Record-breaking NFT auction could be a watershed moment for crypto
CNBC’s Robert Frank explains the surge in demand for NFT and what it could mean for cryptocurrencies. Subscribe to CNBC PRO for access to investor and analyst insights on crypto and more: https://cnb.cx/2BT2E7y
A non-fungible token by the artist Beeple sold at Christie’s for over $60 million, making it the most expensive NFT ever sold at auction.
The final sale price could shift higher as final bids are processed and auction fees are added, which could bring the total to more than $69 million. But the sale capped two weeks of frenzied online bidding and ushers in a new era in collectibles, where prices for blockchain-based digital images now rival prices paid for Picassos and Monets. While the future of NFT prices and their longer-term role in the art world remains an open question, and many see it as a speculative fad, the eight-figure price for the Beeple has caused the art world to suddenly take notice.
Shortly after the auction result, Mike Winkelmann, known as Beeple, tweeted: “Holy #$@”
The record-breaking work, called “The First 5,000 days” was the first ever to sell at a major auction house.
In 2007, Winkelmann set out to post a new work of digital art every day for the rest of his life and hasn’t missed a single day. The first 5,000 of those works, which he calls “Everydays,” were compiled to form “The First 5,000 days.”
The Christie’s sale anoints Beeple as one of the top three living artists in the world by price, after Jeff Koons and David Hockney.
“At this point, especially after today’s Christie’s sale, it’s not a question of whether NFTs will have an impact on the so-called traditional art market, but to what degree its impact will be felt,” said Andrew Goldstein, editor-in-chief of Artnet News. He added that the price is a sign that a new group of technology-enabled collectors can “destabilize the establishment in attention-grabbing ways.”
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