Blockchain

NFT Digital Art Collection Sells for Almost $800,000

We’ve just witnessed the biggest purchase of a blockchain-based digital artwork collection in history, smashing the previously held record by hundreds of thousands of dollars.

The artist behind this historic sale is Mike Winkelmann who works under the moniker ‘Beeple.’

The auction for the BEEPLE: EVERYDAYS 2020 collection, which Winkelmann refers to as ‘THE COMPLETE MF COLLECTION,’ is a one-of-one curation of all the digital art creations Beeple made in 2020. When all was said and done, the collection sold for a massive $777,777.77.

The auction took place on the Nifty Gateway NFT marketplace. Bidding for the collection started off at an already-record-setting price of $200,000, and was competed for by two rival bidders known as ‘illestrater’ and ‘metakovan.’

The auction was increasing by seemingly normal increments until the last five minutes of the auction. At this point, ‘illestrater’ made a decisive move and bid up the current price by over two times, increasing the price from $380,000 to $777,777.77.

Nifty Gateway Beeple Everyday
BEEPLE: EVERYDAYS Collection Image from Nifty Gateway

What Are NFTs?

A non-fungible token, commonly known as NFTs in the cryptocurrency world, is a cryptographic asset that represents ownership of something unique that cannot be interchanged.

Assets such as Bitcoin and Ethereum are fungible because they can be interchanged and there is no necessity for uniqueness. NFTs, on the other hand, act as a singularly unique asset.

Most NFTs are created on the Ethereum network and are represented as ERC-721 tokens, a non-fungible token standard established on the Ethereum network.

Some examples of NFTs are blockchain-based art, securitized tokens such as stocks, bonds, and real estate, and collectible video game items. There are many NFT marketplaces that facilitate the trading of these assets, with most revolving around art and gaming.

Dai NFT Digital Art

Beeple Breaks the NFT Price Record

Beeple is a staple in the modern art community. Many describe his pieces as eye-catching, dystopian, and sometimes even flat out terrifying.

One source claims that as of Jan 3, 2020, Beeple had created a new piece of art every day for 4,630 consecutive days — though that number is closer to 5,000 when including all of 2020. He currently boasts 1.7 million followers on Instagram.

If you’re in the market for art featuring Kim Jung Un in a Buzz Lightyear suit, Pikachu hat, and large set of breasts — or a portrait of Abraham Lincoln spanking a naked, baby version of Donald Trump, then Beeple is probably the perfect artist for you.

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Harrison is an analyst, reporter, and lead specialist at BeInCrypto based out of Tel Aviv, Israel. Harrison has been involved in the cryptocurrency space since late 2016 and is passionate about decentralized ledger technology and its potential.

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Source: https://beincrypto.com/nft-digital-art-collection-sells-for-almost-800000/

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