Christie’s crypto art sale hits $1m within minutes

Team Luno
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World-renowned auction house Christie’s and artist Mike Winkelmann, known as Beeple, made non-fungible token (NFT) history last Thursday when the house launched its first-ever auction of an NFT without any accompanying physical artwork. Bidding has already skyrocketed to over $1.8 million.

 

This collection of works is titled “EVERYDAYS: THE FIRST 5000 DAYS”. It’s been described as an accumulative piece made up of 5,000 images – one for each day over the past 13 years.

 

 

NFTs are unique digital assets like art or in-game items, typically held on the Ethereum blockchain. The asset consists of an encrypted image or video file, accompanied by a digital signature that can’t be duplicated, giving the buyer assurance their purchase is authentic.

 

The auction followed Beeple’s sale of another piece for a whopping $6.6 million on Monday via Nifty Gateway, a crypto marketplace for digital art. According to Crypto Art, Beeple is currently the top-earning crypto artist in the world, earning $20.2 million of total sales to date from 824 pieces of digital art. And the industry’s not slowing anytime soon – at the time of writing, the total value of the crypto art market reached a record $181 million, with over 95,000 artworks sold.

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On our way to the moon, we write about all things crypto. And don’t forget we’re humans too. Our blog conveys the views of Luno and the many unique opinions and characters within our team. We’ll never provide you with financial advice, and we urge you to conduct your own research before purchasing or trading any cryptocurrencies. It’s a brave new world out there, and the market can be volatile at times, so never trade with funds you can’t afford to lose. Want to let us know how much you love our blog? Tweet us @LunoGlobal.

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