Beeple NFT was sold for $69.3 million at Christie’s on Thursday morning. This was a record-breaking amount in the surging NFT art category.
Beeple is a 41-year old illustrator from Wisconsin. The piece itself was a collage of 5,000 images made by him over the same amount of days. Additionally, this sale places Beeple among the three most valuable living artists according to Christie’s.
With 30 minutes remaining in the auction, the piece was still under the $15 million mark. However, a ton of last-minute bids sent its price skyrocketing. “5,000 Days” also blows away the previous record for one of his pieces selling. That piece, a video clip of a digitally illustrated Donald Trump lying face down in the grass, sold for $6.6 million.
NFTs (non-fungible tokens) have been seeing a massive rise in popularity over the past few months and this may serve as its peak. This is not only far and away from the largest seller of an NFT but is the third highest-selling piece of art period by a living artist.
Jeff Koons’ stainless-steel rabbit sculpture sold for $91.1 million in 2019 and a David Hockney painting sold for $90.3 million in 2018. These are the only pieces that sold for more than Beeple’s collage.
The sell undoubtedly sent shockwaves throughout the entire art industry. “What an extraordinary moment,” Miami art collector Pablo Rodriguez-Fraile said. “I believe it serves as clear validation that digital art is as important as what we know as traditional art with Beeple its clear leader and symbol.”
“5,000 Days” was also the first completely digital NFT to be sold by Christie’s, a centuries-old auction house. It was also the first time they accepted payment in the cryptocurrency, Ethereum.
NFT Market Now Exceeds $400 Million
The NFT market has now exceeded $400 million in transactions so far in 2020. Much of that comes from NBA Top Shot, a trading cards site that uses NFT technology. But many other celebrities have gotten in on it as well such as Grimes, Kings of Leon, and Rob Gronkowski.
While this seems to be the peak of things, Kenetic Capital founder Jehan Chu believes it’s only the beginning. “What’s happening now is there is a mad scramble by the traditional art world first to understand really what it is that we’re looking at. And then to figure out where they fit in, how they can support it, how they can participate.”
“What we’re seeing is just the tip of the iceberg.”
Corey has been involved in media and writing since graduating from the illustrious Howard University with a degree in Broadcast Journalism. While relatively new to the cryptocurrency world, he has been writing since 2012 with most contributions coming in the sports world on websites such as LakersNation.com and DodgerBlue.com. Corey is also an avid sports fan who closely follows the Lakers, Cowboys, Dodgers, WWE, and UFC.
A hacker compromised the Instagram account of Bored Ape Yacht Club (BAYC) and stole NFTs across Yuga Labs...
Our Partners
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.