Buyer behind $69m record-breaking art sale revealed
3 years, 9 months ago

Buyer behind $69m record-breaking art sale revealed

CNN  

CNN — The buyer of a digital artwork sold for $69 million was named as a crypto asset investor known by the pseudonym “Metakovan,” auction house Christie’s confirmed on Friday. Chinese cryptocurrency creator Justin Sun revealed on Twitter that he was outbid on the artwork, having put down a final effective bid of $60 million, only to be “outbid by another buyer in the last 20 secs by $250k.” Sun said he had been leading the bidding throughout most of the last 20 minutes of the auction – but his attempt to update his bid failed during the last 30 seconds. Hockney’s painting “Portrait of an Artist ” sold for $90.3 million in 2018, while Koons’ stainless steel sculpture “Rabbit” topped the list at $91.1 million in 2019..@ChristiesInc is honored to announce that @Metakovan, the founder and financer of @Metapurse, the largest NFT fund in the world, was the winning bidder of @beeple’s THE FIRST 5000 DAYS, for $69.3 m. Winkelmann’s collage of 5,000 images that took 13 years to make had a starting bid of just $100, but the high-profile auction drew fevered bidding from over 350 prospective buyers. “The last year has been an extraordinary period for the art market, and today’s result is a fitting tribute to the significant digital transformation that has taken place at Christie’s.

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History of this topic

Top-end art and luxury zoom while crypto bros dump NFTs
1 year, 8 months ago

Top-end art and luxury zoom while crypto bros dump NFTs

Live Mint  

The rich are living in a different economic world right now. Global art sales rose to $67.8 billion in 2022, according to art economist Clare McAndrew’s latest state-of-the-industry report for Art Basel and UBS Group. The British art market hasn’t quite recovered to pre-pandemic levels, but it is still attracting international buyers post-Brexit. With crypto bros spending their gains on …

NFTs In Web3: What A Decentralised Future Holds For Gaming, Art, More
2 years, 3 months ago

NFTs In Web3: What A Decentralised Future Holds For Gaming, Art, More

ABP News  

New-age technologies that are witnessed today are transforming the world in several domains. With the digital transformation of the internet, Web3 is going to bring a steady state of data ownership for the common people and there will be several marketplaces where artists could present their NFTs. As the internet will be decentralised at several levels, the owners won’t have …

When technology marries creativity
2 years, 4 months ago

When technology marries creativity

Deccan Chronicle  

“When bankers gather for dinner, they discuss art. NFTs on art works are the equivalent of attestation – they are digital certificates from the artist saying, ‘This work has been created by me and accompanies the artwork.’ Artists who want to sell their work as NFTs must first register with a marketplace before “minting” digital tokens by uploading and validating …

Sunak to forge ahead with 'NFT for Britain' despite plunge in markets
2 years, 6 months ago

Sunak to forge ahead with 'NFT for Britain' despite plunge in markets

The Telegraph  

Rishi Sunak is to forge ahead with plans for an “NFT for Britain” despite market turmoil that has wiped billions of pounds off the digital assets. “The NFT market is either going to recover and thrive on its own, in which case there is no need for the Government to get involved, or it won't, in which case no-one will …

Should Creators Consider Selling Their Art Online As NFTs?
2 years, 6 months ago

Should Creators Consider Selling Their Art Online As NFTs?

ABP News  

Non-fungible tokens, or NFTs, have been taking the world by storm, offering creators a unique and arguably better way to monetise their work. That can be an NFT that you can sell.” He added, “Now, suppose you create another drawing of an apple that looks similar but has an additional leaf at the top, then that would become another NFT.” …

Art frauds on the rise on NFT platforms
2 years, 10 months ago

Art frauds on the rise on NFT platforms

Live Mint  

Prasad Bhat, a Bengaluru-based caricature artist who frequently lists his artwork as non-fungible tokens, is unable to hide his distress. To encourage more artists to mint NFTs, OpenSea has a tool called Lazy Minting, which doesn't require them to pay a gas fee--a one-time fee charged for creating NFT on a blockchain. According to Huzefa Motiwala, director, systems engineering, India …

Are there reasons to be wary of music NFTs ?
2 years, 10 months ago

Are there reasons to be wary of music NFTs ?

