Prices in a “bubble,” says Beeple after his $ 69 million NFT sale


(Bloomberg) – NFT art is “absolutely” in a bubble, said the digital artist, who sold a non-fungible mark of his play “Everydays: The First 5,000 Days” for a staggering $ 69.3 million this month.

“I absolutely think it’s a bubble, to be completely honest. I go back to the analogy from the beginning of the internet. There was a bubble. And the bubble burst, ”said Beeple, real name Mike Winkelmann, on Fox News Sunday.

“But the internet wasn’t wiped out. And so the technology itself is strong enough where I think it will survive. “

The record breaking NFT is a collage of images that have been created every day for 13 years. “It’s really something that catalogs both my life during this time and things that happened in the world during that time,” he said.

Winklemann or Beeple said the closing of Christie’s online auction on March 11th was “very surreal. It jumped from 27 million to 50 million. It was literally like a bomb going off in the room. “

The sale was a record for digital art and catapulted Winklemann to third place on the list of works by a living artist behind the Jeff Koons sculpture “Rabbit” and David Hockney’s painting “Portrait of an Artist (pool with two figures). . ”

NFTs are virtual collectibles that use technology similar to cryptocurrencies such as Bitcoin to create a certificate of ownership for a specific digital file.

The South Carolina artist’s work was bought by an anonymous digital asset investor known as Metakovan, Bloomberg News reported. Christie’s accepted payment in ether, the world’s second largest digital coin, which the artist quickly converted into cash.

“On Friday night, the guy – it’s a guy in Singapore – had the artwork and I had the money,” he said. “$ 55 million in my bank account. Like, boom, ready, the next day. “


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