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Video Clip Sells for $660K a Second




(Newser)

The blockchain expertise behind Bitcoin and different digital currencies is shaking up the artwork world in addition to monetary markets. Gross sales of “non-fungible tokens”—artworks or different items of digital property authenticated as distinctive originals through blockchain—are exploding, with a 10-second art work by artist Beeple lately promoting for a document $6.6 million, studies Reuters. The video, which reveals individuals strolling what seems to be the graffiti-covered physique of an unlimited Donald Trump, was purchased by artwork collector Pablo Rodriguez-Fraile in October for $67,000. He resold it final week for nearly 100 instances as a lot. The 32-year-old tells Bloomberg that he thought it will take longer to rise in worth, nevertheless it was nonetheless “a incredible deal for the customer.”


“You may go within the Louvre and take an image of the Mona Lisa and you may have it there, nevertheless it doesn’t have any worth as a result of it doesn’t have the provenance or the historical past of the work,” the Miami-based collector says. “The truth right here is that that is very, very helpful due to who’s behind it.” Bloomberg notes that the increase in digital artwork has a precedent within the pictures market. Beeple, actual title Mike Winkelmann, is a digital artist who has been making a drawing a day for 13 years. A two-week public sale of his work began at Christie’s final week. He tells the New York Times that he solely began wanting into NFTs in mid-October. As with many different NFTs, the blockchain that authenticates his work additionally features a requirement that he will get 10% of the value each time it’s resold. “Once you purchase the art work, you are kind of getting into right into a relationship with me,” he says. (Learn extra blockchain tales.)

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