LONDON (Reuters) - A digital artwork sold for nearly $70 million at Christie’s on Thursday, in the first ever sale by a major auction house of a … At the moment, these tokens are white-hot in the collecting world, where they're being used to solve a problem central to digital collectibles: how to claim ownership of something that can be easily and endlessly duplicated. The current bids are over $2.5 million. “All the time, money and effort you spend in your digital life, you can create value for that," said Chicago fund manager Andrew Steinwold, who started an NFT fund in 2019. But the big question was, who decided dropping almost $70 million on a .JPG was a good use of their (admittedly ample) disposable income? Are we in the midst of an NFT bubble? NFTs confirm an item's ownership by recording the details on a digital ledger known as a blockchain, which is public and stored on computers across the internet, making it effectively impossible to lose or destroy. An NFT by the artist Beeple sold at Christie's for over $60 million, making it the most expensive NFT ever sold at auction. It’s more like, think about it like a piece of art that can like live on and take different forms over time versus, like, you’re buying nothing. He has 1.9 million followers on Instagram. So the idea that he bought nothing is kind of misleading. He’s been creating digital sketches using 3D tools on a daily basis for the past 13 years. It failed.”, he says. Q: For the first time, Christie's accepted cryptocurrency as payment for a sale. In December, the first extensive auction of his art brought in $3.5 million, an eye-catching amount that was surpassed by this week’s record-shattering sale of his collage “Everydays: The First 5,000 Days” for nearly $70 million, paid in a digital currency known as Ethereum. The technology is simple enough that it can be used for many different things. March 11, 2021 3:36 pm 0. Bids for Jack Dorsey’s first tweet are … Just recently, a digital NFT artwork by Beeple called “Everydays: The First 5000 Days” was sold for a jaw-dropping price of nearly $70 million at a Christie’s auction. Twitter CEO Jack Dorsey’s first tweet was sold as an NFT for a whopping $2.9 million. Yes, you read it right! The price for the Beeple piece jumped from $15 million to nearly $70 million in under an hour. A collage by American artist Beeple has become the most expensive digital artwork backed by an NFT that has ever been sold at auction, fetching $70 million … His art has been featured in. But some people wonder if this transaction actually happened. 24/7 coverage of breaking news and live events. The people in this space, the people who bid on them, I think they personally understand what NFTs are going to be much more than the rest than the general public. The record sale also sparked huge interest in digital certificates of authenticity based on cryptocurrency technology that are called “non-fungible tokens.” These NFTs are undergoing a boom. So it’s one of those things where people are going to rush in like there’s going to be a ton of money. So I think a lot of people are trying to look for some crazy scheme or scam here. Have you been paid? It’s very speculative. “At night, I used to borrow my friend’s laptop, when they were just going to sleep, and then I used to use my pen-drive and learn how to code.”, he said, talking about how he learned to code and build simple websites, and how for most of his life, he could not even afford a laptop. (Beeple noted that he retains the copyright to “Everydays.”). “NFTs have opened up art to a whole bunch of people who never would have gone to a gallery in New York,” said Spalter, who pioneered digital fine arts courses at Brown University and the Rhode Island School of Design in the 1990s. Beeple is an American digital artist based in South Carolina whose real name is Mike Winkelmann. NFTs that sold for a whopping price Most recently, a digital-only artwork by an artist named Mike Winkelmann, popularly known as Beeple, was sold at Christie's for a whopping $69 million. A digital artwork sold for nearly $70 million at Christie's on Thursday, in the first ever sale by a major auction house of a piece of art that does not exist in physical form. Q: There are so many NFT projects now. Justin Sun almost won a record-breaking bidding war for a digital artwork. I personally don’t see it. I STILL DON'T GET IT. … It was the first NFT piece to be sold by Christie's. The digital artist Beeple put an artwork up for auction this month, and became instantly famous when it sold for almost $70 million He wants to see the artwork go up in value, which benefits me. Beeple spoke with the AP via a Zoom call. A: There are a couple of reasons. The NFT collection by Beeple eventually sold for almost $70 million. In economics jargon, a fungible token is an asset that can be exchanged on a one-for-one basis. Christie's says it has auctioned off a digital collage by an artist named Beeple, whose real name is Mike Winkelmann, for nearly $70 million, in an unprecedented sale of a digital artwork that fetched more money than physical works by many better known artists. The latest was a video called “Dark Castles” -- of mysteriously distorted castles generated by artificial intelligence technology – that sold for $2,752. William Shatner of “Star Trek” fame sold 90,000 virtual trading cards last year for $1 each. The number of buyers of NFT rose 66% in 2020 and the value of the transactions increased from around $63 million to $250 million, as per Nonfungeable.com. Q: Why do you think your artwork "Everdays: The First 5,000 Days" fetched such a high price? Actress Lindsey Lohan sold an image of her face. Turn on desktop notifications for breaking stories about interest? A non-fungible object, by contrast, has its own distinct value, like an old house or a classic car. Until October, the most Mike Winkelmann — the digital artist known as Beeple — had ever sold a print for was $100. A: 100%, dude. According to Christie’s this is something that usually takes like two months. It is also … The digital artist Beeple put an artwork up for auction this month, and became instantly famous when it sold for almost $70 million, LONDON -- When digital artist Beeple put an NFT digital artwork up for auction this month, he became instantly famous when it sold for almost $70 million. A digital art piece, tweaked using cryptocurrency technology to make it one-of-a-kind, sold at auction this week for nearly $70 million. A digitized work of art created by the artist known as Beeple just sold at Christie’s Thursday for nearly $70 million, a record amount for a new art … The Associated Press caught up with Beeple, whose real name is Mike Winkelmann, to talk about the auction result, NFTs and how the crypto art boom is affecting him and other artists who haven't previously had a way to guarantee exclusive ownership of digital works, which by their nature can normally be freely copied. A: Say somebody goes out and buys a painting for $5 million. While the NFT market has existed for a while, it's easy to see why so much interest has sparked in the market recently with the record-breaking $70 million dollar (or, more precisely, $69,346,250) sale by Christie's auction house of Beeple's Everydays: The …
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