The NFT market continues to boom amid a surging cryptocurrency market, and artists are capitalizing on it.
YouTuber and internet personality Logan Paul is making millions in his first days in the emerging NFT industry.
Logan live-streamed himself unboxing Pokeman Cards worth $2 million and sold accompanying NFTs worth nearly $1 million.
The Pokeman unboxing was timely as the Pokeman franchise is celebrating its 25th anniversary in the whole of 2021. Yes, an anniversary event that lasts an entire year.
During the unboxing, Logan continued his foray in the NFT market that he had successfully kicked off a week earlier with a multi-million dollar sale of NFTs.
Paul first sold digital Pokeman card images that have his own likeness and came in three different colors.
77 silver card images going for $370 each were minted, 111 gold images worth $1,500 each were minted as well as three black matt cards valued at $17,000 each were created.
— Peter Jennings (@CSURAM88) March 1, 2021
The NFTs were sold for a total price of $504,9K. Logan partnered with a peer-to-peer cryptocurrency exchange Bondly for the sale.
Logan went on to turn the YouTube video streams into videos that could be purchased as NFTs. The NFTs were once again completely sold for $377,400, bringing the total NFT sales to $882,390.
This is in addition to the $5 million he made from the previous week.
Logan sells NFTs for $5 million
In his first entry into the NFT market, the social media influencer sold NFTs worth approximately $1 million within the first 30 mins.
The sale was split over two days in which 1,772 NFTs were sold on the first day and by the second day, 2,586 NFTs were purchased.
In total, Logan has made nearly $6 million.
NFTs: Potential or over-valuation
NFTs are still new and advocates for the market believe that it is good for digital artists and creators.
This is because NFTs allow creators to sell their work directly to the consumers without the need for intermediaries that take out a portion from the earnings of the artists.
On the other hand, some argue that the NFT market is a bubble and it is reflected in the sky-high valuations of NFTs.
This right here sold for $2,000,000+ today
CryptoPunk #3100 pic.twitter.com/aAak1kqwis
— Cryptonary🚀 (@cryptonary) March 1, 2021