Beeple Sells $ 53 Million Ethereum It Earned From NFT

The artist, who sold an NFT piece for $ 69 million, says that NFTs are a “bubble”.

Summary of the News

  • Crypto artist Beeple took $ 53 million in revenue from the record-breaking NFT sale on Ethereum and quickly converted it to US $.
  • The artist then compared the current NFT craze with the early days of the internet “bubble”.
  • Crypto artist Mike Winkelmann, aka Beeple, who bought $ 53 million worth of Ethereum (ETH) for the record-breaking NFT art sale, did not wait long to replace the cryptocurrency with conventional cash.

Beeple told The New Yorker on Monday that shortly after the $ 69.3 million sale (excluding the auctioneer’s fees and taxes), he was “frightened” by the fluctuation of ETH and converted his cryptocurrency into US dollars.

Beeple said on this, “I’m not a crypto expert. I was doing digital art long before this nonsense. If all this NFT work disappears tomorrow, I would still be doing digital art. ” said.

Beeple’s NFT image, “EVERYDAYS: THE FIRST 5000 DAYS,” was sold at a record price of $ 69.3 million at the Christie auction house on March 11. NFT collector Metakovan bought the artwork.

Are NFTs a Balloon?

Over the past few months, the popularity of the NFT market has increased. Just yesterday, Twitter CEO Jack Dorsey sold his first tweet as an NFT for $ 2.9 million.

Unlike traditional cryptocurrency tokens, NFTs each contain unique identification data. As such, NFTs are truly one of a kind. Any piece of digital media, such as Beeple’s $ 69 million artwork, can be turned into a NFT.

“NFT Looks Like Internet Madness”

Beeple may have made a fortune out of NFT art; However, he is not very optimistic about non-fungible tokens. Speaking to Fox News on Sunday, Beeple said that NFT prices are definitely a bubble.

Beeple likened the NFT craze to the early days of the internet, “To be honest, I definitely think it’s a bubble. There was a balloon at the time. And the bubble burst. It destroyed a lot of bullshit but didn’t destroy the internet. That’s why the technology itself will last much longer. ” used the expressions.

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