If you’re one of the tens (or maybe hundreds?) of millions of people who don’t fully understand how NFT’s work, why they are such the rage right now, and how NFT art pieces can fetch small fortunes when they are up to bid, well, this story is going to really make you scratch your head.
Are you sitting down?
An NFT (non-fungible-token) virtual art piece by the artist Beetle just sold at Christie’s for nearly $70 million.
It has officially become the most expensive NFT ever sold at auction, and it wasn’t just a couple nerdy art collectors trying to outdo each other to own this piece. The bidding was described as being “frenzied” and it lasted two weeks.
We have officially entered an era where blockchain-based digital images now command the prices paid for Picassos and Monets.
Mike Winkelmann is the artist who goes by the name Beeple. He told CNBC that he had to jump on this kind of opportunity. “As soon as I saw it, I saw it as this massive massive potential for this as a platform for digital ownership of a bunch of different things, not just art. Moving forward, I think this will be seen an alternate form of asset class.”
AThe piece of digital art is called “The First 5,000 days.”
It marked another first, as being the first to sell at a major auction house.
The painting is actually a very cool and clever compilation. Back in 2007, Winkelmann set out to post a new work of digital art every day for the rest of his life. He’s been true to his word, and hasn’t missed a single day. So the images are a compilation of the first 5,000 days, hence the title.