Digital art has been around for years. At the moment, these tokens are white-hot in the collecting world, where they're being used to solve a problem central to digital collectibles: how to claim ownership of something that can be easily and endlessly duplicated. Turn on desktop notifications for breaking stories about interest? NFTs are becoming a thing, and disregarding them at this point may not be a good idea. An NFT by the artist Beeple sold at Christie's for over $60 million, making it the most expensive NFT ever sold at auction. He has 1.9 million followers on Instagram. Another part of it is a lot of excitement around NFTs. And a lot of people are comparing it to the beginning of the Internet. 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. But that doesn't mean you own those original artworks. NFTs confirm an item's ownership by recording the details on a digital ledger known as a blockchain, which is public and stored on computers across the internet, making it effectively impossible to lose or destroy. The British auction house said the purchase makes Beeple's piece the third-most valuable artwork ever sold by a living artist, behind works by Jeff Koons and David Hockney. … Twitter CEO Jack Dorsey’s first tweet was sold as an NFT for a whopping $2.9 million. A JPG file has been auctioned for a whopping $69 million. LONDON (AP) — When digital artist Beeple put an NFT digital artwork up for auction this month, he became instantly famous when it sold for almost $70 million. NFT’s are only now giving it a mainstream promotion. An NFT by the digital artist Beeple that contains “a picture every day for 5,000 days straight,” has sold for an astonishing $69,346,250. “They’re investors, they’re tech entrepreneurs, they’re in that world.”. So I think a lot of people are trying to look for some crazy scheme or scam here. The digital artist Beeple put an artwork up for auction this month, and became instantly famous when it sold for almost $70 million, LONDON -- When digital artist Beeple put an NFT digital artwork up for auction this month, he became instantly famous when it sold for almost $70 million. Actress Lindsey Lohan sold an image of her face. There is absolutely, absolutely a lot of excitement. The technology is simple enough that it can be used for many different things. In a record-setting sale hosted by Christie's auction house last week, a piece of digital art from Mike "Beeple" Winkelmann sold for just shy of $70 million. It is also … For all of AP’s tech coverage, visit https://apnews.com/apf-technology, 24/7 coverage of breaking news and live events. But the big question was, who decided dropping almost $70 million on a .JPG was a good use of their (admittedly ample) disposable income? 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 a digital currency known as Ethereum. So I think people are looking at this (and thinking), "There’s nothing there." Are we in the midst of an NFT bubble? You can also buy virtual land in video games and meme characters like Nyan Cat. That makes this the most expensive NFT and perhaps the most expensive work of art to ever be sold. The amount “is the third-highest ever for a work by a living artist, second only to pieces sold by art-world giants Jeff Koons and David Hockney,” per The Washington Post. (Metakovan) had the NFT, I had $55 million in Ethereum, which was immediately going up and down (in value). 24/7 coverage of breaking news and live events. He’s been creating digital sketches using 3D tools on a daily basis for the past 13 years. The buyer founded Metapurse, described as the world's largest NFT fund, which is likely to benefit from the heightened attention. This undated photo released by Christie's on Thursday, March 11, 2021 shows a digital collage titled "Everydays: The First 5,000 Days," by an artist named Beeple. “NFTs have opened up art to a whole bunch of people who never would have gone to a gallery in New York,” said Spalter, who pioneered digital fine arts courses at Brown University and the Rhode Island School of Design in the 1990s. Beeple’s Work Smashes NFT Record, Sells For Almost $70 Million. Bids for Jack Dorsey’s first tweet are … Buzz Staff The buyer of a landmark artwork by the digital artist Beeple, which sold for almost $70 million, may just be a ‘brown munde.’ Christie’s, the auction house for the artwork on Friday revealed that the buyer is a leading collector of new technologies … Electronic musician Grimes sold $6 million worth of her digital art last month, including a video clip featuring winged cherubs floating in pastel dreamscapes that went for $389,000. ", AP technology writer Matt O'Brien contributed to this report from Providence, Rhode Island. O'Brien contributed from Providence, Rhode Island. On Thursday, a digital artwork less than a month old hammered for $60 million at Christie’s in New York, shattering every previous record set for the medium and pushing the NFT … A digital artwork sold for nearly $70 million at Christie's on Thursday, in the first ever sale by a major auction house of a piece of art that does not exist in physical form. That transaction made global headlines and buoyed already-mushrooming interest in these kinds of digital objects — known as non-fungible tokens, or NFTs — that have captured the attention of artists and collectors alike. A: 100%, dude. The digital artist Beeple put an artwork up for auction this month, and became instantly famous when it sold for almost $70 million I’m very interested in having (the artwork) take a bunch of different forms to promote it, to display it, to educate people about how it was made. His art has been featured in. Christie's says it has auctioned off a digital collage by an artist named Beeple, whose real name is Mike Winkelmann, for nearly $70 million, in an unprecedented sale of a digital artwork that fetched more money than physical works by many better known artists. KELVIN CHAN and MATT O'BRIEN AP Technology Writers. One, it represents 13 years of work. Crypto artist Beeple made history yesterday with the sale of an NFT collection of digital art for $69.3 million. The NFT collection by Beeple eventually sold for almost $70 million. “I’m still mystified by the prices and how high they are," she said. So people need to be