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Everydays the first 5000 days
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69 million dollars for “Everyday: The First 5000 Days”, a purely digital work by the artist Beeple -which some catalogued as the most expensive JPG in history- opened the debate about whether it is viable to think of a new paradigm of art generated by the possibility of monetizing pieces that have no physical existence, a variant that for some analysts constitutes a market phenomenon rather than an artistic milestone.
There were 22 million viewers from America, Europe and Asia following online the final moments of the bidding that made Beeple -who has collaborated with Louis Vuitton and pop stars like Justin Bieber and Katy Perry- the third most expensive living artist in the world, behind Jeff Koons and David Hockney.
was “converted” in February into a non-fungible token, or NFT, a secure network of computer systems that records the sale on a digital ledger, known as blockchain, and provides buyers with proof of authenticity and ownership (and where most pay with the cryptocurrency Ethereum).
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“I think it’s a historic moment not only for digital art, but for the entire art world,” the South Carolina artist, who worked for brands such as Apple, Nike, Samsung and Louis Vuitton, and for recitals by artists such as Ariana Grande and Justin Bieber, said in a statement released by Christie’s. “With blockchain,” he added, “technology now makes it possible to guarantee ownership and the true boundaries of digital work, so I think we’re not only going to see an explosion of new work, but also new collectors.
The work has an encrypted non fungible token (NFT), a technology that guarantees its authenticity thanks to the artist’s unforgeable signature that prevents duplication.
“Are NFTs a fad or do they represent the future of the art market?” asks The Art Newspaper, one of the world’s most prestigious art publications, in the announcement of a podcast where the topic is debated. Sponsored, of course, by Christie’s.
everydays: the first 5000 days
Beeple’s work, entitled “Everydays: The First 5,000 Days,” is a collection of drawings and animations made during 5,000 consecutive days, and the final auction price reached $69.3 million dollars.
On the other hand, it also maintains the history of purchase and sale and provenance that has been produced over time, which gives it the possibility of not being able to be duplicated without losing that certification of originality.
Journalism student. Publishing in digital media since 2015. I am passionate about writing and I take my work very seriously: I consult sources, I seek impartiality and objectivity as a good professional.
wikipedia
Popular blockchains, such as the Ethereum blockchain, have provided platforms for creators to sell their digital work. For more information on blockchains and bitcoins, read our previous article HERE.
Digital art is more lucrative than it seems. Winkelmann’s artwork sale was not an atypical case. Popular YouTuber Logan Paul sold his followers over $5 million worth of digital Pokémon cards with his cartoon face on them.
It is already very beneficial for artists to sell their work as NFTs because it allows them to operate independently of art galleries and auction houses to sell their work. They can also earn royalties on future sales. In Winklemann’s case, she will receive a 10% royalty for each resale of her artwork.
On the other hand, some have argued that the high prices of NFTs are partly due to novelty and will not continue in the long term. It is already difficult to buy NFTs, because most marketplaces require potential buyers to pay in cryptocurrencies.
