A piece of digital artwork set a record for non-fungible token sales with a total price of $69.3 million, Bloomberg reports.
Umm…What: The piece, titled Everydays: the First 5,000 Days “is a mosaic of every image that artist Mike Winkelmann, who goes by the name Beeple, has made since 2013.
- The art is certifiably one-of-a-kind as it’s “attached to a non-fungible token (NFT), a digital certificate of authenticity that runs on blockchain technology.”
- Bidding opened at $100 in February.
- In the first eight minutes of bidding, it got pushed up over $1 million.
Why It Matters: It’s an absolute gamechanger in the NFT market, but it’s not exactly surprising. We’re in the middle of a speculative NFT boom. Just look at NBA Top Shot, which essentially sells digitized trading cards — it’s done $300 million in transactions in the last 30 days, according to CryptoSlam.
- Major works of famed artists such as Vincent Van Gogh and Picasso saw pieces sell for $16 million and $15.6 million, respectively.
- Before this sale, Beeple’s previous record was $6.6 million in October and $777,777.777 before that in January.
You can read more about NFTs from Morning Cents on 3/1, but here’s a quick takeaway:
- “Is This An NFT Bubble? It’s unclear and there are comparisons to the 2017 initial coin offering boom that resulted in a market crash. How NFTs survive depends on how widespread adoption there is and how many companies rise out of this early wave.”