Why did Mike Winkelmann’s collage art sell for $69 million in the NFT trading market?

Established this year, Sotheby’s, which has a history of 277 years, and Christie, with a history of 255, are representative art auction companies that account for more than 70% of artworks sold at auctions worldwide.

As for the issue that surprised the art auction market recently, the news of the successful bid of ‘Everydays: The First 5000 Days’, an NFT work by digital artist Mike Winkelman (known as ‘Beeple’). maybe this?
The winning bid that surprised the global market was a whopping $69.34 million!

Why are NFT works that are still unfamiliar in the art market, more conservative than any other field, being sold at a high price? To analyze the reason, we must first understand NFT.

*What is NFT?
‘NFT’ is an acronym for ‘non-fungible token’.
By granting unique assets such as intellectual property rights or ownership such as works of art, videos, and music that cannot be forged or tampered with using blockchain technology, various digital contents can be made into digital originals that cannot be reproduced.
Recently, with the spread of the ‘Metaverse’ market, it has attracted more attention.

* What is the NFT market?
According to the recent NFT market analysis platform Nonfungible.com, the global NFT market has a total of 298.3 billion won, of which 200 billion won in collectibles such as digital art, 89.4 billion won in art work, and 1.3 billion won in game market. did.
Looking at the size of the market, it seems that it has established itself as a huge industrial field, and what is more remarkable is that the number of activated wallets used for NFT sales and holdings is increasing tremendously. The number of wallets increased to 177,048 as of the end of the second quarter from only 42,220 in the second quarter of last year, recording an increase of about 340%.
As the size of the NFT market grows, in addition to OpenC, the world’s largest NFT trading platform, NFT trading platforms such as Larrib and Nifty Gateway are constantly appearing, and most experts continue to predict growth potential in various industries.

As the NFT market grows rapidly, the liquidity released from the market flows into the NFT market and even adds to the metaverse craze. In line with this phenomenon, along with rising investor expectations, recently even seemingly futile content has been reborn as NFT and traded at a high price. A typical example is that the image of the Shiba Inu, the symbol of Dogecoin, was traded for $4 million.

Therefore, there are many critics of the NFT frenzy as speculative purposes.
A number of problems are emerging, such as the fact that it is difficult to understand why the price skyrocketed just by adding scarcity to digital files, and that multiple NFTs can be issued with one digital work. No matter what anyone says about the craze, it is an irrefutable fact that NFT is.

Next, we would like to introduce some representative NFT trading platforms that are worth noting.

*NFT trading platform worth paying attention to

OpenSea
As the currently most active marketplace, NFTs issued on multiple platforms are gathered into one to support peer-to-peer (P2P) transactions, and products traded in other marketplaces can also be traded on OpenSea

Rarible
Rarible issues a governance token RARI, which rewards creators and collectors who buy and sell NFTs on the platform every week. It has the advantage that there is a large influx of promising creators, and in addition to token payment, it provides various functions for creators such as ‘Like’, ‘Following’, and ‘Personal Feed’.

Sole-X
As a trading platform of TriumphX, a cross-chain decentralized NFT platform developer, it supports NFT transactions based on Ethereum and Klaytn at the same time. The wallets that can be linked are Metamask, Kaikas, and Clip, and there are four tokens used as a transaction method: Ethereum (ETH), KLAY, TriumphX (TRIX), and Tether (USDT).

It is noteworthy that it is the world’s first cross-chain platform that supports the trading of Ethereum-based NFTs and tokens on a Klaytn-based platform.

In addition, the event news related to the NFT currently in progress at Triumphx, the developer of Sole-X, is also attached.

By the way, the NFT works that can be received as a participation benefit are works by three representative artists with autism who belong to a social enterprise SPECIAL ARTS.

It has a good purpose and is an event where you can directly obtain the aforementioned NFT, so if you are a user who wants to become more familiar with NFT, please feel free to participate.