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WASHINGTON (BLOOMBERG) – NFT’s art is “absolutely” in a bubble, said the digital artist who this month sold a non-expendable token of his piece “Every Day: The First 5000 Days” for a whopping 69.3 millions of dollars. million).
“I absolutely think it’s a bubble, to be honest. I go back to the analogy of the beginning of the Internet. There was a bubble. And the bubble burst,” Beeple, real name Mike Winkelmann, said on “Sunday’s Fox News.”
“But it didn’t end the internet. So the technology itself is strong enough where I think it will survive that.”
The record-setting NFT is a collage of images made every day for 13 years.
“It’s really something that catalogs my life during that time and the kinds of things that have happened in the world during that time,” he said.
Winklemann, or Beeple, said seeing the conclusion of Christie’s online auction on March 11 was “very surreal. It went from $ 27 million to $ 50 million. It was literally like a bomb exploding in the room.”
The sale was a record for digital art and catapulted Winklemann to third place on the list of works by a living artist, behind Jeff Koons’ sculpture “Rabbit” and David Hockney’s painting, “Portrait of an Artist (Pool with Two Figures) “. . “
NFTs are virtual collectibles that use technology similar to cryptocurrencies like Bitcoin to create a certificate of ownership over a specific digital file.
The South Carolina artist’s work was purchased by an anonymous digital asset investor known as Metakovan, Bloomberg News reported. Christie’s accepted the payment in Ether, the world’s second-largest digital currency, which the artist quickly converted to cash.
“Friday night, the guy, he’s a guy from Singapore, he had the artwork and I had the money,” he said. “$ 55 million in my bank account. Like, boom, done, the next day.”
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