![]() ![]() If we look at a historical list of the highest prices received by works of art at auction, Beeple’s NFT has a ways to go. Is all lost for NFTs before the market has even got started?ĭigital artist FEWOCiOUS auctions five NFT works of art along with five physical paintings at Christie’s ©Yahoo Finance The most valued artworks of all time On the other hand, the amount of money involved could skew and damage a nascent emerging market,” Levin said. “On the one hand, it’s super exciting to witness a historical inflection point. When we see headlines like Ukraine’s government plans to fund its war through the sale of NFT art, we begin to understand the amplitude of this art form. When asked by the The New York Times, Todd Levin, a New York art advisor, spoke of mixed emotions about the $69.3 million sale. So why are people buying NFTs? For investment purposes, for the sake of jumping on the bandwagon, for the ideological thrill of overthrowing the archetypal art world hierarchy, to make huge fortunes quickly? All these examples are possible and continue to make art market analysts scratch their heads.īeyond Beeple and his NFT, the market is growing. Christie’s latest Art + Tech Summit, dedicated to NFTs, sold out. The cornerstones of the art market, the exclusive auction houses Christie’s and Sotheby’s have taken note of the boom in the NFT medium and are cashing in. Ebsworth Collection” was Christie’s first-ever blockchain-recorded auction ©Christie’s The reasoning behind NFT’s popularity Astoundingly, the figure beat auction records for physical paintings by archetypal greats like Da Vinci, Turner, de Kooning, Cézanne and Goya. ![]() The price was a new high for an artwork that exists in a digital medium. The sale was carried out by Christie’s, the 255-year-old auction house. The history-book-worthy events of March 11th, 2021Īfter a flurry of more than 180 bids in the final hour, a JPG file made by Mike Winkelmann under the alias Beeple, was sold on the 11th March 2021 in an online auction for $69.3 million excluding fees. Since then technological advances have given way to multiple new veins of digital artwork including the subsidiary of the NFT. Digital art can be generated by computer, scanned or drawn with a tablet and mouse. Computer engineers designed a painting program used by pioneering digital artist Harold Cohen, called AARON. The term “digital art” was first used in the early 1980s. It does in fact hold a history (albeit a relatively short one). Instead, digital art is not to be considered as an entirely modern or new form of art. ![]() When we speak of a history of the digital art market, it might at first seem juxtapositionary. In order to investigate how a digital artwork sold for $69,346,250 we must first understand the nature of Non-Fungible Tokens.īeeple’s grasp on the NFT digital art world ©The New Yorker The history of digital artwork Now, such eye watering valuations are causing auction houses, art collectors and artists alike to engage with the medium. In the beginning, many nodded their heads at the mention of NFTs without understanding of this new buzz term. A frenzy that, almost a year on, has no signs of stopping. The NFT entitled Every days: the First 5,000 Daysby Beeple propelled the digital art market into a mad frenzy. “Did you hear that a JPG file sold for $69 Million?” people muttered, as an “NFT Mania” escalated in the preceding days of the sale. Dive in with Artsper to uncover the real influence of NFTs upon the traditional art market as we know it. A catalyst to such discussion surrounding digital artwork was the Christie’s auction house art sale dedicated to digital art that was carried out in March 2021. Mike Winkelmann’s NFT entitled Every days: the First 5,000 Days ©Christie’sīeeple, NFTs, Bitcoin, “minting,” and crypto-art have become buzz words of the art world as of late. ![]()
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