A digital artwork or what is known as a Non Fungible Token (NFT) has sold for $ 69 million. The digital artwork of American artist Mike Winkelmann, better known by his stage name Beeple, was auctioned by Christies in an independent online auction, which took place from February 25 to March 11.
This is also the first time that the auction house will accept cryptocurrencies in the form of payment, although it will accept Ethereum and not Bitcoins. Christies is generally known for auctioning off works of art, which are well established and digital art and NFTs remain a relatively new domain. Furthermore, the fact that the artwork fetched such a high price also shows that the art is about to gain more widespread acceptance.
The artwork in question is titled ‘Winkelmann’s Everydays: The First 5000 Days’. The artwork is a collage of digital images that Beeple has taken every day since 2007, for a total of 5,000 days in a row. The artwork was listed by Christies at an unknown price, although Beeple had set its value at $ 100.
Beeple’s $ 69 million price tag for NFT comes at a time when digital artworks have seen a meteoric rise in value. These NFTs are similar to how cryptocurrency works, which is that they also reside on a blockchain and the owner can be verified on this online ledger. With NFT, there is usually a single file for the digital artwork, which only the owner owns. With the sale of his work, Beeple will now transfer the file to the new owner and it will be accompanied by a unique encrypted NFT with the artist’s signature.
What is NFT?
Like cryptocurrencies, NFTs are also based on blockchain. A blockchain is an online ledger, which is updated in real time and all transactions are posted to the ledger. Because no person or entity controls the blockchain, no one can make changes to the previous records.
With NFT, people are selling digital items and the sale and property are tracked using the same blockchain technology. An NFT can be any type of digital item, be it a digital painting, drawing, or GIF. NFT ownership is tracked on the blockchain.
NFTs are part of the blockchain art movement and while they are not new, their value has really exploded in recent months. For example, singer Grimes apparently sold digital NFTs worth $ 6 million, as reported earlier this month. Grimes’ collection included digital videos, and one video apparently sold for more than $ 389,000.
Another major NFT that sold for over half a million dollars is the Nyan Cat, which is a GIF. GIF creator Chris Torres put the piece up for sale, which was remastered on its 10th anniversary.