{"id":7758,"date":"2021-03-29T14:10:20","date_gmt":"2021-03-29T14:10:20","guid":{"rendered":"https:\/\/dailyrapidnews.com\/eng\/?p=7758"},"modified":"2021-03-29T14:10:20","modified_gmt":"2021-03-29T14:10:20","slug":"an-nft-digital-image-just-sold-for-us69-million-but-what-is-it","status":"publish","type":"post","link":"https:\/\/dailyrapidnews.com\/eng\/2021\/03\/29\/an-nft-digital-image-just-sold-for-us69-million-but-what-is-it\/","title":{"rendered":"An \u2018NFT\u2019 digital image just sold for US$69 million \u2014 but what is it?"},"content":{"rendered":"<p>Some people will pay a lot of money to own a piece of digital\u00a0art\u00a0from graphic designer Beeple. Others will simply download it off the internet for free.<\/p>\n<p>A digital image by the cutting-edge artist has sold for a whopping US$69.4 million at auction, in a record-setting sale for a piece of art that does not exist in the physical world.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7760\" src=\"https:\/\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/03\/An-NFT-digital-image-just-sold-for-US69-million-but-what-is-it-rapidnews.jpg\" alt=\"An-NFT-digital-image-just-sold-for-US$69-million-but-what-is-it-rapidnews\" width=\"596\" height=\"379\" srcset=\"https:\/\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/03\/An-NFT-digital-image-just-sold-for-US69-million-but-what-is-it-rapidnews.jpg 596w, https:\/\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/03\/An-NFT-digital-image-just-sold-for-US69-million-but-what-is-it-rapidnews-300x191.jpg 300w\" sizes=\"auto, (max-width: 596px) 100vw, 596px\" \/><\/p>\n<p>Christie\u2019s auction house\u00a0 sold the art piece on Thursday after a two-week online auction involving more than 180 bids. The final auction price tag is the third-highest ever for a living artist, and the most anyone has ever paid for a non-fungible token, or NFT. This was the first time that Christie\u2019s has ever offered a digital-only piece of art with an NFT to guarantee its authenticity.<\/p>\n<p>The artist, whose real name is Mike Winkelmann, has been posting the individual images online since 2007, but the fully-assembled collage now certifiably belongs to one deep-pocketed buyer.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"hi\">DDOS <a href=\"https:\/\/t.co\/SFYzDuVaVv\">pic.twitter.com\/SFYzDuVaVv<\/a><\/p>\n<p>\u2014 beeple (@beeple) <a href=\"https:\/\/twitter.com\/beeple\/status\/1365889316677910530?ref_src=twsrc%5Etfw\">February 28, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nBeeple explained in a video for Christie\u2019s that he assembles his artwork from digital models on his computer. Many of his pieces use models of world leaders, while many others involve Buzz Lightyear from\u00a0<em>Toy Story<\/em>.<\/p>\n<p>All of them are available on his Twitter account, where you can grab them and make them the background on your phone, if you so choose.<\/p>\n<div class=\"l-article__oembed embed-twitter\">\n<p>But as of Thursday, there\u2019s only one person in the world with a certified digital certificate saying they own the collage.<\/p>\n<p>Of course, the sale doesn\u2019t mean Beeple\u2019s collage will soon be hanging over the mantle at the buyer\u2019s home. The artwork exists entirely in cyberspace, and there\u2019s nothing to stop you from finding it through social media, a Google image search or a Canadian news website.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">WORK <a href=\"https:\/\/t.co\/hyKcPgKPQh\">pic.twitter.com\/hyKcPgKPQh<\/a><\/p>\n<p>\u2014 beeple (@beeple) <a href=\"https:\/\/twitter.com\/beeple\/status\/1366599450613923848?ref_src=twsrc%5Etfw\">March 2, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nThe as-yet anonymous buyer essentially paid for the right to say they own the image, as part of a fast-growing online obsession with non-fungible tokens.<\/p>\n<h2>What is an NFT?<\/h2>\n<p>NFTs are basically non-physical things that you can own through the internet, thanks to a cryptocurrency-related technology called blockchain. A publicly accessible digital ledger keeps track of who owns which NFTs online, and they cannot be forged or manipulated because many people have copies of the ledger to prevent tampering. You don\u2019t necessarily control the copyright or usage of the NFT that you buy, but you do own the global bragging rights to it.