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Crypto Investor Who Bought Beeple's NFT for $69 Million Says He Would Have Paid Even More

Crypto Investor Who Bought Beeple's NFT for $69 Million Says He Would Have Paid Even More
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Give me a crash course in . . . Non-Fungible Tokens

Give me a crash course in . . . Non-Fungible Tokens
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How Two Indian Friends Made Art History Buying a $70M Digital Work

It took a few minutes for Vignesh Sundaresan and Anand Venkateswaran to realize that they’d parted with $69.3 million for a digital artwork stored in a JPEG file, coincidentally securing their place in art history. “We weren’t sure we won,” said Venkateswaran, describing the nerve-wracking final moments of the online auction for a collage of 5,000 images by the artist known as Beeple. “We kept refreshing the page.” The March 11 auction at Christie’s in London immediately made Beeple’s artwork one of the most expensive pieces ever sold by living artists, joining a well-known swimming pool painting by David Hockney and an iconic stainless steel rabbit sculpture by Jeff Koons.

A question for the art world: Will NFT craze last or is it just another form of 1637 'tulip mania'?

In February 1637, at the height of the speculative frenzy in the Netherlands we now know as “tulip mania,” a single bulb of the prized Viceroy tulip sold for 6,700 guilders, enough to buy a grand house in one of Amsterdam’s most desirable districts. The market for tulips collapsed later that month, with prices of more common bulbs falling by as much as 95%. Since then, tulip mania has become a byword for the irrationality of financial bubbles. So what about NFT mania? Last week, Nifty Gateway, a specialist online marketplace for nonfungible tokens, or NFTs, held an auction that included a computer-generated illustration by digital artist Mike Winkelmann, known as Beeple, whose JPG collage “Everydays The First 5000 Days,” was sold online by Christie’s earlier this month for a sensational $69.3 million.

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