Non-fungible token (NFT) art sales are soaring, and one renowned digital artist has reaped the rewards by shifting $3.5 million worth of art in 72 hours.
A digital artist known as Beeple has sold around $3.5 million worth of digital art on the Nifty Gateway marketplace. The achievement has made a new record for NFT sales over such a short period.
It has been the second collection sale by Beeple, who shared messages with various crypto personalities such as Tyler Winklevoss and Anthony Pompliano, who pledged support.
great article explaining wtf just happened?!?!?!? 😱😱😱https://t.co/a05ZpUUWUo
— beeple (@beeple) December 15, 2020
A single NFT artwork sold for a whopping $777,777 following a last-second auction bid doubled its price. The piece sold from Beeple’s “The Complete MF Collection” with the token featuring each of the collection’s 20 individual digital artworks in a single NFT.
NTFs Selling Like Hot Cakes
As reported in the latest Defiant newsletter, the “Beeple Everyday: 2020 Collection” featured 21 single edition auctions, three open editions which were auctioned for 5 minutes, and an edition of 100 pieces which were auctioned at a starting price of $1 each. On Instagram, Beeple told his 1.7 million followers;
“Twenty years ago graffiti was vandalism, vinyl collectibles were just toys and they weren’t seen as art. I really feel like this could be the start of people looking at digital art as something that is much more respected and as ‘real art’.”
Some of the pieces from the collections are reselling for as much as a hundred times their original price on secondary marketplaces. Nifty Gateway currently lists Beeple’s “Into The Ether” piece, which was originally priced at $969, for a whopping $2.2 million.
It states that the average price change from the primary market sale is 659%.
Co-founder of 10T Holdings, Dan Tapiero, commented;
“Interesting way to transfer value as long as the underlying aesthetic can be agreed upon. Growth rate of new market incredible. Logarithmic appreciation comes next.”
The artist plans to work closely with MEME, a DeFi-based digital art platform offering liquidity farming for NFTs. Staking its MEME tokens yields reward points, which can then be exchanged for crypto art on platforms such as OpenSea.
As expected, token prices surged 160% on Monday to top out at $415 before beating a retreat to trade at roughly $330 at the current time.
Beeple has become the top-selling artist in the crypto industry, with 824 pieces sold for $6.4 million, as NFTs continue to sell like proverbial hot cakes.
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