$69.3M NFT Artwork Sold – Record Sale With No Buyer Preview

by James · June 7, 2023

A significant event unfolded at the prestigious auction house Christie’s when an unprecedented sale took place for a historic non-fungible token (NFT) artwork by Beeple. The artwork fetched an astonishing price of $69.3 million. The digital artwork titled “Everydays: The First 5000 Days” caught the attention of the art world, showcasing the growing importance of NFT art.

Freeport has introduced a new opportunity to invest in fractional art, offering the potential benefits of annualized returns that have consistently outperformed the S&P 500 since 2000. With historical returns of 8.9% from 2000 to 2022, the Artprice100 index shows the long-term value of to invest in art.

Singapore-based NFT production studio and crypto fund Metapurse, funded by its pseudonymous founder MetaKovan and operated alongside Twobadour, has emerged as the proud owner. The collectors maintained their anonymity and shared their motivations and plans in an exclusive interview with Artnet News.

Metapurse has amassed a diverse collection of NFTs since its establishment in late 2016. Initially, it focused on virtual real estate, with a keen understanding of the immutable nature of digital ownership, and later expanded into various asset classes, including the top-selling NFT -one in 2019 — a digital Formula 1 car called the Delta Time Triple One. Recently, they have turned their attention to the art world.

“Everydays: The First 5000 Days” encapsulates 13 years of Beeple’s artistic journey. For Metapurse, the piece has enormous significance as a symbol of skill, technology and the indelible nature of time in the digital realm.

What’s really interesting is that no one previewed the artwork before buying it. They trusted the reputation of the artist, Beeple, and knew they wanted to own it.

The auction platform Christie’s proved to be a unique experience, unlike other platforms in the cryptocurrency space. While most platforms allow time extensions from five minutes to 24 hours when higher bids are placed, Christie’s had a time extension of 60 seconds. The auction generated huge interest, with 22 million people trying to watch the event live on the website. Despite the overwhelming demand, the site was able to withstand the traffic without crashing.

Metapurse made the entire payment for the artwork using cryptocurrency, specifically Ethereum. While Christie’s initially asked for payment in fiat or traditional currency, it eventually embraced the option of accepting full payment in crypto.

Metapurse not only bought “Everydays: The First 5000 Days”, but also bought all 20 of Beeple’s single issues on Nifty Gateway for approximately $2.2 million.

Metapurse has ambitious plans for the “Everydays” piece. Instead of turning over the artwork or storing it in a warehouse, it aims to create a virtual monument for the digital work. It envisions collaborating with renowned architects to design an exclusive virtual space that will house the artwork and open it up to the world. The goal is to provide a unique and immersive experience for art enthusiasts globally, allowing them to appreciate the magnificence of the work with a single click.

Don’t miss real-time alerts on your stocks – join Benzinga Pro for free! Try the tool that helps you invest smarter, faster and better.

This article $69.3M NFT Artwork Sold – Record Sale Made Without Buyer Preview originally appeared on Benzinga.com