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How Much Real Money Can You Make From Virtual Art?

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Late on a Friday final spring, Izzy Pollak determined to purchase two Bored Ape NFTs — which, as a reminder for the many individuals pondering, Yeah, however I nonetheless don’t know what an NFT is — means he purchased distinctive, digital photos (on this case, of apes).

Because the proprietor of a Bored Ape, he now has business rights over the digital picture to do with as he needs. Many individuals select to show their NFTs as their profile image on social media accounts.

(And when you’re questioning how possession of a digital asset might be confirmed: Each NFT, or non-fungible token, has a definite serial quantity, and the transaction historical past of every NFT is saved on the blockchain, so folks can see who the actual proprietor is.)

Mr. Pollak, 29, who purchased three extra a number of months later, obtained these from a set of 10,000 NFTs often known as the Bored Ape Yacht Membership. A few of the apes are sporting gold jackets or animal-print tunics. Others are smoking cigars or smiling extensively.

On the time, Mr. Pollak, who works for Genies, a tech start-up in Los Angeles that makes NFTs and avatars, didn’t have plenty of disposable revenue. “I used to be residing in a four-bedroom townhouse with three different folks,” he mentioned. “All of us shared a rest room. It felt like faculty life.”

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He didn’t come from cash, both. Through the 2008 monetary disaster, Mr. Pollak mentioned, when he was 16, his mom couldn’t pay the mortgage, so he and his household needed to lease an condominium.

Mr. Pollak’s curiosity in NFTs was spurred by listening to folks discuss them on Clubhouse. “I used to be like, ‘Oh my God, that is insane. I’m about to spend a whole lot of {dollars} on an image of a monkey,’” he mentioned.

Seems it was a clever determination. Final fall, a number of months after he had purchased his first NFTs, Mr. Pollak’s apes skyrocketed in worth. He bought one which he had purchased for roughly 14 Ether (a digital foreign money that was value about $40,000 on the day of the acquisition) for round 70 Ether (roughly $231,000 on the day of sale).

He used the cash for a down fee on a three-bedroom home in Los Angeles with a yard. “We name it the Chimp Chalet,” he mentioned, laughing. “I all the time needed to personal a home however by no means thought I may make it work.”

He now has three Bored Ape NFTs in his portfolio. He hasn’t bought them but, however he’ll in the future. For the primary time in his life he feels financially well-off.

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A lucky handful of individuals now have their very personal rags-to-riches tales due to NFTs. By investing in the proper challenge on the proper time, some collectors and digital artists have made “life-changing cash,” mentioned Matt Medved, a founding father of Nft Now, a digital media publication about NFTs. Some are utilizing the funds to repay scholar loans, purchase a house or stop jobs they hated. (Some folks, in fact, are additionally shopping for yachts or throwing lavish events.)

“NFTs are like manna from heaven,” mentioned Mr. Pollak, who additionally acknowledges how fortunate he’s. “I’ve heard horror tales of individuals spending their lease cash on NFTs. It’s heartbreaking to see folks threat their cash when it doesn’t often work out.”

Most individuals who make or purchase NFTs by no means flip a revenue. There isn’t any regulation or client safety, and buying and selling them is mainly as dangerous as playing. Investing in cryptocurrency is excessive threat and includes plenty of technical know-how and luck; few monetary professionals would suggest it, and scams are aplenty.

Mr. Medved encourages folks to think about NFTs like baseball playing cards. “For generations our society has accepted that uncommon baseball playing cards have worth,” he mentioned. “There’s a uncommon Mickey Mantle card that in all probability prices 5 cents to make that bought for $5.2 million final 12 months. And why? It’s not in regards to the bodily piece of card inventory. It’s the historical past, the rarity, the shortage, the cultural relevance.”

“It comes all the way down to fandom,” he added.

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Equally, what many NFT artists create or collectors spend money on will probably be value little or nothing in the long run. However there are a number of NFTs which have turn into very helpful and have earned their homeowners and creators an enormous sum of cash in a brief time period.

The Bored Apes that Mr. Pollak purchased, for instance, might be minted — i.e. go to market — at .08 Ether ($200 final spring). Now, lower than a 12 months later, the most cost effective one is value about 73 Ether (about $190,000). (Ether might be transformed to money on main cryptocurrency platforms like Coinbase and Gemini after which transferred to a checking account.)

