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How A Single JPEG Sold For $69 Million

Published on: December 13 2022 by Arie Scherson

- In March 2021, a digital artwork titled Everydays: The First 5000 Days by artist Beeple was sold for a whopping $69 million at Christie's auction house.

- The artwork was a collage of 5,000 individual digital images created by Beeple over a period of 13 years.

- This sale was a landmark moment in the art world as it marked the first time a purely digital artwork was sold by a major auction house.

The Making of Everydays: The First 5000 Days:

- Beeple started creating digital art in 2007 as a way to improve his graphic design skills.

- He challenged himself to create a new digital image every day, which he would post on his website and social media.

- Over the years, Beeple's daily creations evolved from simple designs to complex and thought-provoking artworks.

- In 2020, Beeple compiled the first 5,000 images from his Everydays series into a single digital artwork, which he put up for auction.

The Auction:

- Everydays: The First 5000 Days was sold as a non-fungible token (NFT), which is a type of digital asset that uses blockchain technology to verify ownership and authenticity.

- The buyer of the artwork was Vignesh Sundaresan, a cryptocurrency entrepreneur who goes by the name Metakovan.

- Sundaresan described the purchase as a historic moment for digital art and NFTs and said he plans to use the artwork as a centerpiece for a new museum he is creating.

What This Sale Means for the Art World:

- The sale of Everydays: The First 5000 Days has sparked a conversation about the value of digital art and NFTs.

- Some critics argue that the sale is a bubble and that the high prices being paid for NFTs are unsustainable.

- Others believe that this is just the beginning of a new era in art, where digital creations can be bought and sold like traditional artworks.

- Whatever the future holds, there is no denying that the sale of Beeple's artwork has made history and opened up new possibilities for artists and collectors alike.

- The sale of Everydays: The First 5000 Days for $69 million is a landmark moment in the art world and a testament to the growing importance of digital art and NFTs.

- Whether this sale marks the start of a new era in art or a fleeting moment of hype remains to be seen, but one thing is for sure: Beeple's creation has made an indelible mark on the world of art and culture.

How A Single JPEG Sold For $69 Million

The absurdity of NFTs: A closer look at the $69 million digital art sale

- On March 11th, 2021, a single piece of digital art sold for $69 million dollars, marking one of the biggest transactions in the history of humanity.

- This sale raises questions about the value of digital art and the rise of non-fungible tokens (NFTs), which are unique units of data stored on a blockchain that certify the authenticity and uniqueness of a digital asset.

What are NFTs?

- NFTs are non-fungible tokens, which means they are unique and not interchangeable.

- They offer the idea of scarcity and back digital assets like images or tweets.

- NFTs are different from fungible tokens like a hundred dollar bill

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