Topic: $69 Million Beeple Art Buyer Revealed as NFT (Read 245 times)
I believe it's just another way of money laundering, although I love this art concept I don't believe an online jpeg worth 69 million USD. I know it contains too much hard work and dedication for all these paintings for five thousands day but there is no logical reason to spend much money for that. Congrats to Beeple though, if he can freely spend his money and if the buyer is okay with it and his money come from legit way that's none of our business.
There is a great short documentary on YT (Cold Fusion channel) discussing this topic https://www.youtube.com/watch?v=x3nmAX3gAlw . I am not even going to try to understand this trend because I would have to have that kind of spending money to even comprehend, but one YT comment summed it best '
Quote
When money is worthless things that are worthless takes its place!'
That was funny,but money aren't totally worthless.
This "piece of art" is totally worthless,if you ask me.If I make all my social media posts into a painting,then make the painting into an NFT,the question is will this NFT "piece of art" sell for millions of dollars?I don't think so.
The guy,who paid 69 million for this piece of s*it simply wasted his money for nothing,unless he performed some kind of money laundering or tax evasion.
Yeah its totally worthless if we think about deeper since there's nothing we can do to it aside from watching. But I doubt theres other peoole will buy that painting again for the same or even higher since the price is so high. And some other really though that the buyer do a legal money laundering(hope not). After that many are now been interested with NFT and for sure other artist are now taking some steps to sell their piece in the market by using this stuffs.
Pseudonymous NFT investor Metakovan was the high bidder on Beeple's history-making NFT, according to a statement from British auction house Christie's. He paid over $69 million for the piece.
Bloomberg had previously reported that crypto entrepreneur Justin Sun was the buyer, but Sun later said that he'd been outbid at the last minute.
I’m yet to fully understand how this NFT thing works, like what really happens after these people pay for the tweets that are being auctioned, for example let’s say that this art that was auctioned , so does the artist said the art to the buyer or what exactly? Or they are auctioning the tweets only.Bloomberg had previously reported that crypto entrepreneur Justin Sun was the buyer, but Sun later said that he'd been outbid at the last minute.
But anyway, it is really a good thing and I have seen a lot of people that are steady into it. $69 million is a really huge amount of money. And about Justin Sun, I have noticed him a few times on tweets like this bidding on these NFT’s, so has he been able to win anyone of them at all? Cause it seems people keeps on beating him to every bid he makes lol.
I do not know who this Metakovan is, but paying 69 million dollars for a NFT still doesn't make sense to me at all, it should have been a lot less.
There are actually two buyers for the highest bid of $69 million for Beeple artwork in NNFT.The two entrepreneurs from Tamil Nadu who are currently settled in Singapore — Vignesh Sundaresan who goes by MetaKovan and Anand Venkateswaran, also known as They just revealed their identity to the general public and tell their aim behind such high bid for an 5000 piece of artwork.Quote
The point was to show Indians and people of colour that they too could be patrons, that crypto was an equalising power between the West and the ‘rest’, and that the global south was rising” said the two in a blog post revealing their identity.
And if you want to have some more details about them and their plans regarding buying such NFT' you can have a check here The pseudonym buyer for $69 million artwork
But is it really worth to spend such huge amounts on these types of NFT as they could have invested that amount in Bitcoin and enjoy the huge returns on their investment say 2-3 times when price surges after 2-3 years.But still people have preferences.
There is a great short documentary on YT (Cold Fusion channel) discussing this topic https://www.youtube.com/watch?v=x3nmAX3gAlw . I am not even going to try to understand this trend because I would have to have that kind of spending money to even comprehend, but one YT comment summed it best '
Quote
When money is worthless things that are worthless takes its place!'
That was funny,but money aren't totally worthless.
This "piece of art" is totally worthless,if you ask me.If I make all my social media posts into a painting,then make the painting into an NFT,the question is will this NFT "piece of art" sell for millions of dollars?I don't think so.
The guy,who paid 69 million for this piece of s*it simply wasted his money for nothing,unless he performed some kind of money laundering or tax evasion.
There is a great short documentary on YT (Cold Fusion channel) discussing this topic https://www.youtube.com/watch?v=x3nmAX3gAlw . I am not even going to try to understand this trend because I would have to have that kind of spending money to even comprehend, but one YT comment summed it best 'When money is worthless things that are worthless takes its place!'
If money laundering was not an issue, many people would admire such great work from both artists and the NFT. However, it is hard to believe such artwork worth so much money like that. There is no point wasting their money unless buyer is absolutely a crypto enthusiast
Anyway, congrats to the man for having pieces of art that create impact on the digital world
Anyway, congrats to the man for having pieces of art that create impact on the digital world
The concept of NFT is gaining hype and the artists can take full benefit of this situation. they can create and sell their NFT paintings and get good reward for them. NFT is the best decentralized platform to buy/sell unique artworks through crypto currencies.