Live Mint  

If you work in or adjacent to the music industry, it has become impossible to go a day without someone singing breathless paeans to the glorious future that awaits us thanks to non-fungible tokens and the coming crypto revolution. Swarathma released audio rarities, merchandise, live experiences and exclusive animated artwork as part of an NFT collection That last promise—as well …

NFTs to offline shows: How 2021 marked a turning point for India’s post-COVID art world
2 years, 11 months ago

NFTs to offline shows: How 2021 marked a turning point for India’s post-COVID art world

The Hindu  

“The pandemic has been very productive for the reinvention of the art space,” says Myna Mukherjee, co-curator of Hub India: Maximum Minimum, a show that presented over 300 works of Indian gallerists, institutions and contemporary artists at Artissima 2021 in Turin, Italy, in November. “This is true for the domestic art market too.” India can look forward to the country’s …

What is an NFT and how does it work? The ‘bitcoin for art’ explained
3 years ago

What is an NFT and how does it work? The ‘bitcoin for art’ explained

The Independent  

Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Chris Torres, the artist who first created Nyan Cat, recently ‘minted’ a new GIF of the famous …

NFT sales surge to $10.7 bln in Q3 as crypto asset frenzy hits new highs
3 years, 2 months ago

NFT sales surge to $10.7 bln in Q3 as crypto asset frenzy hits new highs

The Hindu  

Sales volumes of non-fungible tokens surged to $10.7 billion in the third quarter of 2021, up more than eight fold from the previous quarter, according to data from market tracker DappRadar, as the frenzy for crypto assets reached new highs. Cryptocurrency price gains during the COVID-19 pandemic are often cited as a driver behind the NFT market's growth --because people …

NFTs supplant Rolexes and Lambos as the new digital savvy flex
3 years, 3 months ago

NFTs supplant Rolexes and Lambos as the new digital savvy flex

LA Times  

People look at an NFT by Ryoji Ikeda titled “A Single Number That Has 10,000,086 Digits” at Sotheby’s during a pre-auction viewing. “What is happening right now is the equivalent of me hearing that a major contemporary painter has sold something for millions of dollars and I, someone with no art skill or experience, say, ‘Well I guess I better …

NFT | ART: Expanding the definition of ‘artist’
3 years, 5 months ago

NFT | ART: Expanding the definition of ‘artist’

The Hindu  

D elhi-based sculptor and artist Shovin Bhattacharjee, 45, has been creating digital art since 2002. Among the first Indians to list his work as an NFT, he says, “I have always faced the challenge of limited buyers because the notion still persists that digital art is not authentic art”. And as concerns about duplication and authenticity of digital art get …

Is NFT the disruptor that digital art needs?
3 years, 5 months ago

Is NFT the disruptor that digital art needs?

Live Mint  

On 11 March, a work of art was auctioned for more than $69 million —and the furore it created wasn’t just due to the price tag. ‘The Arrival’, a work by Vimal Chandran It’s a new world, with a different currency, new terms, new collectors, new issues to address—even a new definition of the “artist”. According to the Christie’s spokesperson, …

'CryptoPunk' Digital Artwork NFT Sells For Rs 86 Crores in Sotheby's Auction
3 years, 6 months ago

'CryptoPunk' Digital Artwork NFT Sells For Rs 86 Crores in Sotheby's Auction

News 18  

A non-fungible token of a digital artwork called a “CryptoPunk” sold for $11.8 million on Thursday, auction house Sotheby’s said. “CryptoPunk #7523” was sold for $11,754,000 as part of the Sotheby’s online auction “Natively Digital: A Curated NFT Sale”, which fetched a total of $17.1 million across works by 27 digital artists. “To those who say, “yeah but you can’t …

