From shot christie 3m nfts

Some buyers “flip” NFTs, selling them on within a few days or even hours for profit.

The recent price gains in cryptocurrencies such as bitcoin, which rose around 300% in 2020, have also created a new group of crypto-rich investors, who spend their cryptocurrencies on NFTs.

WHY ARE NFTS IMPORTANT?

Enthusiasts see NFTs as the future of ownership. All kinds of property – from event tickets to houses – will eventually have their ownership status tokenised in this way, they believe.

For artists, NFTs could solve the problem of how they can monetise digital artworks.


It’s not about the money,” he said, wearing a jacket with “$CARTEL” emblazoned on its lapel.

The winning bid for Beeple’s “Everydays: The First 5000 Days” was paid with 42,329 ether through the crypto exchange Gemini. A few days later, U.S. journalist Castor revealed MetaKovan’s true identity. Crypto influencers celebrated Sundaresan as a “crypto billionaire.” And in a statement issued by Christie’s, Sundaresan called the artwork his portfolio’s “crown jewel.”

For six months, Sundaresan held the work quietly in his crypto wallet.
Then in early September, Metapurse unveiled the work’s “first physical event.” Fans were invited to view the Beeple piece on a giant screen at a Nov. 4 exhibition in New York. “NFTs come alive,” the announcement said.

That September, at age 25, he enrolled in a technology innovation master’s program at Ottawa’s Carleton University. His focus, however, remained on Coins-E, which was gaining thousands of customers. During evening classes for the master’s, instead of listening to lecturers, he worked on improving the site’s interface, said a classmate, Adeleye Afolabi.

Coins-E was drawing attention for other reasons.

In early 2014, around 50 traders posted on a bitcoin public forum complaining that Coins-E had not returned deposited funds worth tens of thousands of dollars, despite their repeated requests.

Sundaresan, using an account called “coins-e support,” responded that he would resolve the issue. Four traders interviewed by Reuters and other traders who posted again in the public forum said their money never was returned.

Digital media, like JPG images, audio files or videos, now have a way to enter the wildly speculative world of collectibles.

The guy that made the Nyan Cat video, for example, managed to sell its NFT for US$600,000 as a piece of internet history. The NBA has jumped on board early, setting up a “Top Shot” website where people can buy and trade ownership of highlight plays, which are released in limited edition batches. The numbers involved are wild; #4 of 25 “Holo MMXX (series 1)” copies of a December 2019 dunk by Memphis Grizzlies player Ja Morant is currently listed for a “lowest ask” of US$240,000.

The police said they had not received any reports regarding Sundaresan or Lendroid.

The lure of digital art

Now splitting his time between Chennai and Singapore, Sundaresan went on a virtual spending spree in the emerging NFT market. In 2019, he paid $112,000 for a digital representation of a diamond-encrusted Formula One car from an online racing game, the most expensive NFT that year. He snapped up hundreds of acres of digital land in online worlds to build a virtual property empire.

In early 2020, Sundaresan assumed a new online identity: MetaKovan.

He would later describe this alter ego as an “exosuit” created for the task of “building the metaverse.” MetaKovan was only unmasked as Sundaresan after the Christie’s auction in March, by U.S.

One of the marketers, Andrew Steinwold, issued an “Investment Summary” saying B20’s total value could reach $200 million.

By the time of the auction, B20’s price was booming, hitting a high of $29 per token on exchanges including Uniswap, according to cryptocurrency tracker CoinGecko. “It was total mania,” said Chris Nunes, a Colorado-based NFT enthusiast who spent around $30,000 on some 6,000 B20 tokens.

Around the time the Christie’s auction closed, B20’s price collapsed. Data collected by blockchain analytics firm Nansen shows a handful of wallets helped to drive the crash by selling several millions of dollars’ worth of B20. The wallet publicly labelled as belonging to MetaKovan did not sell its holdings.

Steinwold, who runs his own NFT investment fund, told Reuters his clients were among the sellers, though he declined to identify them.

National Basketball Association Top Shot platform, enthusiasts can buy collectible NFTs in the form of video highlights of moments from games.

While these highlights can be seen for free on other platforms such as YouTube, people are buying the status as the owner of a particular NFT, which is unique due to the digital signature.

NFTs can also be patches of land in virtual world environments, digital clothing, or exclusive use of a cryptocurrency wallet name.

The first tweet from Twitter boss Jack Dorsey – “just setting up my twttr” – sold for $2.9 million as an NFT in March.

HOW MUCH HAS THE MARKET GROWN?

Traded since around 2017, NFTs surged in popularity in early 2021, then had another explosive jump around August.

Sales volumes surged to $10.7 billion in the third quarter of 2021, according to data from market tracker DappRadar.

Christie’s foray into the world of digital art arrives as the format sees a rapid rise in popularity, with buyers paying huge sums for artworks known as non-fungible tokens (NFTs).

NFTs are one-of-a-kind digital assets, which are publicly authenticated with a blockchain signature, certifying they are both original and unique. Advocates see them as one of the first successful online systems that enables property rights to be enforced online.

Even though, the artist Beeple, real name Mike Winkelmann, only began making NFTs in October 2020, he has since become synonymous with this new genre of crypto art.

The NFT he is selling with Christie’s is an amalgamation of 5,000 digital images, one created every day for 13 years. At first glance, the work looks like a giant collage of thousands of images.

And an NFT digital collage by the artist Beeple sold at Christie’s for $69.3 million. Gaming has a couple of new unicorns, or startups valued at $1 billion, in Animoca Brands and Forte. NFTs are now selling at a rate of $213 million a week, back at a level previously seen at the peak in May.

NFTs use blockchain, the secure and transparent digital ledger.

And they can use the blockchain to verify the authenticity of one-of-a-kind digital items in the form of NFTs. Cent CEO Cameron Hejazi decided that NFTs were a way to enable what I call the Leisure Economy, where we will all get paid to play games one day. And this could work in a variety of ways. Creators or influencers can get their followers to buy their NFTs as mementos or souvenirs.
But the creators could also give away NFTs to loyal followers.

The entire network works together to validate that every addition to the blockchain is legitimate, going right back to the place where ownership was last established to make sure the asset has been properly transferred to the right new owner.

The network also checks to make sure that earlier entries in the blockchain look exactly the same for everyone, so if you own an NFT and somebody hops in and edits the blockchain to change a historic sale and make it look like they’re the owner, the network will discover and reject that change very quickly.

The ability to use the blockchain to represent things other than money is part of the genius of Ethereum, an inspired idea by Ethereum co-founder Vitaly Buterin.

Until October, the most Mike Winkelmann — the digital artist known as Beeple — had ever sold a print for was $100.

Today, an NFT of his work sold for $69 million at Christie’s. The sale positions him “among the top three most valuable living artists,” according to the auction house.

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.

NFTs, or non-fungible tokens, are unique files that live on a blockchain and are able to verify ownership of a work of digital art.

The 255-year-old auction house has sold some of the most famous paintings in history, from the only known portrait of Shakespeare created during his lifetime to the last-discovered painting by Leonardo da Vinci.

What’s an NFT?

NFTs allow you to buy and sell ownership of unique digital items and keep track of who owns them using the blockchain. NFT stands for “non-fungible token,” and it can technically contain anything digital, including drawings, animated GIFs, songs, or items in video games. An NFT can either be one of a kind, like a real-life painting, or one copy of many, like trading cards, but the blockchain keeps track of who has ownership of the file.

NFTs have been making headlines lately, some selling for millions of dollars, with high-profile memes like Nyan Cat and the “deal with it” sunglasses being put up for auction.

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