An NFT Is the Third Most Expensive Contemporary Art Piece to be Sold at Auction

Vignesh Sundaresan, known as MetaKovan, has gathered an NFT collection worth tens of millions of dollars by famous digital artist Beeple (Mike Winkelmann). MetaKovan (translated from his native Tamil as the “King of Meta”) now represents a new wave of investors who have garnered their fortunes through the decentralized crypto market. 

At Christie’s auction, MetaKovan placed a shockingly high bid of $69M for Beeple’s piece “Everydays: The First 5000 Days.”

The famous art piece by the 41-year-old illustrator is a collage of 5,000 pictures made over the span of 5,000 days.

The legendary British auction house, founded in 1766, has sold famous masterpieces by Picasso, Monet, and Klimt. This sale marked the first time a major auction house has sold digital artwork in the form of an NFT with a digital certificate of ownership.

Sundaresan told Reuters that he purchases NFTs primarily as investments, while also enjoying owning them as “an autograph from your favorite artist.”

Fortune has ranked the top 50 NFT sellers, including Jay-Z, Paris Hilton, and many other celebrities. Beeple was conclusively shown to be the #1 top seller.

On The Flipside

  • Crypto investors are constantly at risk of losing money on ‘speculative assets,’ due to their lack of regulation.

Why You Should Care?

NFTs are beginning to represent a revolution for art collectors and are a part of a completely new digital economy.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.