Piece of art sells for $ 69 million as highest crypto-art sale ever

  • Beeple’s latest works of art are among the most expensive pieces sold by living artists.
  • The price of the digital artwork has risen from $ 15 million to almost $ 70 million in less than an hour.
  • It was the first NFT to be sold by a historic auction house.

Digital artist Mike Winkelmann – known online as Beeple – once again broke crypto-art records with a sale of nearly $ 70 million.

Winkelmann became one of the three most valuable living artists on Thursday, according to Christie’s, with his sale becoming the highest of any online offer to date.

His piece sold for almost $ 70 million in an auction that saw furious auction activity until the very last minute. The coin’s price rose from $ 15 million to over $ 69 million in less than 30 minutes.

Bloomberg reported that Tron founder Justin Sun had the winning bid on the coin at $ 60.25 million, but a representative for the crypto mogul told Insider that Sun outbid at the last minute.

“NFT is definitely a revolution in the industry for our generation,” the spokesperson told Insider. “Justin and the TRON Foundation are both very enthusiastic about the technology and are keen to support the development of the ecosystem around it. “

Previously, the most expensive crypto-art sale was another Beeple coin that sold for $ 6.6 million on Nifty Gateway.

This new piece, titled “Everydays: The First 5000 Days”, represented a collection of 5000 Beeple digital art pieces. Christie’s specialist Noah Davis calls the piece Beeple’s “opus” because it shows his development as an artist. The auction lasted over a week and ended on Thursday.

Winkelmann told Insider in a previous interview that before the past few months he had never expected to sell a coin for more than $ 1,000.

Winkelmann’s coin is a non-fungible token or NFT. NFTs function as a new kind of digital asset. Digital tokens quickly grew in popularity during the pandemic, as brands like the NBA and Nike jumped into the trend and artists like Grimes sold art collections for nearly $ 6 million in less than $ 6 million. 20 minutes.

In the last month alone, major NFT platforms sold nearly $ 500 million in digital assets, according to CryptoSlam.

Beeple’s $ 69 million sale was the first NFT sale for Christie’s, an auction house founded in 1766. Prior to the auction, the historic auction house said it was not in operation. able to estimate the price of Beeple’s labor. 33 people bid on the work and over 90% of them were new visitors to the Christie’s site.

Read more: Here are 4 NFT startups that are transforming the way we shop for art and sports memorabilia

“We are replacing our typical on-demand estimate with an unknown estimate,” Christie’s specialist Noah Davis said in the initial press release. “We’re breaking new ground with this part, your guess is as good as ours.”

Miami-based art collector Pablo Rodriguez-Fraile told Insider that after selling a Beeple piece for $ 6.6 million, he believes Winkelmann is a symbol for the entire NFT movement.

“It will become the art world over time,” Rodriguez-Fraile told Insider. “NFTs are going to become more desirable than a physical piece. They give collectors a closer bond with the artist.”

Rodriguez-Fraile told Insider that NFTs empower artists and for many artists like Winkelmann, it gives them the power to finally receive recognition for their work.

“I think we are seeing the start of the next chapter in art history, digital art,” Winkelmann said in a press release. “Artists have been using hardware and software to create works of art and distribute them over the Internet for over 20 years, but there has never been a real way to own and collect them. With NFT, that has now changed. “

Winkelmann will also be able to continue to profit from future sales of his piece, as most NFT platforms allow artists to receive at least 10% in royalties.

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