Ghozali, a local student, became the subject of headlines after his NFT collection became viral. He sold his photos through an NFT marketplace, OpenSea.

"I took photos of myself from when I was 18 to 22 years old, it's really a picture of me standing in front of the computer day by day," he described his collection, Ghozali Everyday, on his OpenSea account.

The initial price of each NFT in the collection was around Rp 48,000. But now, the floor price has increased to around 0.4 ETH, which is roughly about Rp 19 million for each NFT. Since the collection has 933 NFTs, it means that the total amount of money he made from the sale of his NFTs has reached over Rp 12 billion.

The NFT was initially promoted by Arnold Poernomo, an Indonesian celebrity chef and businessman, and Jejouw, a streetwear entrepreneur. 

 

 

 

 

 

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In three days, he sold over 600 NFTs and made a total profit of almost Rp 8 billion. He had a fantastic gain of 54,764.77 percent and achieved the highest trading volume for 24 hours on OpenSea at that time.

"Today (I) sold more than 230+ (of NFTs) and until now I don't understand why you want to buy #NFT photos of me! But I thank you guys (as my) 5 years of effort paid off," he wrote on Twitter, the magnitude of his achievement clearly still lost on him. Ghozali added he would not be releasing another NFT for a few next years. He also asked people to take care of his photos.

Why do NFTs get so expensive?

Researchers from the Alan Turing Institute wanted to know why NFT prices are high. According to Andrea Baronchelli, an associate professor at the University of London, the high prices are due to the large heterogeneity of the NFT market. "What we observed is that there is this gigantic heterogeneity in the success of NFTs," Baronchelli said.

A study conducted by the institute's experts looked into the various factors that influence the price of NFTs. It was concluded that three factors could explain about 70% of the variability in the price of NFTs.

 

 

 

 

 

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The first factor, according to the data collected by the institute, is sales history — the most crucial factor in determining an NFT's price. Visual feature is the second factor. It may increase an NFT price performance by 20 percent. The third factor is the traders' popularity, which could bump prices by 10 percent.