Claire Silver, an artist in her early 30s who works with synthetic intelligence, is one other NFT success story. In 2017, she was given three CryptoPunks, a set of 10,000 distinctive pixel artwork characters generated from an algorithm, by somebody she met on Slack.

“I used to be in a chat room about cryptocurrency, and I met this man who was thinking about artwork,” mentioned Ms. Silver, who lives a nomadic way of life however most lately lived in Denver. He advised her he had 730 CryptoPunks, she mentioned, “and requested if I needed three. I mentioned, ‘Positive.’”

In 2017, collectors may declare CryptoPunks free of charge so long as that they had an Etherum pockets. Now the most cost effective one is promoting for round 68 Ether (nearly $175,000).

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She held on to hers till 2020 when she heard rumblings that they had been promoting for some huge cash. She bought one in July 2021 for about $60,000 and nonetheless has two others. (Many are promoting for six figures. One bought final month for nearly $600,000.)

Ms. Silver additionally makes her personal NFTs. She, like all NFT artists, earns cash from the unique sale and should obtain 10 p.c of each secondary sale. One in every of her items bought for 15 Ether ($63,000 on the time).

She has saved a lot that she lastly feels financially safe, no less than for now. “This amount of cash is an enormous deal to me as a result of I come from poverty. We needed to settle for church donations for meals rising up,” she mentioned. “The opposite day I walked into Walmart and was like, ‘I can purchase the cheese, I can purchase the nice espresso.’ I had by no means skilled that freedom earlier than.”

She lately returned from a visit to Britain, the place Sotheby’s was auctioning her work, and has a visit deliberate to Japan.

This month she is even giving her mom a home, which she paid for in all money. “I received a type of huge crimson bows, and I’m going to stay it on the entrance door like in these commercials,” she mentioned. “I’ve been desirous to do one thing like this for my mother since I used to be a bit of child.”

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Solely two years in the past Alex Lugo, 29, who lives in Lindenhurst, N.Y., drove vans to assist his spouse and two youngsters, 9 and 5. “I used to be making $25 an hour,” he mentioned. “That’s nothing in New York.” He determined to enroll in a program to discover ways to commerce in cryptocurrency, and it modified his household’s life.

Whereas some collectors purchase choose NFTs and maintain on to them for years, he flips many within the quick time period. “I ended up shopping for them and flipping a few of them for 10K, some for 30K, some for 5K, 2K,” he mentioned.

He has additionally benefited from investing in newer forms of NFTs. “I personal actual property within the Metaverse subsequent to the Adidas headquarters,” he mentioned. “It’s like proudly owning actual property within the Hamptons, as a result of what’s Adidas going to do after they wish to develop? They will purchase me out and pay me hundreds of thousands of {dollars} so I’ll transfer.”

(“This sounds speculative fairly than something that might be simply confirmed,” Mr. Medved mentioned in an electronic mail.)

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Mr. Lugo made sufficient cash from these particular person gross sales that he stop his truck driving job in January 2021. Now, he says he has been in a position to tuck away a big quantity of financial savings for his youngsters, who will “have the liberty to decide on what they wish to do with their lives.”

He and his household presently stay in a two-bedroom condominium, however he’s seeking to purchase a four-bedroom home in Lindenhurst.

NFTs have helped others dig themselves out of monetary holes and get a brand new begin.

Gossamer Farris, 32, is now a full-time artist in Brooklyn. Nevertheless it took NFTs to get her there comfortably.

After faculty she labored a 9 to five job at a scholar mortgage servicing middle. “I used to be doing artwork as a lot as I may after work,” she mentioned. “I used to be making illustrations and sculptures and textile work, and I used to be additionally making gadgets like little stickers that folks may purchase in my on-line retailer.”

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In 2019, she stop that job to turn into a tattoo artist, however even that was a wrestle, particularly within the early months of the pandemic. “I had a tough time making ends meet,” she mentioned. “Sadly I had plenty of debt like bank card debt and health-related debt as a result of I’m a transgender individual and had surgical procedure.”

Within the winter of 2021 she noticed folks had been going loopy for NFTs, and he or she determined to attempt to make her personal collections, with work that focuses on her Filipino and Black heritage, and collaborate with different artists on their NFTs.