careful. Why don’t we have property rights in the digital world?". (Beeple noted that he retains the copyright to “Everydays.”). Crypto whiz kid Justin Sun was the runner up in the $69 million NFT auction. Mike Winkelmann When digital artist Beeple, real name Mike Winkelmann, put an NFT digital artwork up for auction this month at Christie's London, he became instantly famous when it … For all of AP’s tech coverage, visit https://apnews.com/apf-technology. (Christie's via AP). Q: For the first time, Christie's accepted cryptocurrency as payment for a sale. How two friends made art history buying a $70M digital work. (Beeple said he has converted all the cryptocurrency to cash and flashed his cryptocurrency app showing a balance of about $56 million — his take after Christie's took its cut.) “You have property rights in the physical world. He and I are very aligned. A digital art piece, tweaked using cryptocurrency technology to make it one-of-a-kind, sold at auction this week for nearly $70 million. Christie's says it has auctioned off a digital collage by an artist named Beeple, whose real name is Mike Winkelmann, for nearly $70 million, in an unprecedented sale of a digital artwork that fetched more money than physical works by many better known artists. Until October, the most Mike Winkelmann — the digital artist known as Beeple — had ever sold a print for was $100. So the idea that he bought nothing is kind of misleading. CAN'T ANYONE JUST COPY DIGITAL STUFF OFF THE INTERNET? “All the time, money and effort you spend in your digital life, you can create value for that," said Chicago fund manager Andrew Steinwold, who started an NFT fund in 2019. This undated photo released by Christie's on Thursday, March 11, 2021 shows a digital collage titled “Everydays: The First 5,000 Days," by an artist named Beeple. LONDON (Reuters) - A digital artwork sold for nearly $70 million at Christie’s on Thursday, in the first ever sale by a major auction house of a … A: The biggest thing he actually bought is a relationship with me to promote his purchase. So literally the thing closed Thursday morning. Beeple sold an nft for $69 million. This week, beeple raised a whopping $3.5 million in a nft auction that sold his collection of art dubbed the everydays collection. It’s more like, think about it like a piece of art that can like live on and take different forms over time versus, like, you’re buying nothing. And some people are putting money into things that I can almost guarantee you are going to be worthless. Sure, anyone can download a copy of Beeple's art from his social media feed, print it out, and hang it on the wall. The price for the Beeple piece jumped from $15 million to nearly $70 million in under an hour. It’s very speculative. “So I remember one of the websites I built, on which anyone could hire a freelancer for $10. Beeple NFT Sells For $70 Million. Justin Sun almost won a record-breaking bidding war for a digital artwork. But again, just like the Internet (dot-com boom), there was a bubble and the bubble burst, but it didn’t make people stop using the Internet. A: There are a couple of reasons. When digital artist Beeple put an NFT digital artwork up for auction this month, he became instantly famous when it sold for almost $70 million. ; The painting was sold through a non-fungible tokens, or a NFT. But some people wonder if this transaction actually happened. 2:34 LONDON — When digital artist Beeple put an NFT digital artwork up for auction this month, he became instantly famous when it sold for almost $70 million. A digitized work of art created by the artist known as beeple just sold on christie's for nearly $70 million, cementing the fervor surrounding cryptographic. The work is in the form of a new type of digital asset - a Non-Fungible Token (NFT) - meaning it is authenticated by blockchain, which certifies its originality and ownership. Yes, you read it right! He wants to see the artwork go up in value, which benefits me. The cryptocurrency art boom involving non fungible tokens (nfts) is an irrational exuberance bubble, according to an artist who recently sold a piece for nearly $70 million (£50m) using the technology. Q: There are so many NFT projects now. However, he happened t… One purpose of NFTs is that they can be used to trace an object's digital provenance, allowing a select few to prove ownership. In economics jargon, a fungible token is an asset that can be exchanged on a one-for-one basis. Think of dollars or bitcoins — each one has the exact same value and can be traded freely. The number of buyers of NFT rose 66% in 2020 and the value of the transactions increased from around $63 million to $250 million, as per Nonfungeable.com. Justin Sun/Twitter. A non-fungible object, by contrast, has its own distinct value, like an old house or a classic car. A digitized work of art created by the artist known as Beeple just sold at Christie’s Thursday for nearly $70 million, a record amount for a new art … Turn on desktop notifications for breaking stories about interest? Assuming you’ve been online at all this week you’ll know about the record-breaking auction of an NFT this week that had chins wagging and jaws dropping in the art and crypto world this week. Q: Why do you think your artwork "Everdays: The First 5,000 Days" fetched such a high price? If the next painting goes for way less, what does that say about the $5 million you’ve spent? And the biggest sale was from a digital artist known by the name Beeple. It was the first NFT piece to be sold by Christie's. The first virtual Non-Fungible Token (NFT) artwork to be sold at a major auction house closed at $69,346,250 during an online auction by Christie's on Thursday. He tried to enter a $70 million bid but his offer wasn't received by Christie's. … March 11, 2021 3:36 pm 0. The current bids are over $2.5 million. A: There is definitely some froth. According to Christie’s this is something that usually takes like two months. An artist named Beeple just sold a digital painting for $69.3 million at a Christie’s auction house, according to The Washington Post.. These NFTs are undergoing a boom. I STILL DON'T GET IT. Christie’s sold Beeple’s NFT for $69 million dollars.

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