Digital ‘NFT’ collage sold for record $69.3 million rocks the art world
A digital collage by American artist Beeple has sold for a record 69.3 million dollars at Christie's auctioneers, showing that virtual art is rapidly establishing itself as a new - and very profitable - creative genre.
"Everydays: The First 5,000 Days" became the most expensive ever "non-fungible token" (NFT) - a collectible digital asset that uses blockchain technology to turn virtual work into a unique item.
The 39-year-old artist said that his work, on a JPEG, had "as much craft, message, nuance and intent as anything made on a physical canvas."
"Artists have been using hardware and software to create artwork and distribute it on the internet for the last 20+ years but there was never a real way to truly own and collect it. With NFTs that has now changed," he added.
"I believe we are witnessing the beginning of the next chapter in art history."
5,000 consecutive days’ work
"Everydays" was the first purely digital NFT work of art to be sold at a major auction house. Its buyer has not been publicly identified.
The collage is based on a project that began in May 2007, when Beeple was a bored web designer and started to create a work of art every single day to improve his drawing and graphic design.
After 5,000 consecutive days, "Everydays" brought together his daily pieces in digital form. It began with a simple image of his Uncle Jim and ended with a detailed portrait of characters from Donald Trump to Buzz Lightyear to Michael Jackson, depicted as dystopian muses around a child drawing.
FUCK YES!! come celebrate this historic moment for digital art!!11 ❤️❤️❤️— beeple (@beeple) March 10, 2021
🎉CHRISTIE’S CLOSING PARTY W/ BEEPLE” with @cryptoartadvisr, @collectionist, and Crypto Basel. Tomorrow, Mar 11 at 9:00 AM EST
Join us! https://t.co/VagaqIZjLT
Since 2007 he has been sharing his daily work with the 1.9 million followers of his beeple-crap Instagram account.
But he had never sold any work under his own name until recently, when the new technology catapulted him into orbit as one of the most fashionable artists in the world.
22 million watch auction
NFTs have a documented provenance that cannot be altered, guaranteeing authenticity and making the work ownable - in contrast to most material on the internet where content is easily duplicated.
“Beeple’s success is a testament to the exciting possibilities ahead for this nascent marketplace. Today's result is a clarion call to all digital artists. Your work has value," said Noah Davis, a contemporary art specialist at Christie's.
The auction house said a record 22 million people watched the dramatic final minutes of the two-week sale as the price rocketed among competing bidders from 11 countries.
Nearly all of those who actively participated in the auction (91 percent) had never done so before, Christie's said. More than half of them were between the ages of 25 and 40.
CROSSROAD— Nifty Gateway (@niftygateway) February 25, 2021
The #1/1 from beeple's first NG drop has just resold on the secondary market for $6.6 million.
History has just been made.
Congrats to beeple and of course to @pablorfraile for the sale. pic.twitter.com/mTYG4VABSw
Growing appetite for the virtual
At the end of February another of Beeple’s works, "Crossroads," was resold for $6.6 million on the platform Nifty Gateway, which specializes in virtual works. The artist received a 10 percent cut.
And an animation that he himself had sold at the end of October last year for a symbolic dollar was recently acquired for $150,000.
Though bewildering to many, a manic appetite for virtual objects authenticated through blockchain technology has spread through different markets.
Twitter boss Jack Dorsey is selling his first tweet, from back in 2006, which reads "just setting up my twttr," at an ongoing auction, with bidding reaching $2.5 million.
Dramatic "moments" from National Basketball Association games have also become collectable items as non-fungible tokens - despite remaining freely viewable online.
A 10-second clip showing a spectacular sequence by superstar LeBron James fetched $208,000 on the NBA Top Shot site last month.
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