- A struggling sculptor and fine artist has struck gold when he converted his works to nonfungible tokens (NFTs)
- Cam Rackham, 42 made over N306 million in less than an hour when sold over 10,000 NFTs in crypto
- Rackham said he could not believe his fortunes after he discovered that he has amassed such money from his collection of NFTs
Cam Rackham, a 42-year-old artist said he could not believe his luck when he struck goldmine when he converted his arts to NFTs and sold them for a whopping N306 million in less than an hour.
As the COVID-19 pandemic hit, artists like him struggled to make money as his arts got cancelled making his venture suffer and commissions drying up.
So Rackam shifted to the digital art industry.
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Until 2021, his highest earnings have been N4.5 million he made by selling painting and sculpture pieces in 2015. But things were about to turn around for the artist as his move into nonfungible tokens (NFTs)
He tells CNBC he has seen success since he switched to NFT collections, like the Bored Ape Yacht Club and Beeple’s N28.6 billion NFT projects and made up his mind it could be worth his while and a great space for him to venture into.
Amazing success in the world of NFTs
According to him, he realised he was able to see all his clients on the blockchain at once and could start doing some goog stuff with NFTs.
His foray into selling digital art began when he reached out to a popular meme page on the phot0-sharing platform, Instagram and called wallstmemes and inquired if they needed collaboration on the NFT collection. They agreed and he created thousands of iterations on Wall Street-style cartoon bull.
Rackham started designing the art and the meme page abd boosted sales by using social media to hype the digital channels like Discord and they sold the entire collection of 10,000 NFTs in a little over half an hour after it launched on October 27, 2021.
Instant success with NFT
According to him, within five minutes, close to 2,250 of his NFTs were sold. In another eight minutes, half of his creation was gone.
The entire collection was worth 660 Ethereum which were the equivalent of N1.07 billion at the time, as of Friday, March 25, 2022. Rackham made over N306 million on that day.
According to him, he celebrated by drinking Champagne and playing loud music.
At the end of 2021, Rackham has hit about N7.3 billion.