The Buyer of Christie’s $69 Million Beeple NFT Was Ready To Bid Higher
Written by
Yaël Bizouati-Kennedy
Edited by
Levi Leidy
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
The buyer of the $69.34 million NFT — the first one sold by auction house Christie’s earlier this month — told CNBC he was prepared to bid even higher.
Vignesh Sundaresan, also known as MetaKovan, told CNBC, “I had the opportunity to be part of this very important shift in how art has been perceived for centuries.”
See: What Is a Non-Fungible Token and Why Are They Booming?Find: Smart Crypto Alternatives to Bitcoin
Christie’s sale of the digital NFT-based artwork — a JPG by the digital artist Mike Winkelmann, known as Beeple — positioned the artist as one the top three most valuable living artists.
“‘First 5000 Days,’ the first purely digital NFT-based artwork offered by a major auction house, has sold for $69,346,250, positioning him among the top three most valuable living artists. Major Thanks to @beeple + @makersplaceco,” Christie’s tweeted on March 12, after the sale.
Sundaresan told CNBC’ he had no regrets paying $69 million for what many consider simply a JPEG and a hyperlink.
“This NFT is a significant piece of art history,” Sundaresan told CNBC. “Sometimes these things take some time for everyone to recognize and realize. I’m OK with that. I had the opportunity to be part of this very important shift in how art has been perceived for centuries.”
See: Crypto Bubble Brings a Curious Problem for InvestorsFind: ‘Technoking’ Elon Musk Sells NFT About NFTs
Non-fungible tokens are digital assets that represent a wide range of unique tangible and intangible items, from collectible sports cards to virtual real estate and even digital sneakers, Coindesk explains. They are recorded on a blockchain, a distributed ledger that is immutable, verifiable and decentralized.
Minted exclusively for Christie’s, Beeple’s digital collage was offered as a single lot sale concurrently with First Open, and realized $69,346,250, the auction house said in a statement. This marks two industry firsts: Christie’s is the first major auction house to offer a purely digital work with a unique NFT — effectively a guarantee of its authenticity — and to accept cryptocurrency, in this case Ether, in addition to standard forms of payment for the singular lot, it added in the statement.
GOBankingRates’ Crypto Guides
- What Is Cardano? (ADA)
- What is Bitcoin Cash? (BCH)
- What Is Chainlink? (LINK)
- What Is Dogecoin? (DOGE)
- What is Litecoin (LTC)
- What is Polkadot? (DOT)
- What is Ripple? (XRP)
- What is Stellar (XLM)
- What is Tether? (USDT)
More From GOBankingRates
- Nominate Your Favorite Small Business and Share With Your Community
- 20 Home Renovations That Will Hurt Your Home’s Value
- What Income Level Is Considered Middle Class in Your State?
- 20 Ways To Pay Less at Costco