She has since paid off her debt, and now makes sufficient cash by means of NFTs that she will pursue her passions completely. “I don’t have the stress that I have to earn money as an artist,” she mentioned. “I will pay the lease and never have to fret about making ends meet.”

Whereas some persons are getting wealthy off NFTs, Mr. Medved advises folks to do not forget that many different NFT tasks lose worth over time. “You need to by no means make investments any extra money than you’re keen to lose,” he mentioned. “The NFT house, just like the crypto house, could be very risky, and the markets go up and down in a short time.”

“I do suppose plenty of NFTs will find yourself going to zero in the long term,” he mentioned. “Your success is determined by your means to select one of the best tasks, and that isn’t straightforward.”

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Can't stop the (classical) music : It's Been a Minute

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Can't stop the (classical) music : It's Been a Minute

Johann Sebastian Bach and Nina Simone

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Hulton Archive/Getty Images,


Johann Sebastian Bach and Nina Simone

Hulton Archive/Getty Images,

It’s Black Music month! This week, Host Brittany Luse invites Howard University professor and trombonist Myles Blakemore to talk about how classical music influenced some of our favorite musicians. They look at how the counterpoint technique of Johann Sebastian Bach may have inspired Nina Simone, and how a love of Genuine can turn into a career in classical music.

Want to be featured on IBAM? Record a voice memo responding to Brittany’s question at the end of the episode and send it to ibam@npr.org.

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This episode was produced by Corey Antonio Rose. It was edited by Jessica Placzek and Sara Sarasohn. Engineering support came from Patrick Murray. We had factchecking help from Ayda Pourrasad. Our executive producer is Veralyn Williams. Our VP of programming is Yolanda Sangweni.

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Can this trendy ingredient in Erewhon's drink aisle really boost your mood or help your anxiety?

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Can this trendy ingredient in Erewhon's drink aisle really boost your mood or help your anxiety?

Licorice root, reishi mushrooms and vitamin B-6 are often among the ingredients listed in various adaptogenic drinks.

(Rebecca Peloquin / For The Times)

It’s not enough for a drink just to taste good anymore. Most specialty grocery or liquor stores now offer colorful cans and bottles that advertise so-called adaptogens, ingredients that beverage companies claim can help you manage stress, enhance creativity and sharpen focus. With packaging printed with bright colors and trendy fonts, these drinks are designed to pop on the shelves and on your social media feed — a subtle health flex for the aesthetically conscious and sober-inclined.

You can find them in trendy superettes around the city. Silver Lake’s Soft Spirits’ adaptogenic section includes a Spritz Italiano from L.A.-based De Soi (founded by Katy Perry and Morgan McLachlan), a concoction containing Reishi mushroom, which the company claims is “a stress soothing, brain boosting botanical often referred to as ‘the herb of immortality.’” At Bristol Farms across the city, you can pick up Bonbuz, a blood red tonic that promises to “heighten your senses and transport you to a deeper mind-body experience” with ingredients like pyridoxine-HCL (a vitamin-b6), ginger root and rhodiola rosea. Or you can grab a hemp-infused chili margarita by Aplos at the Dream Hotel in Hollywood that says it can “elevate mood, stimulate brain function and boost energy.” In Erewhon, you can’t throw a gluten-free turmeric chicken tender without hitting a canned beverage touting its adaptogenic qualities.

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Bonbuz Bittersweet Citron, a non-alcoholic spirit with citrus, ginger and gentian.

Bonbuz Bittersweet Citron, a non-alcoholic spirit with citrus, ginger and gentian.

(Rebecca Peloquin / For The Times)

But the appeal for consumers goes beyond smart marketing and playful design. The adaptogenic drink market is booming, as research shows that young people are less and less interested in alcohol and seek healthy alternatives. (Gen-Z drink 20% less than millennials, which is perhaps why Anheuser-Busch InBev projects one-fifth of their sales to be from non- and low-alcohol beers by 2025). The global market for these beverages is set to reach $1.2282 billion by 2024, with the projected valuation increasing to $2.4168 billion in 10 years.

A TikTok video from last fall that highlights different types of adaptogenic drinks has been viewed over 1.2 million times. In the comments, viewers ask where they can buy them and share their experiences.

“I love these drinks,” one user writes. “I have horrible anxiety and some of them calm me and make me feel warm and fuzzy lol.”

