$69.3 million is the most expensive NFT price in the world

A $69.3 million NFT

No, you’re not dreaming, the $50 million mark for a digital work in the form of a non-fungible token (NFT) has just been crossed. An NFT by artist Beeple, whose real name is Mike Winkelmann, has just found a buyer for exactly $69,346,250, a new historical record that sets the bar very high.

A legend of the world of NFTs, Beeple’s creation is the most famous collection of works in the history of digital art, hence the soaring price. This remarkable sale took place on the online platform of Christie’s , the famous auction house. This makes Beeple the first artist to auction one of his works.

Called “EVERYDAYS: THE FIRST 5000 DAYS”, this digital work by Beeple is an image measuring 21,069 pixels wide and 21,069 pixels long, the result of a collage of 5,000 works by the artist. On May 1, 2007, Mike Winkelmann set out to create a new work of art every day of his life, and has not missed a single day in nearly 14 years. Many of his works are made in a rather dark and sometimes disturbing style, depicting the excesses of technology and capitalism.

Beeple’s work sold for $69.3 million

It is undeniable that this NFT of Beeple represents an important step in the development of the digital art market. Sold more expensively than some of Picasso’s paintings and many famous painters, this NFT paves the way for even more impressive sales in the future, and the democratization of the sector among the artists themselves.

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Moreover, the mere fact that this sale took place at Christie’s is an absolute recognition for non-fungible tokens, especially since the auction house accepted Ether (ETH) as a means of payment on this occasion.

A new asset class?

This sale, and all the others that have raised sums of this magnitude, confirms that the craze around NFTs is just beginning. The new record follows the sale of a 10-second video for $6.6 million, another Beeple NFT depicting Donal Trump lying in the grass.

So, revolution of the art market or simple bubble that is about to burst? The NFTs still worry a part of the crypto-community. The sums spent on “vulgar images” – in the words of some – would be an aberration.

The purely speculative aspect is not to be ruled out and it is a fact, investors who buy multi-million dollar NFTs are primarily looking to make a long-term gain. Of course, the sums spent are sometimes exorbitant, but digital art is only one of the many facets of these non-fungible tokens.

The NFT is not content to shake up the art market and are already used in the world of gaming, the music industry and even in real estate.

In an interview with Forbes, Beeple believes that NFTs could eventually become an asset class in their own right:

“NFTs, I think, could really be an alternative asset class, a class that speaks to a younger generation, who may not want to invest in equities. Perhaps they prefer to invest in digital collectibles and things like that that are more in line with their culture and the way they interact with the world. »

The world of NFTs is still very young and the cases of use of these will develop over time, which could actually validate the fact that it is a new asset class.

 

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