Perhaps this is an indicator that the cryptocurrency and blockchain industry is entering a speculative bubble.
There were already NFTs (non-fungible token) that had sold for a lot of money, this auction at Christie’s has yet broken all records with the digital artwork “Everydays: The First 5,000 Days” by Beeple which found a taker at 69,346,250 dollars!
A CryptoPunk NFT also just sold for $8 million, but we are already far from the $69 million for this NFT work of art.
This work by artist Beeple (Mike Winkelmann) is a combination of 5,000 images brought together on a large digital canvas, the successful purchaser of this NFT token is for the moment unknown and may prefer to remain so.
This achievement highlights the artist’s journey in creating art over the past 13 years.
“beeple ‘s ‘The First 5000 Days’, the 1st purely digital NFT based artwork offered by a major auction house has sold for $69,346,250, positioning him among the top three most valuable living artists. Major Thanks to Beeple + makersplaceco. More details to be released shortly*.”, said Christie’s, delighted with this historic sale.
.@beeple 's 'The First 5000 Days', the 1st purely digital NFT based artwork offered by a major auction house has sold for $69,346,250, positioning him among the top three most valuable living artists. Major Thanks to @beeple + @makersplaceco. More details to be released shortly
— Christie's (@ChristiesInc) March 11, 2021
A digital asset of the NFT type is used to verify the ownership of digital items, such as works of art or game items, the Ethereum blockchain is generally the one used in this activity.
Beeple therefore makes history with this record in the world of digital art, a record that may one day be broken, who knows, by another NFT which would manage to sell for even more.
This astronomical price is also explained by the popularity of Beeple, the most famous crypto artist in this sector, although this will surprise a large part of the general public who are not yet very familiar with this new art.
As Christie’s points out, this record sale of an NFT makes Beeple one of the three most valuable living artists.
The wave (or madness) of NFT is therefore gaining momentum and such prices suggest a speculative bubble that is gradually developing around the crypto and blockchain sector.
Cryptocurrencies are attracting more and more buyers and investors, just as the digital art market of NFTs generates a certain euphoria that has been seen in recent sales.
Bitcoin‘s bull run at the end of 2017 saw an ICO wave, 2021 could be the year of euphoria for NFTs.