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Though adaptogenic drinks are relatively new to Western consumers, the term “adaptogen” has been around since 1947, when it was coined by the Soviet scientist Nikolai Lazarev who was searching for stimulating substances during the Cold War.

“Adaptogens are made from herbs, roots, and other plant materials that may help our bodies deal with and manage stress or restore homeostasis after stressful situations,” said Dana Ellis Hunnes, a senior clinical dietitian at UCLA Medical Center and assistant professor at UCLA Fielding School of Public Health, in an email. “Some of these stressors can be physical (a small burn), physiological (burnout from work and the toll that takes on our bodies) or psychological (emotional stress).”

Examples of common adaptogens are ingredients like rhodiola (a root promoted to increase stamina), ashwagandha (a shrub promoted to reduce stress and fatigue), licorice and reishi mushrooms, which have been used as traditional Chinese and Ayurvedic medicines for centuries.

Today, those same ingredients are showing up in adaptogenic supplements and beverages, but their medical value is debated. In the Food and Drug Administration’s book, adaptogens are categorized as supplements and thus not regulated the same way drugs are. For that reason, it’s hard for medical experts to make blanket statements about their efficiency or even their safety.

Licorice root, reishi mushrooms and vitamin B-6 are often among the ingredients listed in various adaptogenic drinks.

Licorice root, reishi mushrooms and vitamin B-6 are often among the ingredients listed in various adaptogenic drinks.

(Rebecca Peloquin / For The Times)

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“It’s unknown whether the dose that most people can buy of adaptogens on the market are high enough to produce a medicinal effect,” Ellis said. ”So, what you think you’re buying, may not actually contain as much [or may sometimes contain more] than you think.”

Depending on the person, some adaptogens may even cause nausea and stomach problems. (Those who are taking specific medications, pregnant or breastfeeding should first seek guidance from their healthcare provider before consuming them.) Clarity about adaptogens’ efficacy is further muddled due to the fact that most research on these ingredients comes from animal or in-vitro studies that Nicholas B. Tiller, a senior researcher at the Institute of Respiratory Medicine & Exercise Physiology, noted in an email “are not necessarily applicable to the real world.”

“The few human studies [on adaptogens] are largely disappointing,” he said. “It’s going to require a lot more high-quality evidence before these herbs and other natural products are extensively incorporated into medical practice.”

But do most adaptogenic drink consumers see their consumption of these beverages as explicitly medicinal, or are they simply weighing their options and picking something less altering than a beer and more novel than a seltzer?

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“When we initially opened our doors [in 2021], a lot of customers asked ‘what’s the point?’ and had a difficult time wrapping their heads around why anyone would want a cocktail without alcohol,” said Jillian Barkley, Soft Spirits Founder & CEO, in an email. She found these beverages — although harder to acquire back then — hugely helpful when she stopped drinking five years ago.

Aplos Arise, a non-alcoholic spirit infused with adaptogens.
De Soi, a non-alcoholic aperitif made with natural adaptogens. De Soi is a company co-founded by Katy Perry and Morgan McLachlan.

Aplos Arise, a non-alcoholic spirit infused with adaptogens. De Soi, a non-alcoholic aperitif made with natural adaptogens. De Soi is a company co-founded by Katy Perry and Morgan McLachlan. (Rebecca Peloquin/For The Times)

“Shopping at Erewhon and buying Kin makes you a part of a certain in-crowd, and people are seeking belonging.”

— Nikita Walia, brand strategist

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“For those folks, the possibility of a physical effect tends to be enticing,” she said. “‘So you’re telling me I can drink this nightcap and it will help me feel relaxed, but I won’t be intoxicated?’ Yep!”

Nikita Walia, brand strategist and founder and CEO of BLANK, thinks the popularity of adaptogenic beverages will only gain more steam with consumers as our culture puts a higher premium on health and wellness.

“Having a beverage that is a social tonic, well-branded and aesthetically pleasing as a stand-in for alcohol is a perfect substitute,” Walia said in an email. She adds that many of these drinks are expensive and seen as luxury items only adds to their appeal.

“Shopping at Erewhon and buying Kin makes you a part of a certain in-crowd, and people are seeking belonging.”

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In other words, whether adaptogenic drinks can actually elevate your mood might not matter — as long as they can elevate your social status.

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4 crime and suspense novels make for hot summer reading

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4 crime and suspense novels make for hot summer reading

Maureen Corrigan picks four crime and suspense novels for the summer.

