Founder of NFT fund Metapurse bought Beeple's 5000-day collection for nearly $70M
March 12, 2021, 1:09PM EST
1 min read
Founder and financer of NFT fund Metapurse Metakovan bought popular digital artist Beeple's 5,000-day collection for nearly $70 million dollars, British auction house Christie's announced Friday.
The collection, which sold for a whopping $69.3 million, is one of the highest art auction sales ever and makes Beeple one of the top three most valuable living artists.
The sale, hosted by British auction house Christie's, received a total of 353 bids. According to the auction house, 22 million people tuned in for the sale, which ended yesterday.
"When you think of high-valued NFTs, this one is going to be pretty hard to beat. And here's why - it represents 13 years of everyday work. Techniques are replicable and skill is surpassable, but the only thing you can't hack digitally is time," Metakovan said in the announcement. "This is the crown jewel, the most valuable piece of art for this generation. It is worth $1 billion.”
To create the collection, Beeple produced a new work of art every single day for 14 years, starting in May 2007. The auction, the result of a partnership between Christie's and NFT marketplace MakersPlace, marks the first time non-fungible token (NFT) art has been sold at an auction house.
Today the always-on demands of online markets have to be matched with the ability to access opportunities instantly and with no limits. Historically correspondent banks would move large sums of money for those needing to transfer funds while creating bottlenecks of unnecessary friction.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.