Sotheby’s introduces cryptocurrency sales with a famous Banksy work
3 years, 7 months ago

Sotheby’s introduces cryptocurrency sales with a famous Banksy work

CNN  

CNN — Sotheby’s has become the first major auction house to introduce cryptocurrencies as a payment method for physical artworks, following its prior sales with digital NFT art last month. “Love is in the Air”, one of street artist Banksy’s most recognizable works, is the first piece that Sotheby’s will make eligible for purchase via either Bitcoin or Ether. The …

Keen on the NFT art drops? It’s all about strategy, buyer knowledge and timing
3 years, 7 months ago

Keen on the NFT art drops? It’s all about strategy, buyer knowledge and timing

The Hindu  

“Let’s be honest, the NFT art world would not be having the trajectory it is, if Metakovan and Twobadour did not spend close to $70 million worth of crypto on Beeple’s Everydays: The First 5000 Days,” says Amrita Sethi, “That figure alone is enough for artists to start delving into the virtual NFT art space.” Amrita, having been a banker …

Sotheby’s CEO explains why NFTs are the future
3 years, 8 months ago

Sotheby’s CEO explains why NFTs are the future

CNN  

New York CNN Business — Despite what Pete Davidson’s rap spoof suggests, NFT isn’t just for crazy kids with cash to burn. The market for the unique digital collectibles remains volatile, but Sotheby’s has given the NFT space legitimacy. Stewart: NFTs really burst on to the mainstream consciousness over the last few months and i think there’s a lot of …

Why crypto-investors Twobadour and Metakovan spent almost $70mn on NFT art
3 years, 8 months ago

Why crypto-investors Twobadour and Metakovan spent almost $70mn on NFT art

The Hindu  

This story begins over filter coffee at The Hindu canteen in Chennai, more than a decade ago. The Christie’s sale proved that digital art should be taken seriously,” says Anand, who lives in Chennai. Realises the potential of an idea…” A digital rebellion Discussing the allure of digital art, Anand says, “The tech behind it is what excites Vignesh. “That …

NFTs are suddenly everywhere, but they have some big problems
3 years, 8 months ago

NFTs are suddenly everywhere, but they have some big problems

CNN  

CNN Business — For several weeks, it’s been near impossible to exist on the internet without at least hearing a mention of NFTs. “The system will not work if simply the first person to mint an NFT for a digital asset gets acknowledged on the blockchain as its owner,” said Neil Daswani, co-director of Stanford University’s Advanced Security Certification Program. …

Artist Beeple on selling NFT collage for a record $70M: 'People are trying to look for some scam; I don't see it'
3 years, 8 months ago

Artist Beeple on selling NFT collage for a record $70M: 'People are trying to look for some scam; I don't see it'

Firstpost  

Beeple, whose real name is Mike Winkelmann, spoke with AP about his auction result, NFTs and how the crypto art boom is affecting him and other artists who haven’t previously had a way to guarantee exclusive ownership of digital works, which by their nature can normally be freely copied. The Associated Press caught up with Beeple, whose real name is …

NFT artwork by humanoid robot sells at auction for nearly $700,000
3 years, 8 months ago

NFT artwork by humanoid robot sells at auction for nearly $700,000

The Hindu  

A digital artwork by humanoid robot Sophia was sold at auction on Thursday for $688,888 in the form of a Non-Fungible Token, the latest sign of a frenzy in the NFT art world. Sophia, who was unveiled in 2016, produced her art in collaboration with 31-year-old Italian digital artist Andrea Bonaceto, known for colourful portraits, some of which depict famous …

What is an NFT, and why does John Cleese want to sell you his for $69.3 million?
3 years, 8 months ago

What is an NFT, and why does John Cleese want to sell you his for $69.3 million?

