A buyer of the world’s first Crypto artwork was named by auction house Christie’s as a crypto asset investor who goes by the pseudonym, “Metakovan.”
The crypto investor made the order by paying with Ethereum, as it was sold for $69,346,250 (42,329.453 ETH).
In a report by Reuters, this was the first-ever sale by a major auction house of a piece of Crypto art that does not exist in physical form.
READ: Chinese photo-editing app, Meitu buys $40 million worth of Bitcoin & Ethereum
What you should know
- This kind of artwork is a new digital asset better known as a Non-Fungible Token (NFT). These are relatively new types of cryptos with unique digital files stored on the blockchain.
- Non-Fungible Token are not mutually interchangeable like Bitcoin, Ethereum and thus are not fungible.
- A Non-Fungible Token is created by uploading a file, in this case, the artwork, to an NFT auction market.
- This means that it is authenticated by blockchain, which certifies its originality and ownership.
READ: Dubai-based hedge fund plans to sell $750 million worth of Bitcoin for Cardano and Polkadot
Lovers of artworks are increasingly keying into this type of asset because the buyer of the NFT owns a “token” that proves they own the “original” work.
“When you think of high-valued NFTs, this one is going to be pretty hard to beat. And here’s why – it represents 13 years of everyday work.
“Techniques are replicable and skill is surpassable, but the only thing you can’t hack digitally is time. This is the crown jewel, the most valuable piece of art for this generation. It is worth $1 billion,” Metakovan said in a statement released by Christie’s.