LONDON: Christie's says it has auctioned off a digital collage by an artist naed Beeple for nearly $70 illion, in an unprecedented sale of a digital artwork that fetched ore oney than physical works by any better known artists.
The piece, titled 'Everydays: The First 5, 000 Days', sold for $69.4 illion in an online auction, "positioning hi aong the top three ost valuable living artists, " Christie's said via Twitter on Thursday.
Christie's said it also arks the first tie a ajor auction house has offered a digital-only artwork with a non-fungible token as a guarantee of its authenticity, as well as the first tie cryptocurrency has been used to pay for an artwork at auction.
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"Artists have been using hardware and software to create artwork and distribute it on the internet for the last 20+ years but there was never a real way to truly own and collect it, " Beeple said in a stateent released by Christie's. "With NFT's that has now changed. I believe we are witnessing the beginning of the next chapter in art history, digital art."
Christie's did not identify the buyer of the artwork, which consists of 5, 000 individual digital pictures stitched together that Beeple created - one each day - since ay 2007.
Non-fungible tokens, known as NFTs, are electronic identifiers confiring a digital collectible is real by recording the details on a digital ledger known as a blockchain. The tokens have swept the online collecting world recently, an offshoot of the boo in cryptocurrencies. They're used to prove that an ite is one of a kind and are aied at solving a proble central to digital collectibles: how to clai ownership of soething that can be easily and endlessly duplicated.
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Christie's said the artwork fetched the highest price in an online-only auction and the highest price for any winning bid placed online.
Soe 22 illion people tuned in on the Christie's website for the final oents of bidding, with bidders fro 11 countries taking part.
Others have also joined the craze for NFTs. Twitter CEO Jack Dorsey put his first ever tweet - "just setting up y twttr" - up for online auction as an NFT, with bids reaching as high as $2.5 illion, and he proised to donate the proceeds to charity. Rock band Kings of Leon is offering a version of their latest albu with the tokens that coe with extras. A blockchain copany bought a piece of work by British artist Banksy, burned it and then put a digital version on sale through a non-fungible token. The National Basketball Association is teaing up in a venture to sell virtual sports cards backed by the tokens. And the Associated Press is offering NFT digital artwork - a depiction of the U.S. presidential election's electoral college ap as viewed fro space.
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Startups Call for Exepting ore fro Angel TaxVedanta Resources Clears Apr Dues, Cuts Debt by $1bPvt Sector Capex in Focus at ET AwardsHome » News » Buzz » 'Beeple' Becomes One in Top Three Most Valuable Living Artists After Selling NFT For 70 Million Dollars
Christie’s said it also marks the first time a major auction house has offered a digital-only artwork with a non-fungible token as a guarantee of its authenticity, as well as the first time cryptocurrency has been used to pay for an artwork at auction.
Christie’s says it has auctioned off a digital collage by an artist named Beeple for nearly $70 million, in an unprecedented sale of a digital artwork that fetched more money than physical works by many better known artists.
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The piece, titled “Everydays: The First 5, 000 Days, ” sold for $69.4 million in an online auction, “positioning him among the top three most valuable living artists, ” Christie’s said via Twitter on Thursday.
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 blockchain, which certifies its originality and ownership.
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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.
“Artists have been using hardware and software to create artwork and distribute it on the internet for the last 20+ years but there was never a real way to truly own and collect it, ” Beeple said in a statement released by Christie’s. “With NFT’s that has now changed. I believe we are witnessing the beginning of the next chapter in art history, digital art.”
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Christie’s did not identify the buyer of the artwork, which consists of 5, 000 individual digital pictures stitched together that Beeple created - one each day - since May 2007.
Non-fungible tokens, known as NFTs, are electronic identifiers confirming a digital collectible is real by recording the details on a digital ledger known as a blockchain. The tokens have swept the online collecting world recently, an offshoot of the boom in cryptocurrencies. They’re used to prove that an item is one of a kind and are aimed at solving a problem central to digital collectibles: how to claim ownership of something that can be easily and endlessly duplicated.
Christie’s said the artwork fetched the highest price in an online-only auction and the highest price for any winning bid placed online.
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Some 22 million people tuned in on the Christie’s website for the final moments of bidding, with bidders from 11 countries taking part.
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% each time the NFT changes hands after the initial sale.There is still much to be realised about the potential of digital arts and the application of digital tools to share cultural content. For some, digital is simply a vehicle to achieve what otherwise would be delivered live. For others, it’s a gimmick used to create a momentary buzz. For many, it is an ambition – something to aim for in the future but not a priority in the here and now.
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However, it is the here and now where digital can really start to unlock its wider value and purpose. The reality we face is that we will not be able to interact with cultural experiences in large groups or standing close to one another for quite some time. There are countless examples of very high quality, highly engaging digital experiences delivered in partnership with established arts organisations as well as stand-alone creations. Digital enables creative practitioners to share their content and tell their stories in an agile and adaptive way: remotely, individually, for a dispersed audience, in person, online, at multiple locations and at different times. Importantly, these experiences provide safety and reassurance, for both visitors and staff, without closing off content from the outside world entirely.
“Taking live experiences online during lock-down has allowed organisations to finally reach the regional audiences they have always wanted to engage with, as well as those who wouldn’t usually be able to attend evening events such as those with caring responsibilities, those who work unsocial hours and those who for whatever reason cannot travel far beyond their home” (Amy O’Brien).
Not only does digital present solutions for offering the public cultural experiences whilst we navigate the impact of the pandemic, but it also serves to overcome another important issue – moderating cultural tourism to reduce the environmental impact of travelling to experience art. We need to see this as an opportunity to set out new agendas for promoting the value of international cultural contributions through digital platforms, establishing viable online and partnership commercial models to support this, whilst simultaneously protecting and enhancing the unparalleled value of seeing an artistic object or performance live.
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Given the world’s health and climate emergencies, setting up viable digital alternatives to the live experience is well worth the investment, and therefore we do not find it surprising that this recommendation has been echoed by NE-MO’s recent survey on the impact of the COVID-19 situation on museums in Europe, outlining the immediate needs of European Museums.
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