A look at how to make money from NFTs following viral Christchurch goat video

May 25, 2021

Paul Spain from Gorilla Technology talks about the online phenomenon.

As more people find themselves becoming unexpected internet stars, they're also looking for ways to cash-in.

All of today’s top earning memes have one thing in common, they are NFTs.

NFT stands for non-fungible token, that verifies ownership of the asset on that blockchain.

“It’s a record that’s stored online and is used to clarify ownership of something that is usually a digital asset, similar to a certificate of authenticity for a traditional artwork,” Paul Spain, from Gorilla Technology told Seven Sharp.

Young Ivy Smith was amazed when a goat turned up outside her house.

Spain explained how people make money off NFT assets, like viral videos.

“There are two approaches I have come across, one is you might sell digital ownership to one person, or you could sell it to multiple people like people sell prints of paintings.”

Hilary Barry and Jeremy Wells hope Sophie Smith – whose daughter’s expletive reaction to seeing a goat in their suburban Christchurch homes backyard – will use the NFT system to make money for young Ivy’s future.

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