<\/p>\n<p>NFTs can be digital images, songs, GIFs, videos or even tweets. Twitter founder Jack Dorsey, for example, is\u00a0auctioning off\u00a0his first tweet for more than $2.5 million, with all proceeds slated to go to charity.<\/p>\n<div class=\"l-article__oembed embed-twitter\">\n<p>Whoever buys the tweet will get an autographed digital certificate and their ownership of the tweet will be \u201cminted\u201d in the blockchain, according to the seller\u00a0Valuables.<\/p>\n<p>NFTs might sound like a strange thing to spend your money on, especially when anyone can save a piece of media onto their phone or computer, but speculators have been driving the price of NFTs up to astronomical amounts in recent months, amid a boom in online interest.<\/p>\n<p>\u201cOwning any digital content can be a financial investment, hold sentimental value and create a relationship between collector and creator,\u201d\u00a0Valuables\u00a0explains on its site. \u201cLike an autograph on a baseball card, the NFT itself is the creator\u2019s autograph on the content, making it scarce, unique and valuable.\u201d<\/p>\n<p>Much of the NFT market revolves around Ethereum, a Bitcoin-like form of cryptocurrency. Many NFTs are bought and sold with Ethereum, and Christie\u2019s was even willing to accept it as payment for the Beeple collage.<\/p>\n<h2>Can I buy an NFT?<\/h2>\n<p>The NFT market has exploded recently with the rise in cryptocurrency values, which has minted online millionaires with money to spend. At the same time, a generation of digital artists is rising up to meet the demand.<\/p>\n<p>Music artist Grimes, for example, recently\u00a0sold\u00a0a collection of her digital art for approximately $6 million.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Some people will pay a lot of money to own a piece of digital\u00a0art\u00a0from graphic<\/p>\n","protected":false},"author":1,"featured_media":7759,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[7],"tags":[],"class_list":["post-7758","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-stories"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.4.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Guy Who Sold a $69 Million NFT Thinks NFTs Are Pretty Stupid<\/title>\n<meta name=\"description\" content=\"Some people will pay a lot of money to own a piece of digital\u00a0art\u00a0from graphic designer Beeple. Others will simply download it off the .\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dailyrapidnews.com\/eng\/2021\/03\/29\/an-nft-digital-image-just-sold-for-us69-million-but-what-is-it\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Guy Who Sold a $69 Million NFT Thinks NFTs Are Pretty Stupid\" \/>\n<meta property=\"og:description\" content=\"Some people will pay a lot of money to own a piece of digital\u00a0art\u00a0from graphic designer Beeple. 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Christie\u2019s auction house said on Monday that the Moroccan landscape\u00a0Tower of the Koutoubia Mosque\u00a0\u2014 a gift from Churchill to US President Franklin D. Roosevelt \u2014 is being sold by Angelina\u2026","rel":"","context":"In &quot;Stories&quot;","img":{"alt_text":"Angelina-Jolie-to-sell-the-painting-Winston-Churchill-gifted-to-FDR-rapid-news-rapidnews","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/02\/Angelina-Jolie-to-sell-the-painting-Winston-Churchill-gifted-to-FDR-rapid-news-rapidnews.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":7052,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/03\/21\/from-basel-to-beeple-how-will-the-art-world-fare-post-pandemic\/","url_meta":{"origin":7758,"position":1},"title":"From Basel to Beeple: How will the art world fare post-pandemic?","date":"March 21, 2021","format":false,"excerpt":"The hubbub that descends each summer on a sleek exhibition hall in Basel, where collectors snap up art and hunt for hot-ticket new talent, is likely to be replaced this year by lines of socially distanced Swiss waiting for COVID-19 vaccines. The Herzog & de Meuron building usually hosts one\u2026","rel":"","context":"In &quot;Business&quot;","img":{"alt_text":"From-Basel-to-Beeple-How-will-the-art-world-fare-post-pandemic-rapidnews","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/03\/From-Basel-to-Beeple-How-will-the-art-world-fare-post-pandemic-rapidnews-dailyrapid.