- Beeple becomes world's most valuable living artist
- beeples first 5000 days breaks auction house records
- NFT have sent shock waves across the globe
World record set
Non Fungible Tokens have once again hit the front page of mainstream news with reports coming in that Beeples NFT artwork has sold for a whopping $US69 million.
Christies the auction house who listed the piece had to extend bidding times on multiple occasions as new bidders entered the bidding war. Blasting the NFT's value from $US20m to $US69million in a matter of minutes.
Justin Sun took to Twitter to contest the winning bid whom was snapped up by a Singapore based cryptocurrancy firm. Justin Sun's complaint is that bidders weren't afforded enough time to bid once time extensions were granted.
The winning bidders anticipate that the piece is worth $US1Billion and intend on ensuring it remains in their possession for the time being.
Leonardo Divinci Source
Their valuation is at odds with the art world whom have quickly hit back at the inflated price valuation. Leonardo Divinci's painting above was the highest ever recorded auctioned art piece in the world.
It only managed to fetch an impressive $US450m and is the most expensive piece sold at public auction in history.
However, Beeple's successful auction outcome has pushed them upto the world's current most valuable living artist. Still an achievement any modern artist would be proud of.
No doubt this news will bring more artists onto the industry as technology and art has crossed over many times over the past decade.
I'm interested to see what developments occur in this space but it is not without it's cautions.
Danger signs emerge (opinion)
The NFT Boom have all the signs of the great boom and bust of the 2017 Cryptocurrancy market. NFT's are a great addition to the cryptoshphere however, their purchasers are doing so currently with their own printed money (opinion)
The art world quite possibly could not afford these record high prices amongst real world purchasers and the inflated bids are surely draw the attention of many artists who will see this industry as lucrative.
I'm sad to think that this is another bubble waiting to burst. $US2m for a tweet and now $US69million far surpassing any real world auctions.
Investors and artists alike be ware and don't get caught in the trap.
What are your thoughts?