NFT Art Sold for $69 Million Beating His Record $3.5 Million; History Behind 'Everydays - The First 5000 Days'

Urian B., Tech Times 11 March 2021, 08:03 pm

(Photo : Screenshot From DCL Blogger YouTube) Artist Beeple Sells Compilation NFT for $69 Million Beating His Record $3.5 Million

For the very first time, the online auction house called Christie was able to sell a particular digital-only artwork called "Everydays - The First 5000 Days" which is a collage of a number of years of sketches coming from the artist called Mike Winkelmann. The artist is also known by his online name, Beeple.

Beeple sold NFT art for $69 million

This is yet another case of NFT or non-fungible token sales that others might have been hearing of for the past few weeks. One of the more popular high profile NFT sales came from the mother of Elon Musk's latest child, Grimes, who is also a popstar. In an article by Business Insider, Grimes had been able to gain a whopping $5.8 million in just under 20 minutes.

Beeple, on the other hand, has had his art auctioned at a massive price scaling from $14 million up to $69 million. While the NFT and crypto enthusiasts most likely drove this bidding price up, this is definitely going to make the physical art world stand up and take notice. The new movement, according to the story by TechCrunch, could potentially also be interesting to the art world not just when it comes to the selling of digital art but also when it comes to record and transfer of the core proof of ownership for any particular art.

Resell of NFTs

The new recond-smashing NFT sale now comes after a few months of increasingly valuable auctions. Back in October, Winkelmann was able to sell his very first series of NFTs. The previous sales had a pair going for a whopping $66,666.66. Back in December, he had been able to sell a series of work for a whopping $3.5 million. During the last month, one of the popular NFTs that was originally sold for $66,666.66 was suddenly resold for $6.6 million.

NFTs are known as non-fungible tokens and are unique files that are stored on the blockchain and can also be used to verify ownership of a particular work of digital art. Basically, buyers will be getting some limited rights in order to display the said digital artwork that they represent. However, in many ways, they are also just buying bragging rights and a particular asset that can be resold some time later. Winkelmann has been one of the more popular NFT artists really making a killing off of the NFT art scene.

Beeple's fan base

According to an article by The Verge, a few new factors explain just why Beeple's work has definitely become very valuable. For one, he's already developed a huge fanbase with around 2.5 million followers spreading across social channels. He is also extremely prolific when it comes to certain parts of his project called "everyday." Winkelmann also creates and even publishes a brand new digital artwork called every day. The recent project is reportedly his 14th project this year.

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Written by Urian Buenconsejo