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<ul><li>The non-fungible token (NFT) ‘Everydays: The First 5000 Days’ by <keyword id="10848595" type="UNKNOWN" weightage="20" keywordseo="beeple">Beeple</keyword> was sold for a whopping $69 million at a Christie’s auction last week to <keyword id="10920362" type="UNKNOWN" weightage="20" keywordseo="Metakovan">MetaKovan</keyword>.</li><li>MetaKovan has revealed himself to be entrepreneur Vignesh Sundaresan, who was also the founder of the now defunct Coins-e exchange.</li><li>According to him, he made the purchase to show the world the equaling power of crypto.</li><li>However, an independent blogger Amy Castor, suspects that Beeple and Sundaresan may have been in cahoots to increase the value of the rest of Beeple’s collection within the B20 project. </li></ul>A piece of digital artwork — a non-fungible token (NFT) — was put under the hammer in the UK and was sold for $69 million last week. It’s the third-highest price ever paid for a work by a living artist, according to the legacy auction house Christie’s. While the sale of ‘Everydays: The First 5000 Days’ was a historic moment for Christie’s, Beeple — whose real name is Mike Winkelmann — and the art world in general, many were left wondering about the mystery man who made the bid using the pseudonym MetaKovan. <div type="image" title="Screenshot (681)_edited" msid="81583556" hostid="261" caption="&amp;lt;p&amp;gt;Beeple&amp;#39;s &amp;#39;Everydays: The First 5000 Days&amp;#39;&amp;lt;/p&amp;gt;"></div> It turns out, it wasn’t just one man, but two entrepreneurs from Tamil Nadu who are currently settled in Singapore — Vignesh Sundaresan who goes by MetaKovan and Anand Venkateswaran, also known as Twobadour. “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. <keyword id="10952496" type="UNKNOWN" weightage="20" keywordseo="who-is-metakovan">Who is MetaKovan</keyword>? Sundaresan, an alumnus of the US-based startup accelerator Y-Combinator, discovered crypto in 2013. At the time he had no money. So, he looked to the global and open network of Bitcoin to earn some cash. This led to him offering escrow services, and eventually setting up an exchange in Canada called Coins-e. This was Sundaresan’s introduction to the world of cryptocurrencies. But, his true turning point was when he invested in the world’s first Initial Coin Offering (ICO) of Ethereum. The money that came in was used to fund multiple projects like Polkadot, Tezo, Dfinity, Decentraland, Flow and others. And, the same fountain of gold is what created Metapurse — “a crypto-exclusive fund that specialises in identifying early-stage projects across blockchain infrastructure, finance, art, unique collectibles, and virtual estate.” Basically, if there’s any worth spending money on in the crypto space, then Metapurse wants to be a part of it — like Beeple’s artwork. “As founder and steward of Metapurse, they are charged with helping build the metaverse. We now know they can do the heavy lifting, backed by a growing team,” said the blog post explaining the roles of Sundaresan and Vekateswaran, respectively. The controversy around Metapurse Metapurse’s first experiment was the B20 project. Sundaresan and Venkateswaran bought about 20 single edition art pieces by Beeple for $2.2 million. Subsequently, it set up the collection. Not in the real world, but in bitspace. The two men sought out prime real estate in the virtual world, signed on virtual architects to create monuments, and infused these structures with an original soundscape. And, this is where things get complicated. When Sundaresan created the B20 project, he gave himself 59% of the outstanding tokens and 2% of it went to Beeple. According to an independent blogger <a href="https://amycastor.com/2021/03/14/metakovan-the-mystery-beeple-art-buyer-and-his-nft-defi-scheme/">Amy Castor</a>, this represents a conflict of interest. The two may have been in cahoots to ensure that the ‘Everydays: The First 5000 Days’ artwork, by Beeple, gets added to the Metapurse collection. <div type="image" title="Screenshot (682)_edited" msid="81583576" hostid="261" caption="&amp;lt;p&amp;gt;Close up of one of the images within &amp;#39;Everydays: The First 5000 Days&amp;#39;&amp;lt;/p&amp;gt;"></div> WhaleStreet, the decentralised market for swapping tokens, hosted the B20 sale on January 23. Around 1.6 million B20 tokens were sold at $0.36 apiece. After the auction, this shot up to $23. This means the sale of Beeple’s latest NFT boosted the value of the entire collection by over 6000%. At the time of writing this article, the value of B20 tokens have come down $8.28, according to <a href="https://coinmarketcap.com/currencies/b20/">CoinMarketCap</a>. According to Castor, Beeple’s share is still worth over $3 million if he sells his coins quickly and there’s enough liquidity to actually sell them. “Since I published this article, Sundaresan has written to me and asked me to take it down. I refused, but agreed to make edits if he could point to anything specific that was wrong — so far, he hasn’t,” wrote Castor. SEE ALSO: <a href="https://www.businessinsider.in/policy/news/indias-supreme-court-looks-into-allegations-of-nearly-four-crore-ration-cards-being-cancelled-because-they-were-not-aadhaar-linked/articleshow/81570339.cms">A Dalit mother lost her ration card and then her child to starvation — her fight for justice has now become a national cause at the Supreme Court</a> <a href="https://www.businessinsider.in/international/news/japan-is-the-only-country-that-does-not-allow-same-sex-marriage-within-the-g7/articleshow/81563467.cms">Japan’s same-sex marriage ban ruled ‘unconstitutional’ as India’s LGBTQ community waits in hope</a> <a href="https://www.businessinsider.in/science/space/news/finnish-photographer-jp-metsavainio-took-over-a-decade-and-1000-hours-of-photography-to-create-this-picture-of-the-milky-way-and-20-million-stars/slidelist/81563516.cms">It took over a decade and 1,000 hours of photography to create this picture of the Milky Way</a>

