Work make money online

LONDON — In October 2020, Miami-based art collector Pablo Rodriguez-Fraile spent almost $67,000 on a 10-second video artwork that he could have watched for free online. Last week, he sold it for $6.6 million.

The video by digital artist Beeple, whose real name is Mike Winkelmann, was authenticated by blockchain, which serves as a digital signature to certify who owns it and that it is the original work.

It’s a new type of digital asset – known as a non-fungible token (NFT) – that has exploded in popularity during the pandemic as enthusiasts and investors scramble to spend enormous sums of money on items that only exist online.

Blockchain technology allows the items to be publicly authenticated as one-of-a-kind, unlike traditional online objects which can be endlessly reproduced.

“You can go in the Louvre and take a picture of the Mona Lisa and you can have it there, but it doesn’t have any value because it doesn’t have the provenance or the history of the work,” said Rodriguez-Fraile, who said he first bought Beeple’s piece because of his knowledge of the U.S.-based artist’s work.

“The reality here is that this is very, very valuable because of who is behind it.”

Examples of NFTs range from digital artworks and sports cards to pieces of land in virtual environments or exclusive use of a cryptocurrency wallet name, akin to the scramble for domain names in the early days of the internet.“Non-fungible” refers to items that cannot be exchanged on a like-for-like basis, as each one is unique – in contrast to “fungible” assets like dollars, stocks or bars of gold.

The computer-generated video sold by Rodriguez-Fraile shows what appears to be a giant Donald Trump collapsed on the ground, his body covered in slogans, in an otherwise idyllic setting.

OpenSea, a marketplace for NFTs, said it has seen monthly sales volume grow to $86.3 million so far in February, as of Friday, from $8 million in January, citing blockchain data. Monthly sales were at $1.5 million a year ago.

“If you spend 10 hours a day on the computer, or eight hours a day in the digital realm, then art in the digital realm makes tonnes of sense – because it is the world,” said OpenSea’s co-founder Alex Atallah.

Investors caution, however, that while big money is flowing into NFTs, the market could represent a price bubble.

Like many new niche investment areas, there is the risk of major losses if the hype dies down, while there could be prime opportunities for fraudsters in a market where many participants operate under pseudonyms.

Nonetheless, auction house Christie’s has just launched its first-ever sale of digital art – a collage of 5,000 pictures, also by Beeple – which exists solely as an NFT.

Pablo Rodriguez-Fraile, Miami-based art collector, looks on at Lake Como, Italy, in this undated handout obtained by Reuters on February 28, 2021. Photo: Pablo Rodriguez-Fraile/Handout via REUTERS

Christie’s ’embraces terrifying’

Bids for the work have hit $3 million, with the sale due to close on March 11.

“We are in a very unknown territory. In the first 10 minutes of bidding we had more than a hundred bids from 21 bidders and we were at a million dollars,” said Noah Davis, specialist in post-war and contemporary art at Christie’s.

His division has never seen an online-only sale top $1 million before, he added.

In a decision that could help push cryptocurrencies further into the mainstream, the auction house that was founded in 1766 will accept payment in the digital coin Ether as well as traditional money.

“I think that this moment was inevitable and whenever institutions of any kind try to resist inevitability, it does not work out very well,” Davis said of accepting crypto payment. “And so the best thing you can do is embrace the terrifying.”

$280k for Lebron James slam dunk

NFTs could be benefiting from the hype around cryptocurrencies and blockchain, as well as virtual reality’s potential to create online worlds. The growing interest also coincides with a surge in online retail trading during lockdowns.

The start of the rush for NFTs has been linked with the launch of the U.S. National Basketball Association’s Top Shot website, which allows users to buy and trade NFTs in the form of video highlights of games.

Five months after its launch, the platform says it has over 100,000 buyers and nearly $250 million in sales. The majority of sales take place in the site’s peer-to-peer marketplace, with the NBA getting a royalty on every sale.

The volume is rapidly rising: February has seen sales totalling $198 million as of Friday, heading for a fivefold increase from January’s $44 million, Top Shot said.

