Artist’s NFT Artwork Bid for $1 Million at Christie’s

Some bidders have offered to pay $1 million for some crypto artworks created by Beeple, a famous digital artist, in less than 15 minutes of exhibiting the product for sale. The auction is taking place at Christie’s, an auction house. Beeple is a famous digital artist who created the NFT artwork. This is the first time the auction house will be selling a 100% collection of digital artwork.

At present, the number of bids has reached 108, while the present bid price is $1.10 million. The bidding price is expected to keep rising until the 14 days of the expiry. The auction house, Christie, has also been accepting cryptocurrencies as payment options. Meanwhile, Ethereum is the acceptable means of payment for the current auction, though buyers must pay in a govt-backed currency.

Beeple Has Earned up to $20 Million Selling Digital Artworks

Beeple has a collection of NFTs which narrates the 13 years of the artist’s venture to the art world. There are thousands of images in the collection, including ten art articles, with each displaying the artist’s imaginative blend of fictional spaces with symbolic characters. Beetle has earned $20 million in sales of artworks, and he remains the number one earner in the list of top crypto artists, as he boasts of selling 820 articles of digital art.

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NFT (Non-fungible token) is the term used to describe the digital artworks on sale. NFTs are unique digital works that confer ownership of and license to a digital asset like arts, games, etc. NFTs are mostly stored on the Ethereum blockchain, though we’ve seem Flow and other blockchains embracing it.

One of the NFTs produced by the famous digital artist, Beeple, has been offered for $6.6Million. This digital artwork portrayed the American former president, Donald Trump, falling in a stack immediately he lost his 2nd-term bid in the recent election.

While Beeple’s auction is the first completely digital NFT that has been sold on Christie’s website, this is not the first time NFT has been sold on auction. In October 2021, the platform sold a portrait of BTC founder, Satoshi Nakamoto, consisting of huge round canvases ingrained with BTC information.

Celebrities Partake in the NFT Boom that Is Now Being Auctioned at High Price

Many celebrities, including Mark Cuban, have participated in the NFT sector where virtual tokens symbolize anything. Some artworks have gone for millions while others are being sold for hundreds of thousands of dollars. A crypto investor reported that he bought $20,000 for CryptoPunks, a computer-created avatar founded in 2017 and Is now becoming increasingly popular and has earned millions of dollars.

Also, CryptoKitties, a real NFT, has made more than $400,000 from sales. Another NFT marketplace, Dapper Labs, made up to $147 million in just seven days of sales. This platform allows users to buy and sell sports short clips.

Some of the top celebrities benefiting from the NFT boom are Mark Cuban and Dallas Mavericks. The NFT has been gaining popularity amid the continuous surge in the prices of Bitcoin and other cryptocurrencies. Besides, more people are now staying at home than before, thereby increasing the NFT sector’s prospects.

Billy Rennekamp, a crypto engineer, says that more art galleries and artists are now endorsing NFTs. However, the drawback is that in the event of a market drop, investors may lose a huge amount of their money.