Christie’s has completed the selling of crypto artist Beeple’s work “EVERYDAYS: THE FIRST 5000 DAYS.”
After months of highly lucrative auctions, NFT selling set a new high. Mike “Beeple” Winkelmann delivered his first batch of NFTs in October, with one pair fetching $66,666.66 each. At sale, the piece of digital art fetched a whopping $69.3 million.
He sold a collection of works for $3.5 million in December. One of the NFTs, which initially sold for $66,666.66, was resold for $6.6 million last month.
A Boom in NFTs
Non-fungible tokens, or NFTs, are one-of-a-kind files that exist on a blockchain and may be used to prove possession of a piece of digital art.
Buyers normally receive exclusive access to showcase the visual artwork they represent, so they’re essentially purchasing bragging rights and a commodity they may be willing to resell later.
Over the last few weeks, technology has accelerated — and Winkelmann, rather than anybody else, has been at the center of the exponential growth.
The winning offer for the non-fungible token (NFT) was $60.25 million, only after 10:00 a.m. ET. The overall price was $69,346,250 owing to the buyer’s premium.
The offer soared from the $20 million levels to over $50 million in the final minutes of the sale.
It’s the largest documented selling of an NFT, a form of token that exists on the Ethereum network and proves digital control of the media it’s linked to.
In a first for the 255-year-old auction house, Ether (ETH) was approved as a payment choice. It’s unknown if the now-famous Beeple was purchased with fiat or crypto as of press time.
Beeple’s previous auction set a new milestone on the NFT marketplace Nifty Gateway in February. A video clip of a digitally drawn Donald Trump lying face down in the grass exchanged for $6.6 million in Ethereum.
The most costly artwork ever sold, according to the New York Times, was a Leonardo da Vinci that sold for $450.3 million in 2017.
Mike Winkelmann, the visual artist known as Beeple, had never sold a print for more than $100 before October.
Christie’s recently sold an NFT of his work for $69 million. According to the auction house, the selling places him “among the top three most valuable live artists.”
What are NFTs?
A non-fungible token (NFT) is a cryptographic token that reflects something distinct.
While it is possible to mint any amount of NFTs containing the same thing, they are considered non-fungible since they are not interchangeable, since they contain unique details.
This is in comparison to fungible cryptocurrencies such as bitcoin and certain network or utility tokens.