Billionaire Warren Buffett Is No Fan of Crypto, but His Granddaughter Seems To Be

During a recent interview, mixed media painter Nicole Buffett, a granddaughter of the legendary billionaire investor Warren Buffett, who said that Bitcoin “probably rat poison squared” in May 2018, explained how non-fungible token tokens (NFTs) “have probably quadrupled” her income.

Her Linkedin profile describes her as “a mixed media painter and designer” focused on “local and international exhibition.”

In an interview with Institutional Investor, which was published on September 24, Nicole explained how she got into NFTs.

Nicole says that learning to mint NFTs was not easy:

I was definitely like the annoying person who doesn’t get it, asking a bunch of questions… It was wild, it was very exciting… I was like, ‘Oh no, I have to do all this technological stuff.’ It felt uncomfortable. It was like learning a new language.

According to the article, she “creates high-resolution images of her paintings, Photoshops them to ‘make them perfect and extra-digitized,’ then saves them and loads them onto an NFT platform like OpenSea.”

Although NFT marketplace OpenSea allows selling the original painting (“the physical”) alongside an NFT of it, Nicole says that some buyers don’t even want the former:

The original painting is called the ‘physical,’ but some people don’t even want the physical when you offer it alongside the NFT. Maybe they don’t have the space for it, or they’re traveling. Some feel that committed to the value of the NFT.

Offering her art in the form of NFTs has allowed Nicole to reach a much wider set of potential buyers, especially since during the majority of the current COVID-19 pandemic “in-person art shows and gallery openings have been a near impossibility”:

NFTs are really art as money, art as currency, which means there’s more accessibility for artists and for people who want to buy art… It’s great just to have more eyeballs on the work.

Apparently Nicole first started selling her NFT collections a few months ago. Here is an example of an NFT from her Moon Collection, which is currently available for sale on OpenSea:

Nicole never sells her NFTs for dollars:

I am not taking dollars for NFTs… I will help people get set up so they can buy art on the blockchain, but the currency of the NFT space is Ethereum. I do still take dollars for physicals.

Nicole has so far released four NFT collections: “Spirit Coins”, “Manifesto of Magic”, “Eastern Alchemy”, and “Moon”.

Of course, as Nicole explains, the beauty of NFTs for artists, is that even after an artist seels the physical or an NFT of it, he/she can continue earning money from futures resales of that NFT in the secondary market:

I have probably quadrupled my income selling NFTs of my work… It’s just another way to share globally and allow the art to continue fulfilling its purpose and connecting with people.

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

Image Credit

Image by “elifxlite” via Pixabay

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