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Third Most Expensive Artwork of a Living Artist Bought in an Auction is an NFT -Breaking

by Mike Robinson

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The Third-most Expensive Work of Art by a Living Artist Purchased in an Auction Is an NFT

Vignesh Sundaresan (also known as MetaKovan) has amassed a NFT collection that is worth millions by prominent digital artist Beeple, Mike Winkelmann. MetaKovan (translated from his native Tamil as the “King of Meta”) now represents a new wave of investors who have garnered their fortunes through the decentralized crypto market.

At Christie’s auction, MetaKovan placed a shockingly high bid of $69M for Beeple’s piece “Everydays: The First 5000 Days.”

This famous artwork is the result of the collagraph of over 5,000 photos that was created by the illustrator, aged 41.

Famous masterpieces such as Klimt, Monet and Picasso have been sold by the legendary British auction house. It was founded in 1766. The sale was the first to sell digital artwork through an NFT, which comes with a certificate of ownership.

Sundaresan told Reuters that he purchases NFTs primarily as investments, while also enjoying owning them as “an autograph from your favorite artist.”

Fortune ranked 50 top NFT sellers including Jay-Z and Paris Hilton. Beeple proved to be the top-selling NFT product.

To The Flipside

  • Crypto investors are constantly at risk of losing money on ‘speculative assets,’ due to their lack of regulation.

Why you should care

The NFTs have become a revolutionary tool for collectors of art and are part of an entirely new digital economy.

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