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JPG file gets sold for a record $69 Million, as the era of NFT’s begins

Ahsan Zafeer Written by Ahsan Zafeer ·  1 min read >

After more than 180 bids, a JPG file made by Mike Winkelmann, the digital artist known as Beeple, was sold on Thursday in an online auction for a whopping $69.3 million. The price sets a new high for an artwork that exists only digitally and has beaten auction records for famous physical paintings.

Rebecca Riegelhaupt, a Christie’s spokeswoman, said 33 active bidders contested the work, adding that the final price was the third-highest auction price achieved for a living artist.

 “Every day’s — The First 5000 Days” is a collage of all the images that Beeple has posted online each day since 2007. The artist, who has collaborated with Louis Vuitton and pop stars like Justin Bieber and Katy Perry, uses software to create visual representations of life in 21st-century life.

The JPG collage was turned into a “nonfungible token,” or NFT backed by a secure network of computer systems that records the sale on a digital ledger, known as a blockchain, which gives buyers proof of authenticity and ownership. Payments are made with cryptocurrencies such as Etherum or Bitcoin.

A private company in collaboration with the National Basketball Association created N.B.A. Top Shot, a marketplace for digital highlight clips that are the tech equivalent of baseball cards. It has so far raised $345 million in sales, in the past 30 days, according to a site that tracks the prices of NFTs.
Jack Dorsey, the co-founder and chief executive of Twitter, is currently selling his first tweet as an NFT, and the bidding had reached $2.5 million by Thursday.
Apart from images and tweets, music is also being sold as NFTs. The rock band Kings of Leon is set to be the first group to release an album – “When You See Yourself,” as a series of digital tokens.

Most NFT collectors are Silicon Valley tech-associated individuals, while others comprise a growing crop of crypto millionaires.

Source: The New York Times

Written by Ahsan Zafeer
A digital marketing professional specializing in content-based functional areas - Ahsan Zafeer is driven by a never-ending passion for developing, nurturing, and strategizing key content aspects. He writes extensively on tech, digital marketing, SEO, cybersecurity, and emerging technologies. He also serves as a digital marketing strategist and freelance consultant for globally oriented organizations. He tweets @AhsanZafeer Profile