Andrew Steinwold, who launched a $6million NFT investment fund in January, warned that the majority of NFTs could become worthless in future. Chris Torres. NFT digital art by crypto artist Beeple sets record at auction for $69.3 million. In the past month alone, top NFT platforms have sold nearly $US500 ($643) million in digital assets, according to CryptoSlam. Where has Spring gone? In About-Face, UK Will Not Allow Huawei To Be Involved In Any Part Of... Universal Orlando Parks Will Reopen June 5 Despite Risk Of... Pro-Privacy Lawmakers Secure A Vote To Protect Browsing Data From... Jurassic World: Dominion Is Definitely Not The Planned End Of The... White Twitch Talk Show Host Finally Drops 'Rajj Patel' Moniker, Everything We Know About The PlayStation 5. Singer Grimes made nearly $6million in just 20 minutes by selling her digital artworks in an online auction on Sunday, cashing in on a craze for virtual assets using the same technology as Bitcoin. NFTs operate as a new type of digital asset. The price for the piece jumped from $US15 ($19) million to over $US69 ($89) million in under 30 minutes. The baby in the drawings, known as WarNymph, is described as belonging to a 'Grimes narrative universe' and will continue to 'evolve' in subsequent works. The Grimes collection went on sale on Sunday and had brought in $5.8million within 20 minutes of its launch, according to Business Insider. In some cases there were up to 100 copies of an artwork and its corresponding NFT for sale, while other items in the collection were one-of-a-kind. “This will become the art world over time,” Rodriguez-Fraile told Insider. Digital artist Mike Winkelmann – known online as Beeple – has smashed crypto-art records yet again with a nearly $US70 ($90) million sale. 2 min read. While the physical art realm often generates controversy thanks to exorbitant prices being paid for artwork (a prime example is the duct-taped banana in Miami that was recently sold for $120,000), there is an emerging art scene that grows by the minute focusing on digital art, and more specifically on crypto art. Monthly sales were at $1.5million a year ago, the firm said, pointing to blockchain data. The digital tokens have rapidly gained popularity during the pandemic, as brands like the NBA and Nike got in on the trend and artists like Grimes sold art collections for nearly $US6 ($8) million in under 20 minutes. NFTs could be benefiting from the hype around cryptocurrencies and blockchain, as well as a surge in online retail trading during coronavirus-related lockdowns. Cryptoart® is a registered trademark. Singer Grimes made nearly $6million in just 20 minutes by selling her digital artworks in an online auction on Sunday, cashing in on a craze for virtual assets using the same technology as Bitcoin. The secret to a long life? But that was before he made $3.5 million in a single weekend from selling his artworks. Theoretically, anything digital could be turned into a NFT. Miami-based art collector Pablo Rodriguez-Fraile told Insider that, after selling a Beeple piece for $US6 ($8).6 ($8) million, he thinks Winkelmann is a symbol for the entire NFT movement. Her real name is Claire Boucher. or … Why parents can send their children back to school with confidence. The works are so valuable because they come with a digital asset called an NFT - short for non-fungible token but pronounced 'nifty' - that is encrypted with an artist's signature and authenticates it as their original work. While the winning final bid was $60.3 million, the “realized price,” which includes fees, totals $69.3 million, according to Christie’s. The auction lasted over a week and ended on Thursday. It was the first NFT to be sold by a historic auction house. OpenSea, another marketplace for NFTs, said it has seen monthly sales volume grow to $86.3million so far in February, as of Friday, from $8million in January. Beeple piece that was resold for $US6 ($8).6 ($8) million on Nifty Gateway. ', Another online sale with an astonishing price tag was an NFT with a one-of-a-kind digital rendition of the Nyan Cat meme (pictured) which sold for about  $590,000, in an online auction on February 19. non-fungible token or NFT. 'I think it's going to reach into the trillions of dollars one day.'. By Tim Copeland. Diversify your investment portfolio and have full control of a liquid asset. Hologram company Looking Glass Factory has announced a collaboration with musician Reggie Watts and electronic band Panther Modern to create a hologram crypto art … Part of the Daily Mail, The Mail on Sunday & Metro Media Group. Examples of NFTs range from digital artworks to pieces of land in virtual environments or exclusive use of a cryptocurrency wallet name, akin to the scramble for domain names in the early days of the internet. All content © 2021 Cryptoart Publishers, LLC. Top Auction House Christie’s to Accept Ether Cryptocurrency for Digital Art Sale The sale gives Christie's a chance to "dip its toes" in crypto, said a New York representative. The biggest transaction to date was on February 22, when a user paid $208,000 for a video of a slam-dunk by James. Britain is going out more - and feeling happier for it: Fifth of adults ventured outdoors in first week of... Wales BANS English holidaymakers from visiting after it lifts tourism ban on March 27 with First Minister... Could YOU work for the world's richest families? Crypto Art on Sale at Christie's Hits $1 Million Within 10 Minutes Bidding for a piece of digital art at auction house Christie's reached $1 million within just a few minutes of going on sale. The 32-year-old musician and partner of the world’s second-richest man Elon Musk sold 10 items from a collection called WarNymph that […] See more stories on Insider's business page . Grimes is worth an estimated $3million, while Musk's $170billion fortune puts him only behind Amazon supremo Jeff Bezos in the billionaires' league table. Christie’s specialist Noah Davis calls the piece Beeple’s “opus,” as it shows his development as an artist. Meanwhile, the total value of the crypto art market is approaching a record $100 million—with over 70,000 artworks sold to date. Super Greens+ helped these people go greener. The 32-year-old musician and partner of the world's second-richest man Elon Musk sold 10 items from a collection called WarNymph that included dramatic illustrations of winged baby goddesses battling in apocalyptic skies. Feb 25, 2021 Feb 25, 2021 Blockchain technology allows the items to be publicly authenticated as rare or one-of-a-kind, unlike other online items which can be endlessly reproduced. Beeple’s $US69 ($89) million sale represented the first NFT sale for Christie’s – an auction house that was founded in 1766. A mystery buyer is responsible for a great leap forward to both cryptocurrency and the traditional auction … But, like many backers, he is confident that some items will retain their value and that NFTs represent the future of digital ownership.
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