Christie’s uncovered $69 million winners of the NFT Art auction of Beeple’s First 5000 Days. The buyer is known as the nickname of Metakovan and is the financial backer of nonfungible token (NFT) investment.  

For those who are not familiar with NFT, they use blockchain to allow someone to purchase an authentic right in something unique, even if it’s art, virtual property in a game. However, the genuineness works only if you are confident that it was the same artist who issues the token rather than a fraudster. 

Read more- ‘All you need to know about NFT’.

In terms of Christie’s auction, the artist auctioned the art collage that he created for 5000 days every day. It looked like the crypto crowd influenced the auction. 

Justin Sun, another major crypto player, acknowledged making the second-highest bid. In total, there were 33 bidders, of whom 30 had never participated in a Christie’s auction before. And 64% of bidders were less than 40 years old. 

Metakovan says that he is a graduate of startup accelerator Y-Combinator and has been in the cryptocurrency expanse since 2013. It doesn’t take long to realize that the Metapurse fund has a crypto token B20. 

And there was fair hype in Metakovan’s statement. He said that is the crown jewel, the most prized possessions art piece for this generation. 

But, looking at Beeple First 5000 Days, what was purchased? 

Although, NFT does not prevent other people from looking at the art. But, through NFT ownership is transferred. 

Even during the start of Christie’s auction, Beeple released 105 editions of ‘5000 Day Selects’, a subset of 333 works from the same collection. It was priced at $1, but some have been re-sold for more than $100,000. 

There is no doubt that Beeple can sell each art piece individually. And the risk of diluting value is huge. Something interesting to note here is that it is not a criticism of Beeple. 

Currently, NFTs are in the discovery phase and over time the art community may come at a prescription that saves value. For now, the buyer is responsible. 

So, although NFTs are seen as a quick way to get rich, Beeple wealth rose largely overnight.