Crypto investor ‘Metakovan’ named as buyer of $70 million digital artwork

Crypto investor ‘Metakovan’ named as buyer of $70 million digital artwork

News: Crypto investor ‘Metakovan’ named as buyer of $70 million digital artwork.

LONDON (Reuters) – The $ 70 million digital-only artwork buyer was named a crypto asset investor by Christie’s auction house under the pseudonym “Metakovan” on Friday.

The auction to buy the work of digital artist Beeple, which ended Thursday, was the first sale by a major auction house of a digital work of art that does not exist in physical form.

The work consists of a new type of digital asset: a Non-Fungible Token (NFT). This means that it is authenticated through a blockchain that confirms its originality and ownership.

Metakovan, whose real name has not been released, is the founder of Metapurse, the world’s largest NFT fund, Christie’s said in a statement.

The work entitled “Everydays: The First 5000 Days” is a collage of 5,000 individual images that have been created every day for more than thirteen years.

It was sold for $ 69,346,250 (42,329,453 ETH), which Metakovan paid for in the form of cryptocurrency Ether.

The sale put Beeple among the top three most valuable artists alive, Christie’s said, just behind David Hockney and Jeff Koons.

“When you think of high quality NFTs, this one is going to be pretty hard to beat. And here’s why – it represents 13 years of day-to-day work, “Metakovan said in a statement released by Christie’s.

“Techniques are reproducible and skills are unsurpassed, but the only thing you can’t hack digitally is time. This is the crown jewel, the most valuable work of art of this generation. It’s worth $ 1 billion. “

Reporting from Elizabeth Howcroft; Arrangement by Toby Chopra

Original Source © Reuters

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