Crypto Art record! 69M for a Beeple

[paxmao]

A digital piece by Beeple is selling for 69M USD according to The Japan Times, The Verge and other, at Christie's.

This follows a trend of increased prices for NFTs that are becoming an alternative asset of choice for the wealthy willing to invest in art with all the advantages of blockchain technology (easy to transfer, authenticity without doubt, proof of ownership,..)

The record-smashing NFT sale comes after months of increasingly valuable auctions. In October, Winkelmann sold his first series of NFTs, with a pair going for $66,666.66 each. In December, he sold a series of works for $3.5 million total. And last month, one of the NFTs that originally sold for $66,666.66 was resold for $6.6 million.

[Hydrogen]

I'm skeptical as to whether this news is real.  

If anyone remembers the "buy, buy, buy!" and "sell, sell, sell!" host of Cramer's Mad Money.

Admission of market manipulation

In a December 2006 interview, Cramer described activities used by hedge fund managers to manipulate stock prices—some of debatable legality and others illegal. He described how he could push stocks higher or lower with as little as $5 million in capital when he was running his hedge fund. Cramer said, "A lot of times when I was short at my hedge fund ... When I was positioned short—meaning I needed it down—I would create a level of activity beforehand that could drive the futures." He also encouraged hedge funds to engage in this type of activity because it is "a very quick way to make money."[33]

Cramer stated that everything he did was legal, but that illegal activity is common in the hedge fund industry as well. He also stated that some hedge fund managers spread false rumors to drive a stock down: "What's important when you are in that hedge-fund mode is to not do anything remotely truthful because the truth is so against your view, that it's important to create a new truth, to develop a fiction."[34] Cramer described a variety of tactics that hedge fund managers use to affect a stock's price. Cramer said that one strategy to keep a stock price down is to spread false rumors to reporters he described as "the Pisanis of the world," in reference to CNBC correspondent Bob Pisani, who Cramer insinuated was able to be manipulated, saying "You have to use these guys." He also discussed giving information to "the bozo reporter from The Wall Street Journal" to get an article published.[35][36] Cramer said this practice, although illegal, is easy to do "because the SEC doesn't understand it."[37] During the interview Cramer referred to himself as a "banking-class hero."[38]

https://en.wikipedia.org/wiki/Jim_Cramer#Admission_of_market_manipulation

Markets have always been influenced by traders and hedge fund managers spreading false rumors to reporters(bolded above).

I wouldn't be surprised to learn million dollar purchases of NFTs were rumors accidentally reported as legitimate news. In an effort to manipulate markets and create a bubble (with profiteering opportunities) in crypto related assets.

Does anyone remember bitfinex/tether (USDT) accusations from 2017 where it was claimed stablecoins were utilized to fraudulently manipulate crypto markets, pushing bitcoin to ATHs? False rumors are published as real news sometimes, mistakes are made. It could be more common than we realize.

[goaldigger]

I wonder who are those guys spending that much of money for an art, this can be a good market for them and a lot of money to spend for.

NFT are growing, and It think this year will be the best year for them, so congrats to all the early supporters of NFT and for sure its not too late to join with them. Working with some arts now, let’s see if its worth to try.

[bassbity]

I wonder who are those guys spending that much of money for an art, this can be a good market for them and a lot of money to spend for.

NFT are growing, and It think this year will be the best year for them, so congrats to all the early supporters of NFT and for sure its not too late to join with them. Working with some arts now, let’s see if its worth to try.

that is what is called art, where you can spend money just for a work, for an artist it is a very extraordinary award, so it's no wonder that a work that has such digital meaning is being hunted and paid a fantastic price.

It is true, that this year NFT is very special for investors, perhaps because of the very updated developments in terms of technology.

[BIT-BENDER]

I wonder who are those guys spending that much of money for an art, this can be a good market for them and a lot of money to spend for.

The guys from Arab spend so much on art, drawing, sculptures, the second most costly bought art piece was rumoured to be bought by an Arabian.
But I haven't heard of NFT uptill now, and crypto-art is also new to me, but with quick research I have understood asomething about it, I think artist would like to go digital seeing this market surge, and piracy rate may be lower.

[orions.belt19]

You'd be surprised at how much people spend on art, much less for digital ones. NFT hype pretty crazy right now. I wonder how long this will last? If I had artistic skills, I'd likely want to turn it into an NFT as well.

Have you guys heard about the properties turned into NFTs as well? Although there's no confirmation if there's any value or validity to it like a land title would. It's crazy because its like anything can be turned into a NFT now. I can imagine more celebrities jumping into this and take advantage to get profit.

[dothebeats]

I'm not an art connoisseur or something but that art looks like it has been taken straight from Minecraft and has been pieced together to form its entirety..

But we're not here to critique the art. I'm not surprised that such pieces of work would fetch for insane amounts of money (if it is true). Apparently, this is an NFT, and for sure this will boost the attention and hype around such to greater heights after seeing this auction that has reached millions.

Have you guys heard about the properties turned into NFTs as well? Although there's no confirmation if there's any value or validity to it like a land title would. It's crazy because its like anything can be turned into a NFT now. I can imagine more celebrities jumping into this and take advantage to get profit.

Imagine Onlyfans image leaks becoming NFTs in the near future. I can see that coming, and oh boy almost every picture from famous people would be turned into NFTs.

