How Keralite software engineer ‘Chakkakkuru’ illustration grossed Rs 73,600 in cryptoworld
What do former Twitter CEO Jack Dorsey and Keralite software engineer Faisel Kachappilly have in common?
To put it simply, the two explored the possibility of trading non-fungible tokens (NFTs) to make money.
An NFT is a unique digital certificate that indicates who owns a photo, video, or other form of online media. Each NFT is unique and cannot be duplicated.
Dorsey sold his NFT – his first tweet published on March 21, 2006 – for the equivalent of $ 2.9 million in March 2021. It was bought by a Malaysian-based businessman in the ether cryptocurrency, a rival to the first cryptocurrency, bitcoin.
The sale sparked interest from Swiss company Faisel in NFT. So he created an illustration of jackfruit seeds, or Chakkakkuru, as NFT. To his surprise, he brought in the equivalent of Rs 73,600 ($ 980) in a single day.
In the NFT world
Faisel, who started his career as a graphic designer, actually illustrated the jackfruit seed to understand the inner workings of the NFT market. After making the final touches, he put it up for sale under the title âChakkakuru – Jackfruit’s Treasureâ.
âI was amused at the prospect that the screenshot of an old Dorsey tweet could be so valuable,â Faisel said.
A native of Chalakkudy and passionate about technology, Faisel has always wanted to study the cryptic world of blockchain technology.
He has fervently studied the rapidly changing world of digital asset classes and blockchain technology and even took a course to learn more about Ethereum and its programming language Solidity.
Ethereum is a decentralized, open source blockchain with smart contract functionality. Ether (ETH) is the platform’s native cryptocurrency.
âI am not a trader like many others interested in cryptocurrencies and NFTs. I decided to invest in cryptocurrencies to understand how it works, âsaid Faisel.
âEach unit of chakkakuru was valued at $ 4.39. The value was subject to fluctuations as it was valued in ETH coins under Ethereum. I used the Opensea website to list the NFT for sale.
âIf I published it under the Ethereum blockchain, I would have to incur gasoline costs to publish my article as the creator,â he said.
Gas charges are payments made by users to offset the computational energy required to process and validate transactions on the Ethereum blockchain.
âAs chakkakuru was an item created for testing, I used another frame, Polygon, to avoid gasoline charges. But we have to pay a fee if and when we withdraw the generated income, âhe added.
A few of my friends who trade online regularly bought chakkakuru to make me happy. Other than them, I never suspected that anyone would be interested in purchasing a ‘chakkakuru’ artwork as an NFT.
But when I got home from work that evening, I was shocked to find that someone had bought some NFT 200, bringing the total amount to $ 980.
Evolution of TVN
The NFT was originally designed to eliminate the loss of income incurred by artists when selling their creations through intermediaries and to decentralize the process of buying and selling these items.
âFor example, a photographer will not receive all of the income generated by his photograph if he sells it through Shutterstock or iStock. But eventually people started trading NFTs. An NFT can be anything from an image to a gif or a video, âFaisel told Onmanorama.
There are many platforms for trading NFTs. Some platforms like Binance only allow pre-registered users to trade their exchange.
Faisel’s experience is not isolated. With celebrities embracing it as a means of generating wealth, NFTs worth millions are traded across the world.
Rapper and artist Snoop Dogg put on sale Monday on SuperRare, the digital art market on Ethereum, his first NFT âDecentralised Doggâ in collaboration with artist Coldie.
This stereoscopic 3D collage of 10 different Snoop Dogg portraits lasting a few seconds has already generated around $ 771,000 at current prices.
Nationally, âMadhusala,â a music video featuring Amitabh Bachchan’s recital of her father’s poetry, sold for $ 756,000.
Besides monetary gain, NFTs provide a source for celebrities to increase the reach of their work.
Sonu Nigam recently released his first English song âHall of Fameâ to the NFT marketplace.
What is puzzling about NFTs for traditional investors is the lack of copyright and having a tangible asset upon completion of the purchase.
But as with bitcoin and other cryptocurrencies, tangibility is the last concern of NFT investors. It is the immense possibilities of the virtual world and the digital assets that they wish to acquire.