This week’s past sale of Mike Winklemann’s “Everydays: The First 5000 Days” has unquestionable value. The sale value of $69,346,250 for this one work is clear. No longer is the estimate unknown. As of March 11, 2021, the individual images of the 5000 works which comprise the one work can be equated to $13,869.25 if using math. For those who purchased one of Beeple’s days and paid less than the almost $14,000, congratulations! For those who paid more, the value may not feel as fair. Winklemann though has done much more for your ownership of his specific NFT art. “Everydays” is a unique token and as such has a unqiue value. Also unique is Winkleman’s mastery of digital techniques – animations and compositions.
Christie’s has propelled itself along with a few other fiduciaries into the mix. Christie’s accepted settlement in Ether. This was not a Bitcoin, Bitcash, Litecoin or Zcash transaction. Beeple’s own platform sales have been timed events. For each work, the settlement was Ether-based. Beeple’s previous record sale was a small $2.2 million dollar transaction. The owner then as on Thursday was the same entity: Metapurse – an NFT Fund. Founded by a Cryptocurrency trader, Metakovan, the fund’s spokesperson indicated to The Art Newspaper that ultimately a “museum” is planned for the work. Artnet’s interview revealed the museum to be a virtual experience.
To be a bidder in the auction, Christie’s required proof of funds. Further, the Ether payment required a digital wallet maintained with Coinbase Custody Trust; Coinbase, Inc.; Fidelity Digital Assets Services, LLC; Gemini Trust Company, LLC; or Paxos Trust Company, LLC. The impressiveness of the final price carried a host of future branding and “betting” horses – firms working to become essential in a future digital marketplace. Christie’s aim for including this one lot? Marketing and exposure for the larger group of traditional on and offline auctions.
The tech world’s bet that traditional fiat currencies lose favor for virtual wallets and tokenized transactions may be a highlight here. Auctions, however, like e-commerce sites, only care that settlement happens securely and without delay. Christie’s transactions for other lots remain in traditional currencies.