Beeple Settles for 29 Million USD for his Latest Dynamic NFT

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Key takeaways

  • The follow-up to NFT artist Beeple’s record-breaking $69.3 million nonfungible token, “EVERYDAYS: THE FIRST 500 DAYs,” sold for $28.9 million.
  • Even though its not the highest bid paid for an NFT, it still ranks #2 with its brother on top.
  • On Tuesday evening, an online bidder from Switzerland submitted the winning bid of $25 million at Christie’s.

In 2021, the popularity of NFTs skyrocketed in conjunction with the rise of cryptocurrency, which is used to buy digital artworks. NFT artists use the blockchain to tokenize their NFTs, much to how bitcoin investors track their holdings. At a live Christie’s auction in New York on Tuesday evening, HUMAN ONE, a 3-D video sculpture by the artist known as Beeple, sold for US$28.9 million to an online bidder in Switzerland.

The more than 7-foot-high sculpture, which uses the Ethereum blockchain to access apocalyptic imagery, received bids from collectors on the phone with specialists in New York and Hong Kong before selling for a hammer price of US$25 million in just over 3 minutes.

The ultimate price was roughly double what was projected, which was in the area of $15 million. The auction company provided a warranty for HUMAN ONE, 2021.

The kinetic video sculpture is a mix of physical and digital technology, with an accompanying NFT. It depicts a striding figure dressed in silver clothing and wearing a space helmet. The figure travels steadily through the projected sceneries.

On Tuesday evening, an online bidder from Switzerland made the winning bid of $25 million at Christie’s, bringing “HUMAN ONE” to $10 million higher than the auction estimate of $15 million.

It’s Michael Winkelmann’s first tangible work since his “Everyday’s: The First 5,000 Days” sold for an astonishing $69.3 million in March, kicking off the NFT craze.

The ability to change the work even after it has been purchased creates a new dynamic between the artist and the owner, which Winkelmann likened to “an ongoing conversation.”

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Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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