The man who bought Beeple’s $69 million NFT reveals his identity to show the equalising power of crypto — but is caught in a controversy himself

<ul class="summary-list"><li>Digital artist <keyword id="10848595" type="UNKNOWN" weightage="60" keywordseo="beeple">Beeple</keyword> sold a piece of art for more than $69 million on Thursday through Christie's. </li><li>The piece was bought by the founder of an <keyword id="4668945" type="PERSON" weightage="60" keywordseo="nft">NFT</keyword> fund who goes by "Metakovan."</li><li>Metakovan said the piece will be "the most valuable piece of art for this generation."</li></ul>Christie's caused a stir on Thursday when it <a href="https://www.businessinsider.com/art-auction-nft-beeple-top-selling-most-expensive-sale-millions-2021-3">auctioned off a piece of digital art</a> - a JPG file - for more than $69 million. Now it has revealed the buyer who shelled out a fortune for digital artist Mike Winkelmann's "Everydays: The First 5000 Days."The founder of nonfungible token (NFT) fund Metapurse bought the piece, Christie's announced Friday. The buyer, who goes by the pseudonym Metakovan, said the piece is worth multiples of what they paid for it. "When you think of high-valued <keyword id="902592" type="PERSON" weightage="60" keywordseo="NFTS">NFTs</keyword>, this one is going to be pretty hard to beat. And here's why - it represents 13 years of everyday work. Techniques are replicable and skill is surpassable, but the only thing you can't hack digitally is time," Metakovan said. "This is the crown jewel, the most valuable piece of art for this generation. It is worth $1 billion."According to the Metapurse website, Metakovan is an "entrepreneur, coder, and angel investor in blockchain technology since 2013."The auction saw a flurry of bids pour in its final stretch, with the price for the piece soaring from $15 million to its selling price in under 30 minutes. Christie's said 33 participated in the bidding, and that 64% of them were either Millennials or Gen Z. The work features 5,000 pieces of digital art that Winkelmann, better known as Beeple, created every day over the last several years. The near-$70 million it raked in at auction was the third-highest price achieved by a living artist, Christie's said. The auction house also said "Everydays: The First 5000 Days" is the most expensive piece of digital art ever sold, and that it attracted the highest bid for any online auction. The artwork was created as an NFT - essentially a digital certificate of ownership and authenticity that lives on a secure system called a blockchain. Its record-shattering sale came as excitement around NFTs has hit a fever pitch. Read more: <a href="https://www.businessinsider.com/what-does-nft-mean-crytpo-non-fungible-tokens-art-explained-2021-2?r=tl-sub">What you need to know about NFTs, the collectible digital tokens that are selling for millions online</a>In February, a meme of a cat with a Pop-Tart body <a href="https://www.businessinsider.com/ethereum-nft-meme-art-nyan-cat-sells-for-300-eth-2021-2">sold for $600,000</a>. And over the last 30 days, nearly $300 million has changed hands on <a href="https://www.businessinsider.com/nba-top-shot-virtual-highlights-for-sale-moments-blockchain-explained-2021-2">NBA Top Shot</a>, a new marketplace for officially licensed basketball highlight clips. Before Thursday's sale, the most expensive piece of NFT art was another example by Winkelmann. That piece <a href="https://www.businessinsider.com/art-nft-beeple-blockchain-pieces-sell-for-millions-2021-3">raked in $6.6 million</a> on NFT marketplace Nifty Gateway. Winkelmann <a href="https://www.businessinsider.com/nft-artists-make-millions-traditional-galleries-adapt-cryptoart-2021-3">told Insider in an interview</a> that before NFTs began to take off in recent months, he never expected to sell a piece for more than $1,000.

