Thirty-two-year old NFT artist, Amrit Pal Singh has invested over 40 Ether (approximately $80,000 as at the time of this publication) to populate an art gallery that he is building on the metaverse.
The metaverse is a virtual world which utilises virtual and augmented reality to replicate real-world experiences.
Singh started selling his digital art as NFTs in February 2021. As he got deeper into the NFT space, he saw the need to diversify into virtual real estate.
“I saw the potential of owning digital land in the metaverse,” the designer told CNBC Make It in the article mentioned above.
Singh, who made a fortune from selling Toy Face renditions of popular figures as NFTs, bought a virtual plot of land for 2 Ether, around $9,300, on metaverse gaming platform, Cryptovoxels.
Cryptovoxels is a game that allows players to purchase and develop land for fun. They can build whatever they want, from clubs to casinos and even art galleries.
On Cryptovoxels, Singh built an Art Gallery to display his NFT collection. The gallery is named Toy Face Cafe, after his NFT creations.
The art he created is displayed on the first floor, and on the upper floor, he displays those he has collected over time.
“In addition to owning the land, I thought it would be great to use it to showcase my art and showcase my growing collection,” he said to CNBC.
Singh told CNBC that he had made over $1m from creating and selling NFTs since February 2021.
His Toy Face Collections feature faces of popular figures like Daft Punk, Steve Jobs, and Malala.
Singh has also invested thousands of dollars in other digital artists, with his collection boasting popular NFT projects like CrypToadz, Doodles, Cool Cats, and Robotos.
Although he believes that NFTs are the future, Singh still encourages NFT enthusiasts only to invest money they can afford to lose.
As the value of NFTs is still largely speculative, it is still hard to determine if a project will succeed or not.
Singh also believes that NFTs will soon be considered valuable assets that can pass from one generation to the next.
NFTs and cryptocurrencies are creating a new generation of wealth, and people have gone from struggling to being worth millions of dollars in short periods.
But the question remains, are these new technologies really breaching the wealth gap or are they just making the rich richer?