Beeple's art is disturbing, yet it is only because it opens people's eyes. I believe the $69 Million bid was both memed out and justified, since it's 69 (lmao nice) and the fact that this is 5000 day's worth of pristine quality art pieces you wouldn't get elsewhere but from Beeple. It inspires me to become an NFT artist really as I have a few artworks on canvas and on paper too that I can scan and then sell on the blockchain.
You might want to go on that route, now that NFTs are booming, I think that getting in early is a good thing. Hopefully, you are going to pursue that idea of making Crypto Artworks and not just a talk in this forum. 69 million USD artwork is a lot of money and I think that it is a justly paid artwork because of the time that was spent on making all those artworks. 
I seriously don't understand the craze around NFTs! Do you really think a JPG file should be valued at this level? I mean how insane it can be to spend $69 million for a jpg file which doesn't exist physically! Can't really understand!
I don't think this would go on for long! It is like the early days of ICO and later IEO which has lost all its glory and moved to Defi now. I am sure NFT will end up like this only!
I don't think this would go on for long! It is like the early days of ICO and later IEO which has lost all its glory and moved to Defi now. I am sure NFT will end up like this only!
I do not know who this Metakovan is, but paying 69 million dollars for a NFT still doesn't make sense to me at all, it should have been a lot less. Justin Sun being outbidded at the last second means that he paid a lot as well, he should use that much millions of dollars on marketing Tron instead of spending on silly stuff like this.
You know how Binance Smart Chain started to rival ETH? They have spent 100 million dollars on projects that would be on BSC as a backbone, put money back into Tron so that there would be a lot of huge projects and promote them and do their advertisements and marketing, that way you would be basically making as much money for Tron as you can, it would make it go into top 10 easily. But, instead dude is chasing silly and definitely not worthy NFT's with that kind of money, here is your reason why Tron is not going up like others.
You know how Binance Smart Chain started to rival ETH? They have spent 100 million dollars on projects that would be on BSC as a backbone, put money back into Tron so that there would be a lot of huge projects and promote them and do their advertisements and marketing, that way you would be basically making as much money for Tron as you can, it would make it go into top 10 easily. But, instead dude is chasing silly and definitely not worthy NFT's with that kind of money, here is your reason why Tron is not going up like others.
The buyers really a whale, i cant count how much the money 69$ million is.
If he can re-sell it for $1 billion, i will absolutely goin crazy. Even its half of it, like 500$ million, its hard to believe.
They have a lot of money and most people that has a lot of money needs something to spend it on, there is a reason why there are art galleries that sell paintings for millions. Maybe in the near future, that can be a possibility but I don't think that there are going to be a lot of buyers at that price point.If he can re-sell it for $1 billion, i will absolutely goin crazy. Even its half of it, like 500$ million, its hard to believe.
I agree that hard to decide value of any art. But this 69$ million is not a small money, its really huge.
Ofc it will lead public opinion to kind of money laundering or another criminal issue.
This will be the perspective of the costumer on how he put a value on the art since if he really want to get that piece he will put all at any cost that's why it's not surprising to see especially in the art scene since many rich collectors are there. But also let's just see this possibilities since so far I never heard any money laundering case using this industry as a front.
The buyers really a whale, i cant count how much the money 69$ million is.
If he can re-sell it for $1 billion, i will absolutely goin crazy. Even its half of it, like 500$ million, its hard to believe.
They have a lot of money and most people that has a lot of money needs something to spend it on, there is a reason why there are art galleries that sell paintings for millions. Maybe in the near future, that can be a possibility but I don't think that there are going to be a lot of buyers at that price point.If he can re-sell it for $1 billion, i will absolutely goin crazy. Even its half of it, like 500$ million, its hard to believe.
I agree that hard to decide value of any art. But this 69$ million is not a small money, its really huge.
Ofc it will lead public opinion to kind of money laundering or another criminal issue.
If money laundering was not an issue, many people would admire such great work from both artists and the NFT. However, it is hard to believe such artwork worth so much money like that. There is no point wasting their money unless buyer is absolutely a crypto enthusiast
Anyway, congrats to the man for having pieces of art that create impact on the digital world
Anyway, congrats to the man for having pieces of art that create impact on the digital world
Slightly contrary to the market trend i wish they could use this money to raise funds to help those who were in trouble during the pandemic.
As people's real-life values get worse and worse, these virtual values go up again.
I don't want to say that the NFT is exaggerated but really compared to the world we are out of balance.
As people's real-life values get worse and worse, these virtual values go up again.
I don't want to say that the NFT is exaggerated but really compared to the world we are out of balance.
The buyers really a whale, i cant count how much the money 69$ million is.
If he can re-sell it for $1 billion, i will absolutely goin crazy. Even its half of it, like 500$ million, its hard to believe.
NFT are getting crazy nowadays, with a lot of expensive staff that no one knows will be sold for millions of money.Quote
In the Christie’s press release, Metakovan said “it is worth $1 billion.”
If he can re-sell it for $1 billion, i will absolutely goin crazy. Even its half of it, like 500$ million, its hard to believe.