Salon  

"Monty Python" actor John Cleese wants to sell you the Brooklyn Bridge. That's because an NFT is like a virtual trading card that comes "tagged" with digital proof of authorship and ownership. "Domain names, event tickets, in-game items, even handles on social networks like Twitter or Facebook, are all non-fungible digital assets," Devin Finzer, CEO of the NFT marketplace Open …

Inside the Indie Art World’s NFT Gold Rush
54 years, 11 months ago

Inside the Indie Art World’s NFT Gold Rush

Slate  

You’re a working artist. “I have made more money in the sale of NFTs than I have in my contemporary art practice.” — Edgar Fabián Frías, artist “I feel like I’m behind and catching up,” said Stuart Sandford, a sculptor and photographer currently based in Mexico City. So what are the political or strategic reasons that people invalidate or blame …

NFTs are Confusing Everyone, But the Newest Internet Token is Raking in the Memes
3 years, 9 months ago

NFTs are Confusing Everyone, But the Newest Internet Token is Raking in the Memes

News 18  

What is an NFT? The first NFT album was ‘Kings of Leon’s ‘When You See Yourself.’ After art and auction houses, news organizations and galleries So what really, really is an NFT? James Murphy, CEO of Future Fallout, writes that ‘just like a concert ticket symbolises the ownership of the space of a seat in the concert arena, and a …

'Big Short' investor Michael Burry shares quote slamming NFTs as 'magic beans' sold by 'crypto grifters'
3 years, 9 months ago

'Big Short' investor Michael Burry shares quote slamming NFTs as 'magic beans' sold by 'crypto grifters'

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. He recently changed his Twitter banner …

Artists report discovering their work is being stolen and sold as NFTs
3 years, 9 months ago

Artists report discovering their work is being stolen and sold as NFTs

ABC  

The backlash to the NFT boom has begun. When someone makes or "mints" an NFT, the token they create is permanently tied to a unique digital or physical object already in the world. Visual artist Rosa Menkman recently discovered four of her artworks had been turned into these "marble cards" and put up for auction on OpenSea. behave exactly like …

The Digital NFT Art Craze That's Earning Some Creators Millions
3 years, 9 months ago

The Digital NFT Art Craze That's Earning Some Creators Millions

Huff Post  

LOADING ERROR LOADING LONDON — A digital art piece, tweaked using cryptocurrency technology to make it one-of-a-kind, sold at auction this week for nearly $70 million. Why don’t we have property rights in the digital world?” Some NFT issuers give full copyrights to the buyer, though others do not. In December, the first extensive auction of his art brought in …

As Beeple's digital art piece sells for $70 million, understanding the craze behind NFTs
3 years, 9 months ago

As Beeple's digital art piece sells for $70 million, understanding the craze behind NFTs

Firstpost  

London: A digital art piece, tweaked using cryptocurrency technology to make it one-of-a-kind, sold at auction this week for nearly $70 million. In December, the first extensive auction of his art brought in $3.5 million, an eye-catching amount that was surpassed by this week’s record-shattering sale of his collage Everydays: The First 5,000 Days for nearly $70 million, paid in …

Decoding the boom in visual art and NFTs
3 years, 9 months ago

Decoding the boom in visual art and NFTs

Hindustan Times  

On March 11, Christie’s auctioned a JPG file for $69 million, catapulting its creator – digital artist Mike Winkelmann, who goes by the name of Beeple, to instant worldwide fame. The auction house said in a tweet that the first purely digital artwork’s auction places Beeple among the top three most valuable living artists. This digital collage, titled Everydays: The …

Digital artist Beeple $US70m richer as NFT piece becomes first sold by major auction house
3 years, 9 months ago

Digital artist Beeple $US70m richer as NFT piece becomes first sold by major auction house

ABC  

An artist has netted $US70 million from the landmark sale of a digital artwork that does not exist in physical form. Key points: Mike Winkelmann, known as Beeple, has become one of the world's most profitable artists The artwork is in the form of a Non-Fungible Token, which is authenticated by a blockchain This piece of art is the first …

Christie’s Beeple NFT auction: All your questions about the $69 million sale, answered.
54 years, 11 months ago

Christie’s Beeple NFT auction: All your questions about the $69 million sale, answered.

