digital art auction wallet

zorich42757 April 20, 2023 Comment

Mike Winkelmann, in Charleston, South Carolina, is a rising digital artist who goes by the name Beeple.Scott Winkelmann / AFP - Getty Images file

Christie's auction house sold its first purely digital artwork Thursday for a record $69 million, the highest price paid for an NFT, or nonfungible token.

The work, “Everydays: The First 5000 Days, ” is by Mike Winkelmann, who goes by the name Beeple. The work is a collage of 5, 000 drawings, one created and posted every day for the past 13 and a half years.

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Originally created with pen and paper and now mostly illustration software, the sketches run the gamut from an angular line drawing of his first baby to Hillary Clinton and well-known cartoon characters.

The winning bidder owns the work in the form of a unique string of code, called a nonfungible token. The piece has no physical presence and will be "delivered directly from Beeple to the buyer, accompanied by a unique NFT encrypted with the artist’s unforgeable signature and uniquely identified on the blockchain, " Christie's said.

.@beeple 's 'The First 5000 Days', the 1st purely digital NFT based artwork offered by a major auction house has sold for $69, 346, 250, positioning him among the top three most valuable living artists. Major Thanks to @beeple + @makersplaceco. More details to be released shortly— Christie's (@ChristiesInc) March 11, 2021

Digital Artwork Sells For Record $69 Million At Christie's First Nft Auction

NFTs have surged in popularity in recent months. The singer and visual artist Grimes sold $6 million worth of digital art last month, and Twitter CEO Jack Dorsey is auctioning off his first tweet — a March 21, 2006, post that reads “just setting up my twttr” — as a nonfungible token. Bidding is currently at $2.5 million.

Noah Davis, a specialist in post-war and contemporary art for Christie's, brought Beeple to the auction house’s attention after witnessing the graphic artist's growing popularity.

"The first 10 minutes of this sale we had more than 100 bids placed. We went from an opening bid of $100 to more than $1 million. We had bidders from seven different countries, " Davis told Yahoo Finance.

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NFTs can also do what Picasso's genius could not: generate a future stream of profits for the artist each time the work changes hands.

“Every time that token is traded, I will get 10 percent, ” digital artist Jimmy Simmons told NBC News. “It’s a new frontier, a new contract."

The auction is also the first time Christie's has accepted cryptocurrency as a form of payment, noting that bidders "may elect to make payment of the purchase price for this lot in the cryptocurrency Ether. Payment in Ether must be made via a digital wallet transfer of Ether to Christie’s."A digital artwork by graphic designer Beeple has sold for nearly $70 million US at Christie's, in the first sale by a major auction house of a piece of art that does not exist in physical form.

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This is a detail of the collage Everydays - The First 5000 Days by digital artist Beeple, that sold at auction Thursday for $69.3 million US. (Beeple/Christie's Images/Reuters)

A digital artwork sold for nearly $70 million US at Christie's on Thursday, in the first sale by a major auction house of a piece of art that does not exist in physical form.

is a digital work by American artist Mike Winkelmann, known as Beeple. It is a collage of 5, 000 individual images, which were made one-per-day over more than thirteen years.

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The sale of the work for $69, 346, 250 put Beeple in the top three most valuable living artists, Christie's said in a tweet.

The work is in the form of a new type of digital asset — a non-fungible token (NFT) — meaning it is authenticated by a digital ledger known as blockchain, which certifies its originality and ownership.

The tokens, which have swept the online collecting world recently, are used to prove that the item is one of a kind, allowing buyers to claim ownership.

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NFTs are aimed at solving a problem central to digital collectibles: how to claim ownership of something that can be easily and endlessly duplicated.

The market for NFTs has soared in recent months as enthusiasts and investors use spare savings to buy up items that exist online. Last month, a 10-second video clip featuring an image of a fallen Donald Trump, also by Beeple, sold for $6.6 million on an NFT marketplace called Nifty Gateway.

"Without the NFTs, there just legitimately was no way to collect digital art, " said Beeple, who makes irreverent digital art on themes such as technology, wealth and American politics.

