Trading News

Read The Latest News & Analysis

Beeple sets record by selling Crypto Art for $69m

Beeple Sets Record By Selling Crypto Art For $69 Million
Share on:

Beeple, a digital artist, sold one JPG file for $69 Million on Thursday. The file was up for bidding by Christie’s auction house. This is yet another price record in the increasingly popular digital art market. According to Christie’s statement, Beeple’s piece is the 3rd most expensive art piece at auction by a living artist.

The JPG file of art is a digital collage by the name “Everyday’s — The First Five Thousand Days,” which is also known as Non-Fungible token or NFT. NFTs prove ownership of an individual for a particular piece of art on blockchain technology.

NFTs are rising technology in 2021. Digital artists make their work rare by using cryptographic code. The art pieces are easily downloadable, however, the ownership of the original work is transferred through a transaction. NFTs are unique and distinguishable.

Age of NFTs

Mike Winkelmann, nicknamed Beeple, gave a statement regarding the importance of digital art on Thursday.

Artists have been using hardware and software to create artwork and distribute it on the internet for the last 20 plus years but there was never a real way to truly own and collect it,.., I believe we are witnessing the beginning of the next chapter in art history, digital art.

The sale of Beeple’s art piece is undoubtedly a milestone in the NFT transaction. The first high profile digital art was Nyan Cat, featuring an animated flying cat meme from 2011. It sold for $600,000 in an online auction.

A ten seconds video clip was sold for 6.6 million dollars last week. The CEO of Twitter, Jack Dorsey, has also sold the first-ever tweet on the platform for millions of dollars. Like any asset class in its infancy,  NFT’s price also depends on speculative mania at the moment. Nevertheless, crypto enthusiasts consider it another revolution in the digital world.

Recent News

crypto market

Tesla Sold 75% of its Bitcoin Holdings

Tesla has backed off from its bitcoin investment The electric car company sold 75% of its Bitcoin holdings in the second quarter The financial disclosure report of

crypto market

Another Day, Another Crypto Scam

Another day, another crypto scam Crypto Hackers managed to hack the official Twitter, Facebook, and YouTube accounts of the British Army on Sunday They started posting phishing

crypto market

Major Crypto Coins are Facing Slump

Major Crypto Coins faced losses last Friday after slumping to their lowest levels of the year The market cap of the 100 largest crypto tokens declined by 50% Bitcoin has done

crypto market

Over 50% of Bitcoin Holders are in Profit

Bitcoin fell to $17,600 over the weekend The price reached a 19-month low after retracing 845% from all-time highs However, 562% of bitcoin holders are still in profit This

Let's Chat