$69.3 Million NFT Artwork Sold — Record-Breaking Sale Made Without Buyer Preview

A significant event unfolded at the prestigious auction house Christie's as an unprecedented sale took place for a historic non-fungible token (NFT) artwork by Beeple. The artwork garnered an astonishing price of $69.3 million. The digital artwork titled “Everydays: The First 5000 Days” captured the attention of the art world, showcasing the growing significance of NFT art.

Freeport has introduced a new opportunity to invest in fractionalized art, offering potential benefits with annualized returns that have consistently outperformed the S&P 500 since 2000. With historical returns of 8.9% from 2000 to 2022, the Artprice100 index demonstrates the long-term value of investing in fine art.

Singapore-based NFT production studio and crypto fund Metapurse, financed by its pseudonymous founder MetaKovan and operated alongside Twobadour, has emerged as the proud owner. Maintaining their anonymity, the collectors shared their motivations and plans in an exclusive interview with Artnet News.

Metapurse has been amassing a diverse collection of NFTs since its establishment in late 2016. Initially focusing on virtual real estate, with a keen appreciation for the immutable nature of digital ownership, it later expanded into various asset classes, including the highest-selling NFT of 2019 — a digital Formula 1 car called the Delta Time Triple One. More recently, they have turned their attention toward the art world.

“Everydays: The First 5000 Days” encapsulates 13 years of Beeple's artistic journey. To Metapurse, the piece carries immense significance as a symbol of skill, technology and the indelible nature of time in the digital realm.

What's really interesting is no one previewed the artwork before buying it. They trusted the reputation of the artist, Beeple, and knew they wanted to own it.

The Christie's auction platform proved to be a unique experience, unlike other platforms in the cryptocurrency space. While most platforms allow for time extensions ranging from five minutes to 24 hours when higher bids are placed, Christie's had a 60-second time extension. The auction generated massive interest, with 22 million people attempting to witness the event live on the website. Despite the overwhelming demand, the website withstood the traffic without crashing.

Metapurse made the entire payment for the artwork using cryptocurrency, specifically Ethereum. While initially Christie's requested payment in fiat or traditional currency, it ultimately embraced the opportunity to accept the full payment in crypto.

Metapurse not only acquired “Everydays: The First 5000 Days” but also purchased all 20 of Beeple’s single-edition pieces on Nifty Gateway for approximately $2.2 million.

Metapurse has ambitious plans for the “Everydays” piece. Instead of flipping the artwork or storing it in a warehouse, it aims to create a virtual monument for the digital work. It envisions collaborating with renowned architects to design an exclusive virtual space that will house the artwork and open it up to the world. The goal is to provide a unique and immersive experience for art enthusiasts globally, allowing them to appreciate the grandeur of the piece with a simple click.

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