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.