His artwork had sold for way over asking price, so Jonathan Wolfe made a call to his bank. The account manager was confused, maybe a little concerned. How did his client, a 21-year-old art student without any discernible source of income, get all this ethereum?
Days earlier, Wolfe had auctioned off one of his digital paintings, a piece called “Living in my Head,” for 24.43 units of the cryptocurrency, the equivalent of $55,555.55. Painted onto the back of a “Two-way Traffic” sign, the image depicts a textured grey structure with a furrowed brow and two blinking eyes.
He knew the piece would sell high, but he hadn’t seen this coming.
“I had to call the bank being like, ‘Hey guys, don’t worry, it’s OK,’ ” Wolfe said. The branch, satisfied he wasn’t doing anything nefarious, set him up with a few mutual funds and a retirement savings plan. Or, “all the boring stuff,” as Wolfe described it.
That was early in March. Since the auction, Wolfe’s income has grown astronomically. He’s been caught up in a gold rush for nonfungible tokens (NFTs), a trend that has allowed him to sell artwork he once posted for free on Instagram for tens of thousands of dollars instead.
Speaking from his home in Calgary, the student from the Alberta University of the Arts sounded a little embarrassed to admit his earnings. Rather than speak the figure aloud, he directed me to a website called cryptoart.io, which tracks sales made by most prominent NFT artists. According to the site, Wolfe has sold 130 pieces of art since his first sale last October, amounting to more than $1.3 million (U.S.).
Read more over at thestar.com