Beeple’s Everydays: The First 5,000 Days (2021) digital artwork was sold for $69,346,250 with a starting bid of just $100.
While everyone can easily make a copy of the JPEG file, why people are spending millions purchasing NFT (non-fungible token) for a “token” that proves they own the “original” work?
Maybe the psychology behind is the same as owning an autographed print or baseball.
It’s also a different form of patreon to support the artists.
There is also a secondary market for profit gain from reselling.
Even better, the artists earn a percentage from every transaction of the artwork, rather than an one-time payoff from the traditional gallery.
This is a perfect example of how digitalization and technology are re-inventing the traditional industry and changing our world.
In combination of VR technology with blockchain, we can expect more digital art trading, virtual galleries and museums.
Art investment has its new form and artists won’t need to wait for a long (life) time to receive financial benefits from their artwork. 🎉
Is there a bubble? Same as around stocks, real estate, bitcoin and many other assets.
Interested in your thoughts 👇