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Christie’s sell digital art for record-breaking $69.3 Million

11 Mar 2021 : 17:25
2 min read
  • Christie’s sell Beeple NFT for $69.3 million
  • It is the first time the British auction house is selling an NFT
  • The NFT art market exceeds $400 million in transaction since last year

Famed British auction house Christie’s sold the most expensive digital art today for a record-breaking price of $69.3 million. Digital arts are increasingly becoming popular globally, and today’s sale is a huge boost for NFTs and the blockchain sector.

Beeple NFT goes for $69 million

A piece of digital art created by Beeple, a 41-year-old illustrator from Wisconsin, was sold for $69.3 million today at Christie’s. The art was a collage of 5,000 images Beeple made over the same number of days.

Non-fungible tokens provide blockchain-backed “proof of ownership” on an item like art, ensuring that the artists have a unique way of claiming ownership and collect compensation for their digital works.

The eight-figure sale of the Beeple NFT is the most expensive since the blockchain technology began hosting digital media. This latest development will throw further light on NFTs, ensuring that they gain more mainstream adoption over the next few months and years.

The Beeple NFT is the third most expensive piece of art sold at an auction by a living artist. It lags behind the $90.3 million David Hockney painting sold in 2018, and the $91.1 million stainless-steel Rabbit sculpture sold the year after.

Christie’s enters the digital realm

Today’s event marked the first time the centuries-old auction house sold a digital NFT. It is also the first time Christie’s is accepting Ethereum as payment for artwork. Christie’s said it intends to hold more digital art sales in the future.

The creation of blockchain technology has positively affected several sectors, including finance, healthcare, supply chain, hospitality, politics, education, and more. Christie’s sale of digital artwork and the adoption of cryptocurrencies could convince other auction houses globally to make similar moves.

The NFT market is fast-growing and has exceeded over $400 million in transactions since last year.

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