Beeple quickly converted his $53 million NFT earnings from ETH to USD.
The artist who sold an NFT artwork for $69 million says that NFTs are “absolutely” a bubble.
When he received $53 million worth of Ethereum (ETH) for his record-breaking NFT art sale, Mike Winkelmann, aka Beeple, didn’t think twice before converting the cryptocurrency for traditional cash.
Beeple stated last Monday that right after he received his cut of the $69.3 million sale (minus the auctioneer’s fees and taxes) he became “spooked” by ETH’s volatility and the quickly converted the whole amount into cold, hard US dollars.
“Boom, 53 million dollars in my account. Like, what the f*ck,” Beeple recalled, remembering the day that he received the money in Miami, where he flew on a booked private jet to celebrate. “I’m not remotely a crypto-purist. I was making digital art long before any of this shit, and if all this fucking NFT stuff went away tomorrow I would still be making digital art,” he added.
Beeple’s NFT artwork, EVERYDAYS: THE FIRST 5000 DAYS, that was sold at Christie’s auction house for a record-breaking $69.3 million last March 11. The artwork ignited a bidding war which has seen Tron founder Justin Sun lose out by the last minute to pseudonymous NFT collector Metakovan, eventually unmasked as Vignesh Sundaresan.
Beeple says “NFTs ‘a bubble’”
In the past few months, the NFT market has exploded in popularity, attracting ever-larger sums of money – with the artists, celebrities and brands joining the NFT hype train. And yesterday, Twitter CEO Jack Dorsey sold his first-ever tweet as an NFT for $2.9 million.
Not like the traditional cryptocurrency tokens, NFTs each contain a unique identifying data. NFTs can truly be one-of-a-kind, allowing them to lend scarcity to digital assets. Any piece of digital media could be attached to an NFT – like Beeple’s $69 million artwork.
Beeple could have made a fortune from NFT art, but he carries no illusions as to the recent mania for non-fungible tokens. He stated that NFT prices are “absolutely” a bubble.
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