Slate  

Exactly what just sold for $69,346,250 at Christie’s? “People kept hitting me up, saying, ‘Oh, you should check out this NFT thing,’ ” he told the Art Newspaper. Here’s the case Beeple makes: “The NFTs were designed in a way that makes them immediately distinguishable from Instagram and immediately distinguishable as a collectible,” he told Decrypt. At any rate, Christie’s …

Burnt Banksy: All You Need to Know About NFTs and Why Some 'Morons' Torched an Artwork
3 years, 9 months ago

Burnt Banksy: All You Need to Know About NFTs and Why Some 'Morons' Torched an Artwork

News 18  

Ever heard of an artwork whose value increased after it complete destruction? The digitized artwork, created from the original 2006 Banksy artwork ‘Morons’, is an NFT – a Non-fungible token. The phenomenon recently became a rage after an anonymous group of crypto enthusiasts burnt down an original Banksy, valued at $95,000 when purchased, and instead of creating an NFT to …

$69 million for digital art? The NFT craze explained
3 years, 9 months ago

$69 million for digital art? The NFT craze explained

LA Times  

Before there was Beeple, there was William Shatner. Known as NFTs, such tokens have taken off in recent weeks in what’s either an ecologically destructive speculative bubble or a promising new funding model for art and media, depending on whom you ask. The NFT file doesn’t contain the digital piece of art, or the video clip, or the Shatner card …

How NFTs are fueling a digital art boom
3 years, 9 months ago

How NFTs are fueling a digital art boom

CNN  

Editor’s Note: This article was updated following the auction of Beeple’s “Everydays: The First 5000 days,” which sold for $69.3 million. But until now, people hadn’t figured out a good way to collect digital art – and NFTs allow you to do that,” Cock Foster said on a video call, adding that buying tokens is easier and “a lot more …

NFTs Are a Collective Hallucination—So What?
3 years, 9 months ago

NFTs Are a Collective Hallucination—So What?

Wired  

Have you had a shot yet? Eventually, the winner paid $3,666,666 in US dollars for what 3Lau called “the first tokenized album.” Bidder 65 now has unique access to the song, which others one day might hear for free. Currently, Christie’s is auctioning digital work by the artist Beeple, whose pieces look like Lucien Freud designing for Pokémon. That was …

NFTs Boom as Collectors Shell Out to ‘Own’ Digital Art
3 years, 9 months ago

NFTs Boom as Collectors Shell Out to ‘Own’ Digital Art

Wired  

It started with CryptoKitties. Each image was associated with a unique string of digits—a cryptocurrency “non-fungible token,” or NFT—that could be traded on the Ethereum blockchain platform as a title deed granting the holder ownership of a particular kitty. Its end point is an auction that started on Thursday, in which a token associated with a digital collage of 5,000 …

Remember Nyan Cat? A Rare Digital Gif Version of It Just Sold For $500,000
3 years, 10 months ago

Remember Nyan Cat? A Rare Digital Gif Version of It Just Sold For $500,000

News 18  

Who would have thought that an animated flying cat leaving a rainbow trail would become the next big thing at auction? The creator of the “Nyan Cat” recently offered a one-of-a-kind version of his viral GIF on Foundation, a website for buying and selling digital goods. Digital art enthusiasts and cat lovers engaged in a bidding war which ended when …

Art in The Time of Corona: As Galleries Remain Shut, Artists Turn to Social Media For Buyers
4 years, 2 months ago

Art in The Time of Corona: As Galleries Remain Shut, Artists Turn to Social Media For Buyers

News 18  

How are artists to sell works at a time when art fairs are being canceled and galleries are often empty? In a bid to sell their works, many artists have turned to social networks to enter into contact with collectors, who are increasingly likely to buy art online. This virtuous circle has proven to be very successful, according to Burrows, …

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