• UK teen earns nearly $400,000 on NFT sales without a bank account

  • A 12-year-old boy from London has earned almost $400,000 (£290,000) during the school holidays by selling a series of non-fungible tokens (NFTs).

    Benyamin Ahmed shared his excitement at making money online by selling NFT artwork “without a bank account”. Ahmed’s artwork garnered attention on Twitter and eventually went viral.

    Ahmed used his school holidays to create and tokenise digital images of whale emojis, branded Weird Whales, which were then sold online as NFTs. Previously, the child had tokenised a set of Minecraft-inspired artwork, but it was not sold on the market due to its lack of popularity.

    Imran Ahmed, the young boy’s father, has reportedly been teaching Benyamin and his younger brother to code since they were six years old. Despite not being able to open a bank account due to age restrictions, Imran said.

    “Benyasim is very creative and has no bank account and no accountant, so he puts his money in an online blockchain.”

    In addition, the father clarified that the reported proceeds made through NFT sales have been converted to Ether (ETH), regardless of price fluctuations.

    The recent NFT boom has unwittingly reintroduced uncertainty into the cryptocurrency ecosystem. As discussed in an opinion piece, the NFT landscape has yet to establish an infrastructure that respects copyright law – for both creators and purchasers.

    One long-term solution to this problem could be to involve organizations that specialize in copyright knowledge in NFT development. However, experts argue that such a move would ultimately impede the accessibility of NFT sales to both artists and purchasers.

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