Beeple’s $1 NFT Offer Causes System Breakdown on MarkersPlace Website

MarkersPlace site crashed due to heavy traffic it witnessed following Beeple’s $1 NFT offer to the platform’s users. Buyers are now reselling some of Beeple’s artworks for millions of dollars. The website recently went down after users rushed the $1 dropped by the famous digital artist. Those who had the opportunity to log in to the website would be included in the raffle to enable them to sell the remainder of the artworks.

Most of the 105 versions of the artworks could not be sold as a result of the exclusive offer of the $1 Drop. Meanwhile, the website, MarketPlace has apologized and clarified that the website was overburdened with unusual traffic, which surpassed their expectations and suddenly crashed. Also, they explained that just a few of the offers made by Beeple could be bought. They also promised to conclude the sale of those transactions that went through.

What Caused the Enthusiasm?

Last week, the price of Beeple’s artworks rose when an anonymous buyer on Nifty Gateway paid a whopping $6.6 million for the Crossroad NFT– an Ethereum-based digital collection. The article was a unique work by Beeple where he drew a vast Donald Trump lying naked on the grass close to a pedestrian walkway. The image sold at a high price, mainly because Trump lost the election. If he had won, it would have been a different story altogether, and the NFT’s statute could have modified it to a furious Trump shouting frantically in the city.

When Beeple first offered Crossroad for sale, a buyer known as Pablo bought it for $66,666 and has now resold it for $6 million, which is 100 times the price he purchased. Despite being his most expensive artwork offered for sale yet, that is not his best work so far. This is the 13th year the digital artist has been producing one image a day. Now, he has produced more than 5,000 images. All are now in Christie’s marketplace for auction, making it the first auction marketplace to sell at auction and accept cryptocurrencies as a payment option.

What happened yesterday?

Beetle decided to cause a stir when he announced that he would display 330 images and offer 105 of the $1 each. The majority of users were rushing to be the lucky ones to buy Beeple’s work at such a low price. Sadly, the huge number of visitors to the small MakersPlace who were scampering to be the lucky one to buy led to the breakdown of the website.

The website’s crash prompted the management to apologize to users. The explanation followed the apology that the site was overwhelmed by unprecedented traffic, which brought down the system. The statement added that there were too many requests that accompanied the Beeple’s drop, which caused the site to have a technical problem.

The management, however, promised to fix the fault as quickly as possible. Later, the site management tweeted that only a few people successfully bought the Beeple’s artwork. Beeple’s works have indeed attracted recognition in the NFT community. One of his articles was bid for $1 million in just 10 minutes of being auctioned for sale.