NFTs are all the rage nowadays. Many folks believe that NFTs are the future of art, and people involved in the digital world with deep pockets are spending large sums of cash on these unique digital assets.
One of the main reasons people are getting so excited about these non-fungible tokens is that each one is given its own digital signature, a smart contract that verifies the history of the NFT. Users can view the information on the NFT, to verify who created it, who owns it presently, and information about the previous owner.
In the traditional art world, fraud is on the rise, which makes many collectors think twice before investing in a piece of art. Because NFTs are easily traceable and each piece cannot be duplicated, many people feel that it will revolutionize the way we buy and sell art.
Secondary NFT marketplaces are growing fast, and users can log on to these marketplaces to invest or sell their NFTs. Some of these digital assets sell for as little as $10, while some collectors allow users to claim NFTs for free.
Collectors and creators often giveaway their NFTs to create hype so others notice their NFTs. Some people who had claimed free NFTs before they grew in popularity have been able to sell them for a fortune down the line.
Although there are a lot of skeptics out there, some folks are confident that NFTs are not just a fad and are willing to spend large amounts of money on NFTs. Visit NFT Wolf for more details about NFTs.
The First 5,000 Days
In Spring 2007, Mike Winklemann, an American digital artist and graphic designer, created a piece of art. The image was of his Uncle Joe, which he then posted to the web for the world to see. He called the image Uber Jay, and when he shared it online, he could have never imagined how famous this small drawing would become.
The following day, Winkelmann shared another piece of art and did the same thing every day for the next thirteen years.
These images were posted on one of the world’s most popular social networking platform, Instagram. Many artists use the platform to display their work, but few manage to get the same recognition as Winkelmann’s collection.
As his reputation grew, millions of people started following his account. Today, he has over 2 million followers and still posts images regularly.
After 13 years of posting a new image every day, Winklemann decided to create a collage. He called the piece The First 5,000 Days and sold it on an NFT auction for over $69 million.
In the digital world, Winklemann goes by the name Beeple. Some believe that he is the greatest artist of the digital era, which is why his work is selling for a lot of money.
Mike Winklemann’s Background
Winklemann was born in 1981 in a small town in Wisconsin. He studied computer science at Purdue University, where he spent a lot of time getting involved in creative projects. He loved working on basic illustrations and short films.
Once he graduated, he began web designing and still worked on creative projects when he had free time. British artist Tom Judd inspired Winklemann to create the famous collage. He too created a painting every single day for a whole year.
But Winklemann decided to go one step further and produced a new piece each day for thirteen years, including the day he got married and the days his children were born. His dedication to his work did not go unnoticed.
He claims that he was not motivated by fame or money. Instead, he liked to challenge himself and discover new ways of creating artwork. Although his first piece of the collage was hand-drawn, not every image was. Instead, he studied 3D art, which is evident in most of his pieces.
Winklemann has also released several BJ loops. He distributed each of these loops for free, which helped create a lot of noise, not just with the public but also with big corporations and well-known celebrities. Today, he continues his art journey, so we can expect to see more incredible pieces in the near future.
Where Was The Piece Sold?
The famous collage went for sale in Christie’s auction house. The auction lasted two weeks, and there were approximately 180 bids recorded. When the piece was eventually sold for $69.3 million, The First 5,000 Days became the third most expensive piece of art ever sold by a living artist and the most anybody has ever paid for an NFT.
Christie’s auction house is located in London, England, and has been around for over 200 years. The main auction house is in London, but they have another house in the Rockefeller Centre. They have been auctioning off rare art pieces for several years but never sold purely digital artwork.
The renowned auction house was delighted to take Beeple’s collage on board and had no issues accepting digital currency for the piece. This was the first piece of art the auction house had ever sold in cryptocurrency.
Who Bought It?
Although several rumors were floating around the internet suggesting that Justin Sun had paid almost $70 million for the piece, shortly after the auction ended, Christie’s announced that Metakovan acquired the work. Bloomberg reported that Justin Sun had won the auction, but it was later revealed that he was outbid at the very last minute of the auction.
Vignesh Sundaresan, who goes by the name Metakovan, is the financier and founder of Metapurse. It is a crypto-based company that has done exceptionally well in recent years. He has thousands of followers on Twitter and firmly believes that NFTs have a bright future in the art world.
However, if you think that the crypto tycoon lives in a large mansion with the world’s most expensive NFT hanging above his mantlepiece, think again. He lives in a small apartment and classes himself as a minimalist. He doesn’t even own a vehicle.
The digital asset is still on display on the internet, and anybody can look at it for free. He doesn’t have any physical drawings or paintings from the collage, he just owns the NFT.
It’s hard to tell whether or not the NFT bubble will burst. Many people are still on the fence, as many financial experts have compared it to the .com bubble in the 1990s. However, it’s an excellent area for artists like Winklemann to get the recognition they deserve. Artists can sell their NFTs on secondary marketplaces, and they don’t have to pay hefty royalty fees, so they can make a decent profit if their pieces become popular.
Buying and selling NFTs is a relatively new concept that might be difficult to understand, but keep in mind, people have been collecting items for as long as we have been on this planet, so what makes NFTs any different?
Although purchasing NFTs might prove to be a high-risk investment, there is a strong possibility that they will be worth a lot more down the line.