Benyamin Ahmed isn’t your average 12-year-old. He enjoys swimming, taekwondo, and learning how to code when he’s not at school. Ahmed began programming at just five years old after watching his father, Imran, work as a web developer.
NFTs are unique virtual assets, such as jpegs and video clips, which might be represented by code recorded on a blockchain, a decentralized virtual ledger. Each NFT may be offered and sold, much like physical assets; however, the blockchain permits the ownership and validity of each to be tracked.
Ahmed was excited by the technology and determined to create an NFT series of his own. His first NFT collection, which he launched earlier this summer, consists of 40 colorful, pixelized avatars called Minecraft Yee Haa, which “I created after spending too many hours playing Minecraft,” Ahmed says. He created the artwork and coded each himself, he says.
The collection didn’t immediately sell, but that was OK. Ahmed saw the project as more of a learning experience than a “money grab” and wanted to continue to create. In June, he began to code Weird Whales, his second NFT collection, which features 3,350 pixelated whales, each with distinct traits. The project fused a sort of meme, using the image of a whale, with qualities similar to that of the iconic pixelated CryptoPunks, one of the first NFT collections to exist.
The project cost $300, Ahmed says, which mainly consisted of paying gas fees, which are charged to blockchain verify each NFT. Along the way, Ahmed learned how to code the collection from online tutorials and mentors he met on Discord communities, he says. One of the developers behind another NFT project called Boring Bananas sent Ahmed a script to use as a template for coding Weird Whales, his father Imran says.
“My brother and dad were very excited and fascinated at how they came out,” Ahmed says. “We did some work on the website and the smart contract and posted a thread on Twitter.”
After launching in July, the entire collection sold out in nine hours, and Ahmed made over 80 ether in one day. Since he has held his profits in ether, that sum is worth over $255,000 with today’s pricing. He then earned an additional 30 ether, worth over $95,000, from the resale market since Ahmed earns a 2.5% royalty on each secondary sale.
Ahmed has made over $350,000 to date, and by the end of August, his total earnings will be over $400,000. As of now, Ahmed doesn’t have a traditional bank account, only a cryptocurrency wallet. “I plan to keep all my ether and not convert it to fiat money,” Ahmed says. “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.” (However, he may soon create a bank account for tax purposes, he says.)
In the future, Ahmed is working on another NFT project and predicts that many more successful NFT collections will have a meme component. “I think memes have significant value in this space, as many projects have some kind of meme-link to it,” Ahmed says, like how meme-inspired dogecoin recently surged in popularity. “I think memes play a big part in this space.”
The key, however, will be owning his IP, or intellectual property, he says. To do so, Ahmed’s father has been in contact with lawyers to trademark Weird Whales and other upcoming projects. “When people buy Weird Whales, they’re investing in me and my future,” Ahmed says. “If I carry on as I’ve been, I might end up like other tech entrepreneurs like Elon Musk and Jeff Bezos.”
Courtesy: CNBC Make it