Business 126 (Sun) – Digital Art Sells for $70 Million Using Blockchain Tech

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Article
1. Christie’s says it has auctioned off a digital collage for nearly $70 million, using blockchain technology to prove its authenticity. The piece, named Everydays: The First 5,000 Days, sold for $69.4 million in an online auction. Christie’s said on Twitter that this put the artist, who goes by the name Beeple, “among the top three most valuable living artists.”
2. Christie’s said this was also the first time a major auction house has offered a digital-only artwork with a non-fungible token, or NFT, as a guarantee of its authenticity, as well as the first time cryptocurrency has been used to pay for art at an auction.
3. NFTs are electronic identifiers confirming that a digital collectible is real by recording the details on a digital ledger known as a blockchain. They’re used to prove that an item is one of a kind, and are aimed at solving a problem central to digital collectibles: how to claim ownership of something that can be easily and endlessly duplicated.

What are your thoughts on Everydays: The First 5,000 Days? Do you find it surprising that the piece sold for $69.4 million?

4. Beeple, whose real name is Mike Winkelmann, said that NFTs are opening “the next chapter in art history,” allowing people to truly own and collect digital art.
5. Christie’s said the artwork got the highest-ever price in an online-only auction, and the highest price for any winning bid placed online. About 22 million people watched the bidding on Christie’s website, with bidders from 11 countries taking part.
6. Christie’s did not identify the buyer of the artwork, which is made from 5,000 individual digital pictures that Beeple created — one each day — since May 2007.
 

Would you be interested in collecting digital art? Why? Why not?

7. Others have also joined the craze for NFTs. A blockchain company bought a piece by British artist Banksy, burned it, and then put a digital version on sale through an NFT.
8. Twitter CEO Jack Dorsey put his first-ever tweet up for online auction as an NFT, with bids reaching as high as $2.5 million. And the National Basketball Association is even planning to sell virtual sports cards that use NFTs.

・Would you consider investing in Bitcoin or another cryptocurrency?

Have you ever taken part in an online auction such as Yahoo auction? Did you buy anything?

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