Artist Mike Winkelmann, better known as Beeple, said Sunday that non-fungible token art is in a bubble.
What happened: Winkelmann commented on ‘Fox News Sunday’, where he said NFT art was ‘absolutely’ in a bubble, Bloomberg reported.
‘I absolutely think it’s a bubble, to be honest. I go back to the analogy of the beginning of the internet. There was a bubble. And the bubble bursts, ”says the artist.
Beeple noted that, just as the Internet has not been wiped out after the burst of the bubble, if the NFT technology itself is “strong enough”, it will survive a similar eruption.
Why it matters: Winkelmann sold an NFT piece titled “The First 5000 Days” this month for $ 69 million at a Christie’s auction.
The art was purchased by Vignesh Sundaresan, an Indian software engineer.
On sale, Winkelmann said: “By Friday night, the man – this is a man in Singapore – he had the artwork and I had the money,” and added: “$ 55 million in my bank account. Like, tree, done, the next day. ‘
The sale is in Ethereum (CRYPTO: ETH). The crypto-currency traded 0.52% lower at $ 1,784.36 at the time of printing.
The digital artist offered $ 69 million Tesla Ing (NASDAQ: TSLA) CEO Elon Musk for an NFT song on NFTs, but the latter changed his mind about doing the sale.
Other artists who took advantage of the trend include Musk’s partners Grimes, Lindsay Lohan and Banksy, who sold a piece for $ 394,000.
The NFT craze is, according to some, related to the Tulip Mania that swept Holland in its golden era.
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