Mystery buyer of $69 mn digital artwork known only as 'Metakovan'

The buyer of a landmark work by the digital artist Beeple, which sold for $69.3 million, is a leading collector of new technologies who operates under the pseudonym Metakovan, the auction house Christie's announced Friday.

The sale of "Everydays: the First 5,000 Days", a virtual mosaic created by Mike Winkelmann -- the US artist's real name -- caused upheaval on the art market, where digital art was still a niche just six months ago.

Only two artists have achieved a higher price during their lifetimes in the history of the arts, the British painter David Hockney and the US visual artist Jeff Koons.

The purchaser of the digital collage, Metakovan, is one of the oldest investors in "NFT," or "Non-Fungible Tokens," which are virtual objects like "Everydays," whose authenticity and traceability are deemed to be inviolable.

"NFTs" are based on so-called "blockchain" technology, which is also used by cryptocurrencies like bitcoin.

In 2017, together with his partner, who goes by the pseudonym Twobadour and whose identity is also a closely guarded secret, Metakovan created Metapurse, the main investment fund in "NFT" virtual objects, of which he is the main financier.

At the beginning of January, Metapurse announced it had acquired 20 virtual paintings from Beeple for a total of approximately $2.2 million.

"When you think of high-valued NFTs, this one is going to be pretty hard to beat," said Metakovan, in a statement released by Christie's. "And here's why -- it represents 13 years of everyday work."

The 39-year-old artist from Charleston, South Carolina, started the "Everydays" project back in 2007, with the mission of producing a work every day.

After 5,000 consecutive days, "Everydays" brought together his daily pieces in digital form, beginning with a simple image of his Uncle Jim and ending on a detailed graphic portrait of characters from Donald Trump to Buzz Lightyear to Michael Jackson, depicted as dystopian muses around a child drawing.

To date, Winkelmann has produced 5,064 consecutive images -- individually visible on his Instagram feed.

Techniques are replicable and skill is surpassable, but the only thing you can't hack digitally is time," said Metakovan. "This is the crown jewel, the most valuable piece of art for this generation. It is worth $1 billion."

In mid-January, Metapurse announced the launch of three virtual museums in which it will exhibit acquisitions from the fund, enhanced by the use of virtual reality.

NFTs setting off revolution in the world of collectibles
New York (AFP) March 13, 2021 - The technology is behind a piece of digital art auctioned for $69.3 million on Thursday and the sale of Jack Dorsey's first tweet -- so-called NFTs have set off a revolution in collectables.

What is an NFT, and why are they causing such a stir?

- What is an 'NFT' ? -

A non-fungible token (NFT) is a digital object that can be a drawing, animation, piece of music, photo, or video with a certificate of authenticity created by blockchain technology. This authentication by a network of computers is considered inviolable.

The virtual object, which is actually a computer file, can be exchanged or sold with its certificate.

- What's different with NFTs? -

Despite the ubiquity of the internet, the sale and exchange of collectible digital objects had been niche until very recently. Most collectors preferred physical objects: paintings, sculptures, bottles of wine, sneakers.

One of the obstacles preventing digital objects from becoming mainstream collectibles was the fear of copies.

NFTs can still be copied, of course, but only one file has a certificate of authenticity, which cannot be replicated.

- Can I create an NFT? -

Any internet user can go to a dedicated platform, like Rarible or OpenSea, to upload the file which will become the NFT. Fees are usually less than $30 per file, paid in cryptocurrency.

Once the NFT is on the platform, the creator can sell it. The creator also has the option of setting a percentage that he or she will receive from all future sales of the file.

- How big is the NFT market? -

Taking into account the most recent transactions, it's already worth several billion dollars. On Thursday, the digital artwork "Everydays: the First 5,000 Days," was sold at Christie's for $69.3 million. Other major auction houses are now actively considering holding NFT sales.

On Thursday alone, two images created on the CryptoPunks platform were sold for $7.3 million each. And Twitter founder Jack Dorsey was offered $2.5 million for the NFT of his very first tweet.

- Is there an NFT bubble? -

Some experts expect price corrections as the NFT market takes shape, but no one sees the segment collapsing. Many even believe that a lot of NFTs are undervalued due to the nascent stage of the market.

The purchaser of "Everydays," known only by the pseudonym Metakovan, called the work "the crown jewel" of this generation and estimated that it is worth $1 billion.

"My prediction is that over the coming years we'll see the consensus shift on digital items, from 'these are worthless and not real' to 'this is the best way to prove ownership, scarcity, and authenticity,'" investor Jonathan Bales wrote in what's considered the definitive text on the subject in early January.

"I'm convinced NFTs are the future of collecting. The most exciting aspect, to me, is that the party is just getting started," he said.

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Art world rocked as digital 'NFT' work fetches $69.3 mn
New York (AFP) March 11, 2021
A digital collage by American artist Beeple sold Thursday for a record $69.3 million at Christie's auctioneers, as virtual art rapidly establishes itself as a new - and highly profitable - creative genre. "Everydays: The First 5,000 Days" became the most expensive ever "non-fungible token" (NFT) - a collectible digital asset that uses blockchain technology to turn virtual work into a unique item. Christie's said Beeple, whose real name is Mike Winkelmann, is now among the top three most valua ... read more