Crypto painting sold

Since the start of the year, new investment categories have come to dominate the news cycle. But the fastest-rising example is the soaring status of crypto art, driven by Non-Fungible Tokens NFTs to break new records. At the heart of this is Beeple , a year-old digital artist also known as Mike Winkelmann. I never pictured having people be able to collect my work like this. As Beeple says, this ownership model allows people to purchase — and resell — works that had never been collectible before. One example of this is the work sold by Beeple in December , which consisted of digital videos.

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Content:

• These 12 platforms are the best places to buy and sell NFT art pieces
• Beeple’s opus
• NFTs Are Shaking Up the Art World—But They Could Change So Much More
• Sotheby's accepts cryptocurrency as Banksy art sells for $12.9M
• List of most expensive NFTs sold so far
• Crypto art piece sells for nearly $70-million in Christie’s first NFT auction
• Buyer behind US$69m record-breaking art sale revealed
• Buyer who spent $69M for digital art by Beeple may have profited from the sale
• Beeple sold an NFT for $69 million
• What is crypto art? Digital file by Beeple sells for $69 million at Christie’s auction

WATCH RELATED VIDEO: Beeple Explains The Absurdity Of NFTs - So Expensive

These 12 platforms are the best places to buy and sell NFT art pieces

On Friday, Christie's announced that Metakovan, founder and funder of Metapurse, the largest NFT fund in the world, was behind the astronomical purchase. 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. The record-breaking sale catapults the artwork's creator, Mike Winkelmann, who goes by Beeple, near the summit of the most expensive living artists to date, placing him just below David Hockney and Jeff Koons.

Its sale drew heightened attention in the past weeks as more NFT works, including digital art, GIFs and even tweets, have been thrust into the spotlight in what many are calling a digital art boom. An NFT is a digital token encrypted with the artist's signature on the blockchain -- a digital ledger that is the backbone of cryptocurrencies like Bitcoin and Ethereum -- allowing sellers and buyers to verify authenticity and ownership.

Virtual art faces unique challenges that physical art does not, as it can be copied and disseminated any number of times on the internet, reducing its value. NFTs ensure that a buyer has the true original directly from the artist.

They also allow artists to sell works directly to buyers on their own, which some have asserted will democratize the art market. Winkelmann, a graphic designer from Charleston, South Carolina, told CNN in an interview ahead of the sale's closing that when he began the "Everydays" project in , he had no intention of selling the work. As a freelancer who works on concert visuals for artists like Katy Perry and Deadmau5, and with no gallery representation, he is not the usual blue-chip artist to sell his work for tens of millions at a major auction house.

He has nearly 2 million followers on Instagram and his bizarre and often dystopian-tinged pop culture mashups play on the same notes as street artists like KAWS. But at the same time, I also really feel like this is going to be the next chapter of art history. Why is art so expensive? The sale also comes at a time when auction houses like Christie's and Sotheby's are having to rely on virtual auctions and more online bidders in light of the ongoing pandemic.

While individual artists can utilize NFTs to break from the traditional art market, so too can the market to drive more sales and tap into the digital art world.

And just as our business has evolved, so has the way in which art is being made," said Noah Davis, a specialist in post-war and contemporary art at Christie's, in a press statement. 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. Keep making it.

Beeple’s opus

Pixel art image of the Cryptopunk non-fungible token NFT collectible created in is pictured in this handout obtained May 31, CryptoPunks are a set of 10, pixel-art characters made by Larva Labs in The one sold by Sotheby's -- "CryptoPunk " -- is of the sought-after Alien variety with blue-green skin, and wearing a medical mask. The work is in the form of an NFT - meaning it is authenticated by blockchain, which certifies its originality and ownership. The NFT is sent to the buyer's cryptocurrency wallet; no physical artwork changes hands. O , Sotheby's said. Anyone can view the artworks the NFTs represent, but only the buyer has the official status of being the owner.

