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Near $70 Million Sale of Non-Fungible Token Shocks Art World


March 22, 2021 ( Newswire) - There are many that would argue that the almost $70 million sale of a Mike Winkelmann's, professionally known as Beeple, image known as Everydays: the First 5000 Days cannot be categorized as a true art piece and one could tend to agree. After all, is a JPG really a piece of art? Moreover, does a NFT (non-fungible token) count as real ownership?

Well, the surge in purchases of NFTs would certainly help to argue the latter, but the former is something that certainly generates more of a debate. The art world is a complicated and shady place, one that many people have tried and failed to infiltrate. But, this new world of buying and selling through blockchain has given life to a new market, one which allows for the transfer of large sums of money, across continents, to purchase unique pieces of art.

Crypto-assets are being traded across various exchange platforms, with NFTs as the latest trend. Major platforms such as Coinbase, Binance, and Bybit are offering customers the opportunity to trade not just Bitcoins, but unique objects to certify ownership of a particular asset. These transactions are carried out across many exchanges, some of which offer NFT purchasing and trading. It can be tricky to find the perfect exchange, so checkout bybit reviews and many major platform reviews to find out the latest and greatest ways to trade coins and crypto-assets.

But, what really do you get when you purchase an NFT? Well, you don't get the copyrights or any other rights of ownership that we can relate to outside of blockchain, neither do you have reproduction rights to the digital image. However, you will receive a crypto-asset containing a pointer to a copy of the file. It's not so much something that you own, it's more a certificate to authenticate the digital file. So, what would possess someone to splash out tens of millions of dollars on such a thing?

The new owner of this Beeple artwork is Vignesh Sundaresan, who is the owner of a crypto-exclusive fund that specializes in identifying grassroot projects using blockchain infrastructure, assets such as art, finance, and unique collectibles. While $69 million dollars may seem a lot for a piece of art, none of the money transferred was actual money, rather Ether the currency of the second-largest blockchain Ethereum.

The sale went through the reputable New York-based auction house Christie's, which would have no doubt welcomed the opportunity to open lots for the auction of NFTs. The art industry, like many other industries, has suffered throughout the pandemic and must now adapt to survive.

The value of NFTs still isn't clear, as it seems that the hype surrounding the digital art created is really the only way to create value. But, this isn't such a distant truth from the art world we've come so accustomed to. They say that the true value of art is the eye of the beholder - but it's unlikely this is what is driving the sale of NFT art pieces. NFTs may be gimmicky, but there is certainly a growing belief that they are a kind of collectible, in the same way Pokemon cards once were.

There are many that claim this is just a phase, but we heard the same about Bitcoin and look at it now. As long as traders and investors in the crypto-sphere continue to believe, artists will continue to jump on the bandwagon - the UK's richest artist Damien Hirst is the latest to announce he will look into the sale of art through blockchain. One wonders what the next major NFT art collaboration will be.

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