[TedMosby]

currently interested in NFT, but this news is too far away from what I've expected. No, I've never undervalued arts.
but, every time I read about NFT that being sold for an expensive price, I always think that it could be a money-laundering activity.
or it was just a market manipulation. I mean, I can ask someone to buy my NFT with my own money. I just need that people's claim, and voila, I gain credibility as an expensive NFT creator.

[Flowzer]

currently interested in NFT, but this news is too far away from what I've expected. No, I've never undervalued arts.
but, every time I read about NFT that being sold for an expensive price, I always think that it could be a money-laundering activity.
or it was just a market manipulation. I mean, I can ask someone to buy my NFT with my own money. I just need that people's claim, and voila, I gain credibility as an expensive NFT creator.

Agree, especially when the Arts looks messy and not really good or worthy to buy.
I dont know what is the clear category NFT is, bcs a tweet can be considered as NFT too.
So is basically NFT is anything unique and precious for a someone?

[verita1]

It is definitely the time of NFT mania. The artist who managed to sell in an online auction for $ 69.3 million with fees a digital art transformed into an NFT called Everydays - The First 5000 Days ”. It is nothing more than a collage of photos published since 2007, a JPG file made by Mike Winkelmann, the digital artist known as Beeple.

It's amazing how much people can bidding a work of art. It is worth noting that this job started bid at $ 100.
I was already surprised by the staggering price of the sale.
 

The artist, who has collaborated with Luis Vuitton and pop stars like Justin Bieber and Katy Perry, uses software to create an irreverent visual commentary on 21st century life.

https://www.nytimes.com/2021/03/11/arts/design/nft-auction-christies-beeple.html

[LoyceMobile]

This is like selling stars, you get a certificate and all and someone earns money for nothing.

If anyone is interested in buying my first post on Bitcointalk, bidding starts at 100 Bitcoin.

[FineJuice]

I get the value of blockchain and crypto, but I don't get the value of NFT's.

[Johnyz]

This is like selling stars, you get a certificate and all and someone earns money for nothing.

If anyone is interested in buying my first post on Bitcointalk, bidding starts at 100 Bitcoin.

Its hard to understand the reason behind this one but it looks like NFT are getting more serious, and doing such big profit over the past months.

If you have a unique art, weird post history, or anything that you think can make money for you then I guess you can sell it online and make it as your NFT entry, you might be one of those lucky artist to become a millionaire instantly.

[Renampun]

This is like selling stars, you get a certificate and all and someone earns money for nothing.

If anyone is interested in buying my first post on Bitcointalk, bidding starts at 100 Bitcoin.

NFT is like the 'prestige' trend of collectors IMO...
Buying the first artwork, the first tweet, or anything related to the 'limited edition' is a matter of pride for the collectors and this is what happened to the NFT CMIIW.

[adzino]

I went through few marketplace after seeing this sudden NFT hype. Damn I was surprised. I saw digital arts being auctioned and people bidding insane amount. Even saw the Nyan cat auction. Sold for 300 ETH. The same guys is still selling "memes" and people are actually buying it! Even tweets are being sold. This whole things sounds really overwhelming.
Didn't expect digital contents to be sold at this shocking rates. Who knows how long is thing trend going to last. If the hype ends, I wonder what those people are going to do who were expecting to sell their contents at higher rate.

[bussybuddy]

I can't really see any valuable technology or its application. In this case I just see it as a way to show off what blockchain can do to solve various problems. Additionally, these projects stand out because their users don't have to interact with the underlying blockchain technology, but can still benefit greatly from this technology, making projects ripe for adoption official. Ultimately, the NFT opens the door capable of digitizing all intellectual property rights and encrypting all assets.

[TimeTeller]

I can't really see any valuable technology or its application. In this case I just see it as a way to show off what blockchain can do to solve various problems. Additionally, these projects stand out because their users don't have to interact with the underlying blockchain technology, but can still benefit greatly from this technology, making projects ripe for adoption official. Ultimately, the NFT opens the door capable of digitizing all intellectual property rights and encrypting all assets.

And later on, they will not be this expensive to buy.
It will just be an ordinary item to buy. Right now, they are spending millions of dollars just to get a hold of this digital art.
Wonder if the value of this will also grow thru time just like the physical art pieces.
And this type of collection, only those elites can afford.
Regular users cant afford such expensive digital art.
More than likely, there will be more rising digital artists in the next coming years.

[ulhaq]

What exactly is the buyer getting?

The artwork is hundreds of megabytes. Is it linked in some way to the token?

Does the metadata include a hash of the artwork? The title of the artwork?

[bussybuddy]

And later on, they will not be this expensive to buy.
It will just be an ordinary item to buy. Right now, they are spending millions of dollars just to get a hold of this digital art.
Wonder if the value of this will also grow thru time just like the physical art pieces.
And this type of collection, only those elites can afford.
Regular users cant afford such expensive digital art.
More than likely, there will be more rising digital artists in the next coming years.

It can be seen as a short-term trend and we will again see an exaggeration of its potential for real life like defi. But I am not a rigid person with the view that it has no value, if more positive thinking it attracts more people to the market, and this is good for all of us who do not know this is the case diversity in the crypto space is a mess.

[Poker Player]

This is another effect of massive money printing by central banks. The money that is printed does little to move the day-to-day economy. Little cash flows, and most of it ends up in speculative assets. Some of these assets make more sense, such as shares of solid companies, or Bitcoin, which is proving to be the best store of value in the world, but these types of assets are very much pure speculation.