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":7162,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/03\/23\/twitter-boss-jack-dorseys-first-tweet-sold-for-2-9-million-as-an-nft\/","url_meta":{"origin":7758,"position":2},"title":"Twitter boss Jack Dorsey&#8217;s first tweet sold for $2.9 million as an NFT","date":"March 23, 2021","format":false,"excerpt":"Twitter boss Jack Dorsey sold his first tweet as an NFT for just over $2.9 million dollars on Monday. The tweet is in the form of a non-fungible token (NFT) - a kind of unique digital asset that has exploded in popularity so far in 2021. Each NFT has its\u2026","rel":"","context":"In &quot;Business&quot;","img":{"alt_text":"Twitter-boss-Jack-Dorsey-first-tweet-sold-for-$2.9-million-as-an-NFT-rapidnews","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/03\/Twitter-boss-Jack-Dorsey-first-tweet-sold-for-2.9-million-as-an-NFT-rapidnews.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":18705,"url":"https:\/\/dailyrapidnews.com\/eng\/2022\/06\/14\/ipl\/","url_meta":{"origin":7758,"position":3},"title":"The media rights to the IPL were sold for a record-breaking $5.6 billion.","date":"June 14, 2022","format":false,"excerpt":"The Indian Premier League, the world's richest cricket competition, has sold streaming and TV rights for a record $5.6 billion (\u00a34.6 billion). According to AFP, Viacom18, which is backed by Indian billionaire Mukesh Ambani, has secured streaming for $2.6 billion. According to local media, Disney-owned Star India purchased TV rights\u2026","rel":"","context":"In \"IPL\"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9889,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/04\/30\/dubai-bidding-for-most-noble-numbers-kicks-off-may-1\/","url_meta":{"origin":7758,"position":4},"title":"Dubai: Bidding for most noble numbers kicks off May 1","date":"April 30, 2021","format":false,"excerpt":"Under the patronage and in the presence of Sheikh Mansoor bin Mohammed bin Rashid Al Maktoum, Chairman of Dubai Sports Council, Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI), is organizing the \u2018Most Noble Numbers\u2019 charity auction to sell off special car plate numbers and exclusive mobile numbers on Saturday,\u2026","rel":"","context":"In &quot;Business&quot;","img":{"alt_text":"Dubai-Bidding-for-most-noble-numbers-kicks-off-May1-rapidnews-dailyrapid-dailyrapidnews","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/04\/Dubai-Bidding-for-most-noble-numbers-kicks-off-May1-rapidnews-dailyrapid-dailyrapidnews-e1619794721600.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":21632,"url":"https:\/\/dailyrapidnews.com\/eng\/2025\/08\/11\/190m-reference-nab-auctions-land-linked-to-imran-khan-bahria-town\/","url_meta":{"origin":7758,"position":5},"title":"\u00a3190m reference: NAB auctions land linked to Imran Khan, Bahria Town","date":"August 11, 2025","format":false,"excerpt":"The National Accountability Bureau (NAB) will auction hundreds of kanals of frozen property today (Monday) in connection with the \u00a3190 million reference against Pakistan Tehreek-e-Insaf (PTI) founder Imran Khan and others. Justice Aminuddin, while rejecting the stay request, ordered the submission of references against Bahria Town owner Malik Riaz and\u2026","rel":"","context":"In &quot;latest&quot;","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2025\/08\/a-2.webp?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/7758","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/comments?post=7758"}],"version-history":[{"count":1,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/7758\/revisions"}],"predecessor-version":[{"id":7761,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/7758\/revisions\/7761"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/media\/7759"}],"wp:attachment":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/media?parent=7758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/categories?post=7758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/tags?post=7758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}