NFTs Are Shaking Up the Art World—But They Could Change So Much More

This article was published more than 6 months ago. Some information may no longer be current. It is a collage of 5, individual images, which were made one-per-day over more than thirteen years. 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. Crypto art is gaining traction and one of its biggest stars is an artist from Thunder Bay. The market for NFTs has soared in recent months as enthusiasts and investors use spare savings to buy up items that exist online. Asked what he thought of the multi-million dollar bids on his work, the year-old graphic designer, who has created concert visuals for the likes of Justin Bieber, One Direction and Katy Perry, said he was lost for words. Various digital objects can be minted as NFTs and traded as assets, including art, sports collectibles, patches of land in virtual worlds, cryptocurrency wallet names and even tweets. Beeple says the explosion in NFTs is due in part to the increased amount of time people are spending online during the pandemic. Like many enthusiasts, he also believes they could represent the future of ownership.

Sotheby's accepts cryptocurrency as Banksy art sells for $12.9M

But hold on a minute, what is an original gif file? How does it work? The token is essentially a line of code on the blockchain network that includes all the information about the artwork including its creator, and ownership history, akin to an artwork registry listing. The Token can be sold to the highest bidder, usually only in exchange for cryptocurrencies such as Ether. In addition to the sales platforms that charge a commission, the artists also have a clear interest in selling their work on the platforms since unlike in traditional art, NFT sales are conducted through a smart contract which determines that the artists get a royalty payment every time the artwork is subsequently resold.

List of most expensive NFTs sold so far

Chloee Weiner. Christie's hide caption. That price set a new record for the increasingly popular market for digital-only art — and makes Beeple's piece the third most-expensive work sold by a living artist at auction, according to a statement by Christie's. NFTs signal ownership and authenticity of digital works of art by recording the sale through blockchain technology. The South Carolina graphic designer made "Everydays" by posting a new work of art online every day for days, a project he began in

Crypto art piece sells for nearly $70-million in Christie’s first NFT auction

This is also the first time that the auction house will accept cryptocurrency in the form of payment, though it will take Ethereum, and not Bitcoins. Plus the fact that the artwork fetched such a high price also shows that such art is about to gain more mainstream acceptance. These NFTs are similar to how cryptocurrency works, which is that they too reside on a blockchain and the owner can be verified in this online ledger. A blockchain is an online ledger, which is updated in real-time, and all transactions are noted on the ledger. Because no one person or entity controls the blockchain, no one can make changes in the earlier records. The NFTs are part of the blockchain art movement and while they are not new, their value has really exploded in the past few months. The creator of the GIF Chris Torres, put the piece up for sale, which was remastered it for its tenth anniversary.

Buyer behind US$69m record-breaking art sale revealed

Jeffrey Brown Jeffrey Brown. Jaywon Choe Jaywon Choe. The sale, reportedly made to an investor known by a pseudonym, is seen by many as history-making development in both digital art and cryptocurrency markets.

Buyer who spent $69M for digital art by Beeple may have profited from the sale

On Friday, Christie's announced that Metakovan, founder and funder of Metapurse, the largest NFT fund in the world, was behind the astronomical purchase. 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. The record-breaking sale catapults the artwork's creator, Mike Winkelmann, who goes by Beeple, near the summit of the most expensive living artists to date, placing him just below David Hockney and Jeff Koons. Its sale drew heightened attention in the past weeks as more NFT works, including digital art, GIFs and even tweets, have been thrust into the spotlight in what many are calling a digital art boom.

Beeple sold an NFT for $69 million

As CoinDesk previously reported , the sale is the first time the auction house has denominated a sale in cryptocurrency. Accepting bids in crypto is part of a larger cryptocurrency-focused push from the auctioneers. Crypto fans are now closely watching an auction scheduled for later in the night: the sale of one of 13 remaining copies of the United States Constitution, which will include bidding from a decentralized autonomous organization DAO. A DAO is a group of people on the internet using various tools to exercise governance decisions relating to blockchain protocols, pooled investments or any number of other experiments. The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group , which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights , which vest over a multi-year period.

What is crypto art? Digital file by Beeple sells for $69 million at Christie’s auction

The buyer, a cryptocurrency entrepreneur who uses the pseudonym MetaKovan, may have benefited financially from the sale. As bids for the new work kept rising, so did the value of those tokens. He sees no evidence of potential fraud.