The Collector
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The Collector

One NFT Art Sold For $69 Million

What should be our takeaway?

“Everydays: The First 5000 Days,” a collage, by the digital artist Beeple. CHRISTIE’S IMAGES VIA REUTERS

Digital collage ‘ Everyday: First 5000 days’ by artist Beeple sold for $69 million. Third most valuable piece ever sold by a living artist. First digital work of art ever auctioned at this level.

Just today a pixel was sold by artist Pak for $17 million.

Buyer of Beeple is a digital asset investor behind a crypto-based fund that acquires NFTs (Non-fungible tokens). They expect the value of this work to go as high as a billion dollars.

NFT, the token, attached to this image is a certificate of authenticity via Blockchain technology ( basically keeping a record of who owns the work at what point, eventually driving and deciding its value). The buyer is simply buying a certificate of authenticity; copyrights stay with the artist.

“The Pixel” by Pak. Sotheby’s/Pak

Digital artists didn’t have this luxury in the past. They would have visitors, likes, shares, etc but no ownership to bring them a value which they are getting now through the NFT world of cryptocurrency.

Collectors have convinced the value of these works is going to be rocketing sky high in the future. This is a game-changer on how digital works are acquired and traded. Digital artists are especially excited about the possibilities.

Of course, there are many doubts surrounding it that it is not regulated, could be a bubble, latest fad, and hype, that will fizzle out soon. Not to mention the climate impact of blockchain technology, the copyright issues, and robberies that are already at play.

An interesting article on Foreign Policy concludes it to be yet another scam and corruption of the Bitcoin world. “Cryptocurrency and high art are cooking up magic beans together with non-fungible tokens.” DAVID GERARD

But for me personally, as I researched why the market is willing to pay such a high price for digital work with the already existing cryptocurrency controversial air behind it, I entered the world of what these NFT artists are creating.

Keeping the entire conversation of value, market, and outcomes of this trade aside, we have to look at the creative endeavors this recent explosion is driving.

I definitely see this next generation of digital artists elevating to their next high level game. Their work seems focused with objective to make it eternal ( purpose of art that faded in recent times ) as it is projected to pass on from hands of biological intelligence to non biological intelligence , aliens , gods.

There is a meditative quality of this recent work that absolutely mesmerized me.

https://www.instagram.com/p/CNoU3t2HGoT/?utm_source=ig_web_copy_link

I regretted how I missed a key milestone in my article on the next paradigm shift of art. I focused on the human experience and evolution lessons but somehow underplayed the magic of technology that is at the move and what a significant role it is going to play in human art and its last traces before extinction.

It is true this will be the immortal piece we started with the intention of. Let us create it in that way with our merger with technology.

Vaishali Paliwal

https://vaishalipaliwal.com/books/

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