Whales are playing with their money and I'm sure that buyer knows what she's doing, she might sell it soon with a huge profit as well, we'll see.
Famous artist are getting paid well now, and NFT make that possible.
The buyers really a whale, i cant count how much the money 69$ million is.
If he can re-sell it for $1 billion, i will absolutely goin crazy. Even its half of it, like 500$ million, its hard to believe.
They have a lot of money and most people that has a lot of money needs something to spend it on, there is a reason why there are art galleries that sell paintings for millions. Maybe in the near future, that can be a possibility but I don't think that there are going to be a lot of buyers at that price point.If he can re-sell it for $1 billion, i will absolutely goin crazy. Even its half of it, like 500$ million, its hard to believe.
Collectors will not just look at the value since if they see something caught their attentions they will make sure to buy it at any cost, it's a personal satisfaction and I'm so sure that the buyer is so satisfied on what he bought there. But one thing is for sure here many artist will showcase their artworks since those news creates big news on art industry.
It is an open market and art is one of the ways in which money laundering is carried out. You cannot specify an end to speculation in auctions because the price is often not subject to any logical controls.
Sometimes a lot of people put their bets on something in order to increase its value.
In general, I do not understand NFT I think it is something that is not based on any basis and is not supposed to have a zero value.
To be fair, if NFT succeed in taking a value, the additional feature that will be included is the ability to transfer arts without paying a lot of money.
Sometimes a lot of people put their bets on something in order to increase its value.
In general, I do not understand NFT I think it is something that is not based on any basis and is not supposed to have a zero value.
To be fair, if NFT succeed in taking a value, the additional feature that will be included is the ability to transfer arts without paying a lot of money.
The buyers really a whale, i cant count how much the money 69$ million is.
If he can re-sell it for $1 billion, i will absolutely goin crazy. Even its half of it, like 500$ million, its hard to believe.
They have a lot of money and most people that has a lot of money needs something to spend it on, there is a reason why there are art galleries that sell paintings for millions. Maybe in the near future, that can be a possibility but I don't think that there are going to be a lot of buyers at that price point.If he can re-sell it for $1 billion, i will absolutely goin crazy. Even its half of it, like 500$ million, its hard to believe.
The buyers really a whale, i cant count how much the money 69$ million is.
If he can re-sell it for $1 billion, i will absolutely goin crazy. Even its half of it, like 500$ million, its hard to believe.
Quote
In the Christie’s press release, Metakovan said “it is worth $1 billion.”
If he can re-sell it for $1 billion, i will absolutely goin crazy. Even its half of it, like 500$ million, its hard to believe.
The famous Mona Lisa by Leonardo Da Vinci was insured for $100 million in 1962.
It set a guinness world record for the most expensive insurance policy ever put on a painting.
...
Last year a self portrait painting by Rembrandt sold for $18.7 million.
Imagine NFTs selling at significantly higher prices than famous paintings and art.
We're on a different era now where technology are booming, so I don't thinks its fair to compare this one but with regards to its value, that Painting are still more valuable.It set a guinness world record for the most expensive insurance policy ever put on a painting.
Quote
Highest insurance valuation for a painting
The highest known insurance valuation for a painting is $100million (£53.55 million) assessed for the move of The Mona Lisa (La Gioconda) by Leonardo da Vinci (1452–1519, Italy) from the Louvre in Paris, France, to Washington, DC, USA and then New York City, New York, USA for a special exhibition 14 December 1962 to 12 Mar 1963.
https://www.guinnessworldrecords.com/world-records/highest-insurance-valuation-for-a-painting
The highest known insurance valuation for a painting is $100million (£53.55 million) assessed for the move of The Mona Lisa (La Gioconda) by Leonardo da Vinci (1452–1519, Italy) from the Louvre in Paris, France, to Washington, DC, USA and then New York City, New York, USA for a special exhibition 14 December 1962 to 12 Mar 1963.
https://www.guinnessworldrecords.com/world-records/highest-insurance-valuation-for-a-painting
...
Quote
Rembrandt painting sold at Sotheby's virtual auction shatters record for one of his self-portraits
A self-portrait by Rembrandt sold for $18.7 million at the virtual auction — a record price for a self-portrait by the Dutch master, the auctioneer’s said.
https://www.foxnews.com/world/rembrandt-painting-sold-sothebys-record-self-portraits
A self-portrait by Rembrandt sold for $18.7 million at the virtual auction — a record price for a self-portrait by the Dutch master, the auctioneer’s said.
https://www.foxnews.com/world/rembrandt-painting-sold-sothebys-record-self-portraits
Last year a self portrait painting by Rembrandt sold for $18.7 million.
Imagine NFTs selling at significantly higher prices than famous paintings and art.
Anyway, I can't imagine Justin Sun is so interested to get this art but unfortunately he was outbid by someone else. Imagine the demand for NFT right now, I believe we're still bound for a higher heights with NFT, this is just the beginning and better to get in now before it burst.
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