Each collectible has “a unique serial number with guaranteed scarcity and protected ownership guaranteed by blockchain”, the site says. “When you own #23/49 of a legendary LeBron James dunk, you’re the only person in the world who does.”

The biggest transaction to date was on Feb. 22, when a user paid $208,000 for a video of a LeBron James slam dunk.

One major NFT enthusiast, who goes by the pseudonym “Pranksy” told Reuters he had invested $600 in an early NFT project in 2017 and has now built that up to a portfolio “worth seven figures” in NFTs and cryptocurrencies. He asked to be anonymous to protect his family’s privacy.

Pranksy said he has now spent more than $1 million on Top Shot and made about $4.7 million by reselling purchases. Reuters was unable to independently verify the figures, although NBA Top Shot confirmed he is among the site’s biggest buyers.

“I see them as investments really, much like any other collectibles and NFTs that currently exist,” he said in an interview conducted via Twitter. “I’d never watched a game of basketball before Top Shot launched.”

Images created for the launch of NBA Top Shot, an online platform which allows users to buy and trade videos of basketball highlights. Photo: Dapper Labs/via REUTERS

‘Emergence of the metaverse’

Nate Hart, a Nashville-based NFT investor who, like Pranksy, has been involved in the market since it first developed in 2017, has seen some popular digital art NFTs such as Autoglyphs and CryptoPunk surge in value.

Hart said he bought a LeBron James Cosmic NFT on NBA Top Shot for $40,000 in January, then sold it for $125,000 in February.

“We’re in awe, it just doesn’t feel real. We were in the right place, right time, got lucky, but we also took that risk,” he said.

“The space has been growing a lot. I do think that this is a little bit of a bubble. It is a bubble,” he said. “It’s hard to predict what the top will be.”

Andrew Steinwold, who launched a $6 million dollar NFT investment fund in January, warned that the majority of NFTs could become worthless in future.

But, like many backers, he is confident that some items will retain their value and that NFTs represent the future of digital ownership, paving the way for a world in which people live, socialise and make money in virtual environments.

“We’re spending a lot of our time digitally, always online, always plugged in. It makes sense to now add property rights to the mix and suddenly we have the emergence of the metaverse,” he said.

“I think it’s going to reach into the trillions of dollars one day.”

The separation

Mr. Le Dinh Keo (born in 1924, now deceased) spent time working on cargo ships in Sai Gon before he started his own family, which included daughters Le Thi Bong and Le Thi Nu.

His wife one day incurred a huge debt and took the whole family to a temporary accommodation in the market as putting their house on sale was the only way to get the debt paid off.

Mrs. Le Thi Nu

Not long after marriage, Keo’s wife left. He and his daughters lived a vagabond existence, struggling just to keep their heads above water.

In 1966, days of deliberation went by, Mr. Keo decided to put his daughters Le Thi Bong (13 years old), Le Thi Nu (5 years old) up for adoption to two families in District 4.

Mrs. Phan Thi Ngoc (nearly 90 years old, living in Canada) as a loving old woman, adopted Le Thi Nu. “I wanted to take them both, but I didn’t have the capability.”

It was imprinted on Nu’s mind the first time she got sent home for a visit to her birth father. “I gave him some money from my piggy bank but he refused to take it and instead gifted me a roast duck and some bread before I got back to my foster parents’ home, saying ‘enjoy them my daughter, there will be no next time visit’,” Mrs. Nu recalled with tears streaming down her cheeks.

Mrs . Le Thi Bong

Those lengthy 53 years

Mr. Keo departed in 1968. The sisters got a chance to mourn their father at his funeral after completely losing touch.

In the following years, Mrs. Bong worked different jobs as a banana trader at the pier and a chef at restaurants in District 4, thinking that her younger sister had settled down in America leading a full life with good education. Mrs. Bong married at 20 and still lives in the Xom Chieu market area, district 4.

