Hype of the Week: Record NFT Auction Raises $3.5million

NFTs were initially popular in the gaming scene, but last week, digital artist “Beeple” sold $3.5million worth of his NFT art collection in an auction lasting just under 48 hours. The colossal auction garnered wide-spread attention, marking a pivotal moment in the growth and mainstream interest in NFT-based art.

CGI Artwork by Beeple titled: “Crypto is Bullshit

NFT’s

Non-fungible tokens (NFTs) function as a proof of ownership and authenticity. They are digital representations of assets that are characterized by non-fungibility. In relation to digital art, the concept of non-fungibility and NFT’s facilitates the monetization of an artists’ pieces with blockchain technology, helping protect their creativity and artwork.

Beeple

Over the course of 13 years, Michael Winkelman, known as Beeple, produced 1 digital art piece per day, helping him rise to prominence in the digital art scene. Entering the NFT auction house, Nifty Gateway in October, Beeple kicked off his successful art auction by selling two single-edition pieces for $130,000.

Last week, Beeple raised an incredible $3.5million in the sale of his collection titled “Everydays”. One piece was substantial for his huge haul, selling for $777,777 with only a second left in the auction.

When asked what reasons there were for the success of his auction, Beeple believed that “I think the physical token paired with the NFT, makes it something people can really understand, and it speaks to their inner ‘collecting’ voice,  [NFT’s] will be the future of digital collecting.”

The Future of Digital Art NFT’s

The success of Beeple’s auction marks the greatest transfer of wealth for a single artist in the NFT space and on the Nifty Gateway platform, beating out recent pieces such as “Block 21” which sold for $131,250 at Christies and “Crossroads”, which sold for $66,666 respectively on Nifty Gateway.

The NFT market has been roaring in 2020, with former pro-baseball player Micah Johnson’s digital art being displayed on billboards across Los Angeles, helping to move NFT-based art into the mainstream.