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There’s something about the shadowy moral recesses of crime and suspense fiction that makes those genres especially appealing as temperatures soar.

Ash Dark As Night

Ash Dark As Night

Penguin Random House


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Ash Dark as Night, by Gary Phillips

I’m beginning my recommendations with two distinctive novels that appeared this spring. Gary Phillips introduced the character of LA crime photographer and occasional private eye Harry Ingram in the 2022 novel, One-Shot Harry. The second novel of this evocative historical series is called Ash Dark as Night and it opens in August 1965 during the Watts riots. Harry, who’s one of two African American freelancers covering the riots, has looped his trademark Speed Graphic camera around his neck and headed into the streets.

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We’re told that Harry’s situation is, of course, riskier than that of his white counterparts: “[M]aybe one of these fellas might well get a brick upside their head from a participant, but were less likely to be jacked-up by the law. Ingram realized either side might turn on him.” Indeed, when Harry captures the death of an unarmed Black activist at the hands of the LAPD, the photo makes him famous, as well as a target.

This novel is steeped in period details like snap-brim hats and ragtop Chevy Bel Air convertibles, along with walk-ons by real life figures like pioneering African American TV journalist Louis E. Lomax. But it’s Harry’s clear-eyed take on the fallen world around him that makes this series so powerful.

Blessed Water

Blessed Water

Zando

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Blessed Water, by Margot Douaihy

You might think a mystery about an inked-up lesbian Punk musician-turned-nun is a little far-fetched; but New Orleans, the setting of the Sister Holiday series, is the city of far-fetched phenomenon, both sacred and profane. Margot Douaihy’s second book in this queer cozy series is called Blessed Water and it finds the 34-year-old Sister Holiday up to her neck in murky flood waters and priests with secrets. Douaihy’s writing style — pure hard-boiled Patti Smith — contains all the contradictions that torment Sister Holiday in her bumpy journey of faith. Here she is in the Prologue recalling how she survived swallowing a glass rosary bead:

After my prayers for clarity, for forgiveness, for a cigarette, … deep inside the wet cave of my body was an unmistakable tickle. …

The bead fought my stomach acid for hours, leaching its blessing or poison or unmet wish. Anything hidden always finds a way to escape, no matter its careful sealing.

Amen to that, Sister Holiday.

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The Expat

The Expat

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The Expat, by Hansen Shi

The main character in Hansen Shi’s excellent debut spy novel is an alienated young man named Michael Wang. He’s a first generation Chinese American a few years out of Princeton who’s hit the bamboo ceiling at General Motors in San Francisco, where he’s been working on technology for self-driving cars. Enter a femme fatale named Vivian who flatters Michael into believing that his brilliance will be recognized by her enigmatic boss in China. Once Michael settles into life in Beijing, however, he realizes he’s been tapped, not as a prodigy, but a patsy. The Expat wraps up too abruptly, but it’s also true that I wanted this moody espionage tale to go on longer.

The God of the Woods

The God of the Woods

Riverhead Books

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The God of the Woods, by Liz Moore

Liz Moore’s extraordinary new literary suspense novel reminds me of Donna Tartt’s 1992 debut, The Secret History. There are superficial similarities: Both are thick intricate novels featuring young people isolated in enclosed worlds — in Tartt’s story, a Vermont college campus; in Moore’s, a summer camp in New York’s Adirondack mountains. But, the vital connection for me was a reading experience where I was so thoroughly submerged in a rich fictional world, that for hours I barely came up for air.

There’s a touch of Gothic excess about The God of the Woods, beginning with the premise that not one, but two children from the wealthy Van Laar family disappear from Camp Emerson in the Adirondacks 14 years apart. Moore’s story jumps around in time, chiefly from the 1950s into the ’70s and features a host of characters from different social classes — campers, counselors, townspeople and local police — and the Van Laars themselves.

The precision of Moore’s writing never flags. Consider this reflection by Tracy, a 12-year-old camper who recalls that: “Her father once told her casually that she was built like a plum on toothpicks, and the phrase was at once so cruel and so poetic that it clicked into place around her like a harness.”

Moore’s previous book, Long Bright River, was a superb social novel about the opioid crisis in Philadelphia; The God of the Woods is something weirder and stranger and unforgettable.

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Happy summer reading wherever your tastes take you.

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