.
That means it cannot be replicated and is unique to whoever owns it.
Ghozali put his photos up for sale on the Opensea platform last month and demand for his selfies has spiked.
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Eventually the price of his collection surged past $1million.
Buying an NFT, like any collectable, is a risky bet on the value going up.
If there is no demand for the NFT you buy then you could end up paying a large amount for something that declines in value or that you cannot sell.
NFTs are still a new market so there is unlikely to be the same demand you will find for other physical items such as trading cards, art or classic cars.
You could also create your own NFT but there is no guarantee of a buyer and you could end up wasting your time and money.
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