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The Buyers of Beeple's $69 Million NFT Sold Speculators on a Crypto Art Investment Scheme, and It Is Not Going Well

Exactly two months ago today, Beeple’s
Everydays The First 5,000 Days NFT sold for close to $70 million at Christie’s. The buyer was the Metapurse fund, a group investing in digital art. The giant sale made Beeple one of the priciest artists alive, and planted the idea that NFTs were both the present and future of the art market in the mind of the public.
The record-busting price was also an advertisement of sorts for Metapurse’s own token. The fund had previously turned heads by buying a suite of 20 Beeple NFTs in December for the equivalent of $2.2 million. It then bundled all of them together and sold off 10 million tokens that represented fractional ownership shares in the trove. The pitch was that by investing (or speculating) in this B20 token, as it’s called, everyday traders who could never afford a Beeple NFT could still own a piece of the upside of the NFT art revolution. (Note: “B.20” is the name of the project as a whole, while “B20” is th ....

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How a new digital art market could mimic the traditional one—including in bad ways

The new breed of art buyers are likely to need administrators, curators and lawyers much like those in the conventional art world ....

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Crypto Investors Are Spending Millions Buying NFTs On Virtual Real Estate

by Tyler Durden
Friday, Apr 23, 2021 - 10:40 PM
With the invention of non-fungible tokens during the midst of an insane real estate boom fueled by the Fed s ongoing coke-bender of a stimulus package, it was only natural that crypto investors would start buying up virtual real estate.
In the virtual world, now being called the metaverse , people aren t just spending $69 million for digital art, like Vignesh Sundaresan recently did. They are also spending on land, buildings, avatars and even names as NFTs, Reuters reported.
Sundaresan counts himself among the world s biggest NFT investors, amassing a $189 million fund of NFTs and digital assets. ....

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The 'metaverse' bet: Crypto-rich investors snap up virtual real estate

LONDON – What do you do with a $69 million artwork that doesn’t physically exist?
That’s the question faced by the Singapore-based investor calling himself Metakovan, who made headlines last month when he bought the digital artwork “Everydays: The First 5,000 Days” by the American artist Beeple at Christie’s.
The work is a nonfungible token (NFT) a new type of virtual asset that has its ownership status and authenticity verified by blockchain. NFTs have exploded in popularity in 2021, with prices skyrocketing.
Metakovan, real name Vignesh Sundaresan, plans to put the artwork on display in four virtual world environments. He is working with architects to design gallery complexes that the public can enter via web browsers or virtual reality technology. ....

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The 'metaverse' bet: Crypto-rich investors snap up virtual real estate

The 'metaverse' bet: Crypto-rich investors snap up virtual real estate
japantimes.co.jp - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from japantimes.co.jp Daily Mail and Mail on Sunday newspapers.

United States , City Of , United Kingdom , Frederic Chesnais , Ben Nolan , Travis Scott , Anand Venkateswaran , Sebastien Borget , Mateen Soudagar , Vignesh Sundaresan , Epic Games , Decentraland Foundation , Somnium Space , Whale Shark , Samuel Hamilton , Crypto Valley , Australia Based Mateen Soudagar , ஒன்றுபட்டது மாநிலங்களில் , நகரம் ஆஃப் , ஒன்றுபட்டது கிஂக்டம் , பென் நோலன் , டிராவிஸ் ஸ்காட் , மட்டீன் சொதகர் , விக்னேஷ் சுந்தரேசன் , காவியம் விளையாட்டுகள் , திமிங்கிலம் சுறா ,