An NFT just sold for $69 million at Christie’s and was paid for in cryptocurrency

It’s the highest price commanded by a JPEG file thus far.

On Thursday, a work of purely digital art shattered records at storied auction house Christie’s, selling for a historic $60.25 million ($69.3 million with buyer’s fees). It’s the highest price commanded by a JPEG file thus far—paid for, in true 2021 style, with the cryptocurrency ether.

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Earlier this month, auction house Christie’s held an online auction in which a piece of art sold for a whopping $69 million. It wasn’t a work by Basquiat or de Kooning, artists who have fetched similar prices at auction. It was for a JPG file by the artist Beeple, sold as a nonfungible token or NFT—digital artwork that is verified as original through the use of blockchain.Read Full Story

5 things people are getting wrong about NFTs

As the CEO of a digital-goods marketplace, I’d like to clear up some myths about nonfungible tokens. They aren’t complex, pointless, or a bad investment.
NFTs (nonfungible tokens) are having a moment right now. Tons of digital collectibles have been traded, including Dapper Labs’ NBA Top Shot, which raked in $1.05 million for just one recent pack of basketball videos, and Everydays: The First 5000 Days, a digital image by artist Mike Winkelmann (aka Beeple), which sold for $69.3 million at high-end auction house Christie’s.Read Full Story

The company behind the NBA’s NFT trading cards is now valued at $2.6 billion

Vancouver-based Dapper Labs, the blockchain company behind the NBA’s collectibles marketplace Top Shot, just closed a major round of funding toward its goal: NFTs for all.
NFTs, or nonfungible tokens, have exploded in both the financial markets and the zeitgeist at large. Simply put, NFTs use blockchain technology to authenticate digital assets, which can then be bought and sold—sometimes at staggering sums. Much of the hype around NFTs has been fueled by headline grabbing sales, such as the artist Beeple’s recent $69.3 million payday for a single digital artwork, Twitter CEO Jack Dorsey hawking his first tweet for $2.9 million, and the original GIF of the internet’s favorite Pop-Tart cat going for nearly $600,000.Read Full Story


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