As for Mrs. Nu, in 1975, she together with her adoptive parents moved from District 4 to Ba Diem commune in Hoc Mon district in Saigon. She led a rather strenuous life providing support to her parents in the fields. They in 1990 moved to Canada without Nu. She soon married a carpenter in Tinh Bien district, Tay Ninh Province and gave birth to seven children. She stayed partnerless and raised them all after her husband’s death, unfortunately.

Mrs. Le Thi Nu holding a photo of her birth father.

Nu lived with a longing to reconnect with her older sister but her search for Mrs. Bong was not feasible due to unstable living location and having no aid.

“I miss her, every night, for decades. I have never forgotten the visit when I was seven and she was 15. I took her to the market and her utterance upon seeing anything there was ‘do you want it? Take it, take it, I’ll pay’ despite me repeatedly shaking my head.”

Mrs. Nu’s son also started his search for his aunt whenever he heard someone with similar name or age, but was always left disappointed.

Affecting reunion

A TV show named ‘As if we were never apart’ (Nhu chua he co cuoc chia ly) after receiving two matching letters about finding relatives contacted two of the senders for a reunification on the program. There was initially some trouble in contacting Mrs. Bong due to the change in her address but it finally went smoothly.

Moment of rejoice

Ms. Bong shared that over the past few decades, she took the onerous journey to look for her lost sister, which was made even harder due to her illiteracy. She had to reach out for help to post a newsletter for the search of Mrs. Nu.

The second they saw each other again, no one could refrain from shedding tears. With hands held, embraces locked, they filled in the other with stories missed, recollecting those days, with that pure joy of being able to stay close to your flesh and blood.

Tu Anh

BHUBANESWAR — Indian Prime Minister Narendra Modi was inoculated with the first dose of a home-grown coronavirus vaccine on Monday, kicking off an expansion of the country’s immunisation campaign as infections rise in some big states.

People above 60, and those who are 45 or more and suffering from certain medical conditions, are now eligible for the vaccinations. But some inoculation centres reported issues with the government’s Co-Win portal used to coordinate the drive, which could slow its progress.

India, which has reported the highest number of COVID-19 cases after the United States, has so far vaccinated 12 million health and front-line workers since starting its immunisation programme in mid-January. It wants to cover 300 million of its 1.35 billion people by August.

“I appeal to all those who are eligible to take the vaccine,” 70-year-old Modi said on Twitter, posting a picture of him getting the shot at a government hospital in New Delhi. “Together, let us make India COVID-19 free!”

The government said last week it would let people choose their vaccination centres, effectively letting beneficiaries pick either the home-grown COVAXIN shot or the AstraZeneca vaccine, unlike earlier.

The inoculation campaign has run slower than expected due to a reluctance of health and front-line workers to take COVAXIN, which was approved without late-stage efficacy data. Only about 11% of vaccinated people have opted for the product developed by Bharat Biotech and the state-run Indian Council of Medical Research.

Bharat Biotech has said efficacy data from a late-stage trial on nearly 26,000 volunteers who took COVAXIN will be out soon. The company, along with India’s drug regulator, says COVAXIN is safe and effective, based on early and intermediate studies.

“Inspired and humbled by Hon’ble PM’s remarkable commitment to build an Aatmanirbhar Bharat,” Bharat Biotech said in reply to Modi’s tweet, referring to his self-reliance pitch to back local products.

“Yes, we all shall fight COVID-19 together and emerge victorious.”

Online, offline?

Initial glitches in the Co-Win portal had hampered vaccination, and some of the troubles resurfaced on Monday in states such as Odisha in the east and Maharashtra in the west, officials said.

Modi’s home state of Gujarat, however, said the roll-out was progressing fine.

“We haven’t faced any glitches,” said Jaiprakash Shivahare, Gujarat’s commissioner of health. “The government of India has assured us that there is no issue of vaccine availability and asked us to use the vaccines as early as possible.”

India has reported more than 11 million coronavirus infections and over 157,000 deaths. Of the 15,510 new cases recorded in the past 24 hours, Maharashtra state accounted for 8,293 followed by Kerala’s 3,254 infections.

The health ministry reported 106 deaths in the past 24 hours, with no fatalities recorded in 20 of India’s three dozen states and federal territories.