A PIECE of digital art called The First 5000 Days, created by Beeple has been sold for millions after it was listed for $100.
The artwork only exists as a computer image and can only be seen on a blockchain on a computer.
Who is Beeple?
Beeple is the digital artist Mike Winkelmann.
He is a graphic designer whose digital artwork includes short films, Creative Commons VJ loops, everydays and VR / AR work.
He is the creator of the "everyday" project, where he has been creating a picture every day and posting it online for over ten years.
He lives with his wife and two children in Charleston South Carolina.
He has 1.9 million Instagram followers.
How much has his artwork sold for?
His art project "Everydays: The First 5000 Days," was sold for $69.3 million on Thursday, March 11, 2021.
Beeple had only ever sold a print for $100 up until a few months ago when he began selling NFTs for about $67,00 apiece in October.
In December he sold a series of his work for $3.5 million and in February, one of the NFTs originally sold for $66,666.66 was resold at $6.6 million.
What is NFT art?
The art project called "Everydays: The First 5000 Days," is an NFT (non-fungible token).
This means the art only exists as a computer image.
It is a series of unique files that live on a blockchain and verify the ownership of a work of digital art.
It is essentially a digitalised piece of work such as art or music, turned into a non-fungible token that is stored on the blockchain.
That means it cannot be replicated and is unique to whoever owns it.
Why has NFT artwork been criticized?
NFT artwork has been criticised as buyers get limited rights to display the art each NFT represents.
Essentially this means buyers are paying for bragging rights and can later resell that ownership.
NFTs have become popular among influencers, artists and celebrities who use them to promote products.
The collectors have the chance to own a unique digitised piece of art, music or even trading cards.
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