Web 3.0 Wallets & Nft Auctions

Christie's said Beeple's collage fetched the highest price in an online-only auction and the highest price for any winning bid placed online.

Some 22 million people tuned in on the Christie's website for the final moments of bidding, with bidders from 11 countries taking part.

Front Burner 22:51 The multimillion dollar NFT crypto market explained Between Grimes, Kings of Leon and even NBA Top Shot, all of a sudden it seems like NFTs are everywhere. But what are non-fungible tokens, really? And why are they blowing up right now? Business reporter Pete Evans explains. Find the links we talk about in this episode here: /1.5943429

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Asked what he thought of the multi-million dollar bids on his work, the 39-year-old graphic designer, who has created concert visuals for the likes of Justin Bieber, One Direction and Katy Perry, said he was lost for words.

For NFTs, the artist's royalties are locked in to the contract: Beeple receives 10 per cent each time the NFT changes hands after the initial sale.

Various digital objects can be minted as NFTs and traded as assets, including art, sports collectibles, patches of land in virtual worlds, cryptocurrency wallet names and even tweets. Twitter Inc boss Jack Dorsey is conducting a digital auction of his first ever tweet, in NFT form.

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Art NFTs make up around a quarter of the all-time NFT sales volume ($415 million) according to NonFungibles.com, which aggregates sales history data for the Ethereum blockchain, the most commonly used ledger for recording these types of assets.

Musicians are also getting in on the hype, with American rock band Kings of Leon having launched an album as an NFT.

Beeple says the explosion in NFTs is due in part to the increased amount of time people are spending online during the pandemic. Like many enthusiasts, he also believes they could represent the future of ownership.

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"Equities have been the predominant asset class for the last hundred years, or whatever. I don't think it's guaranteed that that's always going to stay like that. I think kids today hate corporations, " he said. "So the idea that they're just going to automatically blindly give them their money to invest, I don't know about that."

But, like many new niche investment areas, there is a risk of losses if the hype dies down. Many NFTs will eventually become worthless, Beeple said.

Although NFTs can function as a legally enforceable contract, they also raise issues relating to insurance, tax and intellectual property, said Max Dilendorf, a cryptocurrency lawyer and partner at Dilendorf Law Firm in New York.

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"If you are a buyer of an expensive piece of NFT, you have to know what features and terms you are subject to, " he said.Digital Entertainment Asset Pte. Ltd. (), a Singapore-based blockchain entertainment business, announced to run a campaign that will reward users with a bonus of 10% of their holdings of their utility token, Pcoing, if users store the coins in the wallets of the company’s digital asset trading service, “Digital Art Auction.”

10% of the total holdings of DEP deposited into users’ wallets in Digital Art Auction during the campaign period will receive 10% of their holdings in DEP as a bonus.

Will not be responsible for any damage or loss for transaction due to operational error caused by user or from the exchange. We strongly recommend to test trade small portion first.

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*Buying Digital Art at Digital Art Auction from a DEP deposited in the wallet during this period will not be regarded as reduction from the new deposit. Buying Digital Art is encouraged under this campaign.

・To transfer DEP to the wallet in Digital Art Auction, it is necessary to create a PlayMining ID on the Digital Art Auction website.

・The “Digital Art Auction” account has a rank according to the authentication level, and it is necessary to have an “Auctioneer” rank account in order to obtain DEP from the campaign.

Christie's Is Riding The Nft Wave Beyond The Beeple Sale

It will be available to use as a currency to buy digital art on the “PlayMining Platform, ” an online digital entertainment platform where games and digital asset transactions are linked by blockchain technology.

Each time a game is added to the platform, the number of digital assets available for use in the game increases, allowing for the purchase of more valuable digital assets with Pcoin.

Pcoin is available on three different exchanges, OKEx, Bithumb Global and BITTREX GLOBAL. Thanks to a partnership with Simplex, direct purchase of DEP from ’s website will soon be available with credit card payments (VISA and MasterCard).