Key Highlights:
- MetaKovan believes NFTs are far better than physical arts because they are composable and accessible on the Ethereum blockchain
- Beeple’s work is the third costliest artwork by a living artist. MetaKovan bought the piece for $69.3 million
- NFTs can bring democracy to the field of art, and they will reduce intermediaries in the industry
NFT collector MetaKovan spends $69.3 million on Beeple’s The First 5000 Days
MetaKovan, the leading collector of NFTs, says that he prefers NFTs over physical artworks because they are composable and available on the blockchain. MetaKovan recently revealed that his real name is Vignesh Sundaresan. Here are some of the reasons that convinced him to pay this amount of money for The First 5000 Days, an artwork created by Beeple.
Beeple (Mike Winkelmann) is a renowned digital artist. He compiled 5,000 of his pieces into a mosaic called The First 5000 Days, which he minted in the form of an NFT. After selling for $69.3 million, The First 5000 Days is the third most expensive artwork by a living person.
The masterwork is represented by an NFT, and it is available on ETH Blockchain. Beeple has made one piece per day for over 13 years, and the masterwork is a combination of his first 5000 works. NFTs are exploding right now, and Beeple’s piece has done a lot to legitimize the sector. However, NFTs are not only limited to art, and we can also find NFTs being used in other fields like sports.
NFTs are the most recent trend in the cryptocurrency space. Unlike normal crypto assets, each NFT contains unique information that can be used to identify it. Depending on the item that is associated with an NFT, some collectors are willing to pay a very high price. According to a report by CryptoSlate, Sundaresan, aka MetaKovan, bought a digital work made by Beeple for an unprecedented price of $69 million, making it the most expensive digital artwork in history.
Sundaresan thinks that NFTs are a similar movement to DeFi, and they can change the status quo of the economy. NFTs don’t need a physical location to keep them, and they can be shared between different users. These are the features that make them special and revolutionary.
