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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

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Business

Amrit Singh Sells NFTs artwork worth $1 million in 9 Months

Amrit pal Singh - image from facebook
Amrit Pal Singh - image from facebook Amrit Pal Singh - image from facebook
Amrit pal Singh - image from facebook
Amrit Pal Singh - image from facebook Amrit Pal Singh - image from facebook

The 32-year-old Amrit Pal Singh earned around $1 million from selling non-fungible tokens. It took almost 9 months to make the 57 NFTs from his artwork.

The artist has been in the design industry for over 10 years. After the pandemic in February, Amrit missed the first NFT business. He was inspired by a friend who was working on similar projects. His pal had a project called Toy Faces, which was expected to perform the same duties as NFT.

Toy Faces NFTs project

Singh had a long interview with CNBC where he talked about his journey to $1 million. “Straightaway, I got a few bids,”. Immediately he got a client, the pressure from various customers was overwhelming. Within a few months, he created more NFTs resembling his Toy Faces. He was lucky to sell them in SuperRare and Foundation market.

The New Delhi artist makes the NFT cartoon using the 3-dimensional knowledge of various characters. Some of the popular faces he used are Steve Jobs, Malala Yousafzai, and Farida Khalo. He takes some weeks before completing the single design. He proceeded “Most of them are inspired by people who have inspired me,”.

Each NFT has its own special price depending on the Toy Face. The cheapest one goes for 1 Ethereum, which is equal to $4,706 from the market.

Toy Room project

Furthermore, Singh also worked on a different project called Toy Rooms. These are 3-D collections showing a variety of rooms. He took his designs from Disney Caves ‘Aladdin’, living room from ‘The Simpsons” and hobby study from “The Lord of the Rings”. At first, it was very ambiguous, but as time went by, everything looked possible.

During the pandemic, Singh said that the rooms had doors that acted as a ‘world full of possibilities. Although we are in tough moments fighting Covid-19, art has given him hope for a new life. He proceeded, “Mostly bound to my room in complete isolation, I rekindled my love for 3-D illustrations through this collection.”

A single floor in this Toy room goes at 1.22 Ethereum. This is equal to 5,741 US dollars. Before selling, buyers have to agree on a commission. There is a written agreement in that, whenever the buyer sells to another client, he will get a certain commission in return. The royalty commission is about 10% of the secondary sales made. This ensures he has some shares in each Toy room or Toy Face.

Toy face NFTs-Image from Pixabay by Alexas Photos

Investing in metaverse

From his potential financial advisor, Singh has managed to invest his amount in different artistic artworks. He took over 30 Ethereum from his business to display the NFTs in the metaverse. He said “I bought virtual galleries, land and a cafe that’s a museum for Toy Faces and other art I collect from artists that I retire,”

Amrat Singh believes in the power of an investment. Risk is an important virtue when you want to grow as an entrepreneur. The museum will be launched before the end of the year. It has the capability of attracting even foreigners who visit New Delhi, India.

Currently, the market is not perfect as it used to be. The demand for the NFTs has gone down. So, the rate of designers making the art has gone down. Singh has just made more cash in seven months, which could have taken the startup four years to achieve that net worth. Even he doesn’t believe that happened.

The Indian artist plans to focus on NFTs alone. He wants to work on them as his full-time job.  Amrit Singh wants to explore different designs to ensure he creates different and appealing models in the market. Creativity has to be employed while developing such models.

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