The non-fungible token space is gradually going mainstream as many individuals are interested in using the platform to assert ownership of a particular artwork. While NFTs go beyond just artworks, the platform allows any creative work such as music, drawings, documentation, amongst others. One of the space’s most popular crypto artists, Beeple, has made an iconic sale of an artwork, which was auctioned for around $69.3 million, being the most expensive sale the industry has ever seen.
Apart from setting a record in the digital collectibles industry, it is also the third-most-expensive artwork sold by a living artist globally. The NFT buzz started around the time Jack Dorsey planned to auction out his first tweet as a non-fungible token, which brought more attention to the growing sector.
Beeple’s artwork attracted over 300 bids
Non-fungible tokens are unique kinds of tokens, which cannot be traded nor swapped for another token. This is significantly different from fungible tokens like Bitcoin and Ethereum that can be swapped for other cryptocurrencies.
The NFTs protect intellectual property because they show proof of ownership. The sector is getting new demands from the global community, leading to the small sector’s growth. Beeple, whose real name is Mike Winkelmann, sold one of his artworks at Christie’s auction house for the mouthwatering price. The artist is paving the way for other crypto artists with the new artwork’s sale.
Christie’s auction house explained that the bid that won the artwork is around $60.3 million, but when other fees are added, the total amount to be paid would be around $69.3 million. The recently sold artwork takes the form of the non-fungible token, which gives certified ownership on the blockchain network. Ethereum network is one of the only few networks supporting NFTs, meaning that most non-fungible tokens are created through the blockchain.
NFTs are making waves within the space
The art piece describes the artist’s experience and works as an artist over the past 13 years. The artwork has thousands of tiny images together. Critics praise the writer for his unique and creative thinking, which attracted bidders who have good eyes for art pieces.
Beeple is currently making waves as he has sold different artworks worth millions, according to statistics. There were over 300 interested buyers for the art piece, and the artwork’s bids reached millions in just an hour.
The artwork’s sale broke records as it’s the 3rd most expensive sold by a living artist, and this shows that the NFT space has so much growth potentials. The auction house revealed that it would have a special celebration with the artist after the artwork’s sale. This piece also marks a significant part of the artist’s career as this is his first purely digital piece he had sold.
Another record-breaking artwork sold as an NFT is the one with Bitcoin’s creator sold for over $100,000. The industry will continue to grow as influencers are pushing trends within the space, and this would likely help other crypto artists auction their art pieces as an NFT.