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Video clip sells for $6.6 million at auction

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In October 2020, Miami-based art collector Pablo Rodriguez-Fraile spent almost $67,000 on a 10-second video artwork that he could have watched for free online. Last week, he sold it for $6.6 million.

The video by digital artist Beeple, whose real name is Mike Winkelmann, was authenticated by blockchain, which serves as a digital signature to certify who owns it and that it is the original work.

The computer-generated video sold by Rodriguez-Fraile shows what appears to be a giant Donald Trump collapsed on the ground, his body covered in slogans, in an otherwise idyllic setting.

It’s a new type of digital asset - known as a non-fungible token (NFT) - that has exploded in popularity during the pandemic as enthusiasts and investors scramble to spend enormous sums of money on items that only exist online.

source
 



yesterday Grimes dropped her WarNymph Collections on Nifty Gateway, all her works are sold out except one auction which is still going on.
She probably 'earned' about 6M.

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Ryusei

this is so confusing :bear: I'm gonna need some video breaking this down for me. Cause EVERYONE can watch this for free on twitter... it's not like a painting that someone made and only one person can look at it physically. 

Stan Fujii Kaze
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Awakened M

This sort of **** is why people don't try hard in life. That much for that ****?:bradley:

I'm not getting any sleep tonight because I woke up to a beautiful life. I'm awake.

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Bambino
Posted (edited)

Rich people

bfg1kGh.gif

 

Edited by Bambino

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jsn
Posted (edited)

Yeah I fail to see the point when we can all view the work for free any time we want.  If rich people really need something to waste their money on, my bank account is open.

Edited by jsn
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xoxo Craig

When will I? :bradley:

End Racism Now

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Defmix100
23 minutes ago, Ryusei said:

this is so confusing :bear: I'm gonna need some video breaking this down for me. Cause EVERYONE can watch this for free on twitter... it's not like a painting that someone made and only one person can look at it physically. 

it's basically about ownership, like with physical art it can be displayed for thousands of people to see but someone can own it

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RahrahWitch

I'm curious to see how this is all going to work out.

Art selling for millions isn't a new concept but with digital content It's pirated very easily and there's no "original" in a way.

I guess it's all about buying the IP and being able to use it in whatever way you want, that and rich people getting a new way to money launder.

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777777777777777777

maybe Gaga could sell 'Sour Candy' video there:stalkga:

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Cybikitty

aaaaand if anyone had any doubts that the art industry is used for money laundering etc :billie:

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PunkTheFunk

LONDON (Reuters) - In October 2020, Miami-based art collector Pablo Rodriguez-Fraile spent almost $67,000 on a 10-second video artwork that he could have watched for free online. Last week, he sold it for $6.6 million.

The video by digital artist Beeple, whose real name is Mike Winkelmann, was authenticated by blockchain, which serves as a digital signature to certify who owns it and that it is the original work.

It’s a new type of digital asset - known as a non-fungible token (NFT) - that has exploded in popularity during the pandemic as enthusiasts and investors scramble to spend enormous sums of money on items that only exist online.

Blockchain technology allows the items to be publicly authenticated as one-of-a-kind, unlike traditional online objects which can be endlessly reproduced.

“You can go in the Louvre and take a picture of the Mona Lisa and you can have it there, but it doesn’t have any value because it doesn’t have the provenance or the history of the work,” said Rodriguez-Fraile, who said he first bought Beeple’s piece because of his knowledge of the U.S.-based artist’s work.

“The reality here is that this is very, very valuable because of who is behind it.”

“Non-fungible” refers to items that cannot be exchanged on a like-for-like basis, as each one is unique - in contrast to “fungible” assets like dollars, stocks or bars of gold.

Examples of NFTs range from digital artworks and sports cards to pieces of land in virtual environments or exclusive use of a cryptocurrency wallet name, akin to the scramble for domain names in the early days of the internet.

Nonetheless, auction house Christie’s has just launched its first-ever sale of digital art – a collage of 5,000 pictures, also by Beeple – which exists solely as an NFT.

Bids for the work have hit $3 million, with the sale due to close on March 11.

“We are in a very unknown territory. In the first 10 minutes of bidding we had more than a hundred bids from 21 bidders and we were at a million dollars,” said Noah Davis, specialist in post-war and contemporary art at Christie’s.

His division has never seen an online-only sale top $1 million before, he added.

In a decision that could help push cryptocurrencies further into the mainstream, the auction house that was founded in 1766 will accept payment in the digital coin Ether as well as traditional money.

“I think that this moment was inevitable and whenever institutions of any kind try to resist inevitability, it does not work out very well,” Davis said of accepting crypto payment. “And so the best thing you can do is embrace the terrifying.”

https://www.reuters.com/article/us-retail-trading-nfts-insight/how-a-10-second-video-clip-sold-for-6-6-million-idUSKCN2AT1HG

 

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Bonkers

It's not worth as much as this one, IMO
 

 

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Guest MagneticMoon

Is people okay nowadays? :awkney:

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TimisaMonster

I will never understand how people spend millions on things like this when people in this country right now can't even afford basic food...

Stream my new single🔹️"Sapphire Phoenix"🔹️on Spotify!
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littlepotter
22 minutes ago, TimisaMonster said:

I will never understand how people spend millions on things like this when people in this country right now can't even afford basic food...

Yeah it'll never make sense to me. But i can't talk because i buy video games and that money could also be spent on better things...

won't you come with me?
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