Buyer of $69 million crypto art revealed as mysterious founder of NFT fund, who says the artwork is 'worth $1 billion'

<ul class="summary-list"><li>The buyers of <keyword id="10848595" type="UNKNOWN" weightage="60" keywordseo="beeple">Beeple</keyword>'s $69.3 million piece dropped their real names in a blog post.</li><li>The buyers said they wanted people of color to know they could use crypto as "an equalizing power."</li><li>Vignesh Sundareson and Anand Venkateswaran have created the world's largest <keyword id="4668945" type="PERSON" weightage="60" keywordseo="nft">NFT</keyword> fund.</li></ul>The buyers who <a href="https://www.businessinsider.com/art-auction-nft-beeple-top-selling-most-expensive-sale-millions-2021-3">spent nearly $70 million on Beeple's crypto art piece</a> revealed their identities in a <a href="https://metapurser.substack.com/p/nfts-the-first-5000-beeples">blog post</a> about a week after the purchase.Earlier in March, the auction house responsible for the <a href="https://www.businessinsider.com/who-bought-beeple-nft-art-buyer-revealed-metakovan-metapurse-2021-3">sale announced that the pseudonymous founder of an NFT fund, Metakovan</a>, had bought the piece. In a blog post on Metapurse, millionaire entrepreneur Vignesh Sundaresan came forward as one of the buyers.Crypto investors Sundareson and Anand Venkateswaran have been going by their online usernames @Metakovan and @Twobadour. The two said they had been dropping hints about their identity ever since they made history with the $69.3 million Beeple purchase."These pseudonyms were never meant to be masks," Sundareson and Venkateswaran wrote in their post. "The point was to show Indians and people of color that they too could be patrons, that crypto was an equalizing power between the West and the Rest, and that the global south was rising."Sundareson and Venkateswaran's purchase became international <keyword id="6355005" type="UNKNOWN" weightage="60" keywordseo="news">news</keyword> as it made the artist of the piece, Mike Winkelmann, one of the most valuable living artists. In the past two months <keyword id="10871093" type="UNKNOWN" weightage="60" keywordseo="crypto-art">crypto art</keyword> has boomed, generating over $1 billion in less than a month, according to <a href="https://www.cryptoslam.io/">CryptoSlam</a>.The two entrepreneurs started out in crypto back in 2013. Sundareson said at the time he didn't have enough money to fully invest in <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">Bitcoin</keyword>, so he offered escrow services. Since then, both Sundareson and Venkateswaran have become the founders of the world's largest fund for <a href="https://www.businessinsider.com/what-does-nft-mean-crytpo-non-fungible-tokens-art-explained-2021-2">non-fungible tokens or NFTs.</a>Before purchasing Winkelmann's piece on Christie's auction site, the two had already bought 20 Beeple art pieces.While some critics think the Metapurse founders' Beeple investment may be an effort to simply buoy the market or stack the cards in favor of their NFT fund, Sundareson <a href="https://www.wric.com/news/u-s-world/how-two-friends-made-art-history-buying-a-70m-digital-work/">told ABC New</a>s he expects the piece to continue to gain in value.Sundareson <a href="https://www.cnbc.com/2021/03/30/vignesh-sundaresan-known-as-metakovan-on-paying-69-million-for-beeple-nft.html">told CNBC</a> on Tuesday that he would have paid even more for the piece if he had to. The bidding war for the Beeple piece came down to the last minute, as Sundareson and Venkateswaran <a href="https://www.businessinsider.com/beeple-sells-latest-nft-runner-up-bidder-record-crypto-art-2021-3">beat out Tron CEO Justin Sun during the final moments of the auction.</a>"This NFT is a significant piece of art history," Sundaresan told CNBC. "Sometimes these things take some time for everyone to recognize and realize. I'm okay with that. I had the opportunity to be part of this very important shift in how art has been perceived for centuries."<a href="https://metapurser.substack.com/p/nfts-the-first-5000-beeples">Read the full post on Sundareson and Venkateswaran's NFT journey on Metapurse.</a>

The mysterious buyers of Beeple's $69 million crypto art piece revealed their real names: 'these pseudonyms were never meant to be masks'

<ul class="summary-list"><li>In March, Vignesh Sundaresan spent $69 million for the NFT of <keyword id="12643997" type="UNKNOWN" weightage="60" keywordseo="beeple" source="Orion">Beeple</keyword>'s "Everydays."</li><li>Now, he says he would be happy if everyone had a free copy of the artwork.</li></ul>In March, <a href="https://www.businessinsider.com/beeple-nft-mike-winkelmann-digital-art-christies-2021-3?utm_source=markets&amp;utm_medium=ingest">Beeple sold a digital collection</a> of his art as an NFT for a record $69 million. Now, the buyer wants everyone to have a free copy. The buyer, Vignesh Sundaresan, who's also known as MetaKovan, <a href="https://www.bloomberg.com/news/articles/2021-11-30/metakovan-would-be-happy-if-you-download-his-69-3-million-nft">told Bloomberg</a> he'd be happy if everyone downloaded a copy of the multi-million dollar non-fungible token, "Everydays: The First 5,000 Days."That's because Sundaresan, a <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> investor who cofounded bitcoin ATM company BitAccess, told Bloomberg "information wants to be free," and keeping things on the internet inside walled gardens like paywalls doesn't work well.To him, everyone should be able to enjoy an NFT, a digital piece of art tied to the blockchain, without having to pay for it. For those who pay for the production, they get the credit for it, Bloomberg wrote. "Instead of giving the importance to that copy of the file, it kind of gives importance to something else big. The idea that some person supported an artist at some time and this was the memorabilia," he told Bloomberg.<keyword id="11901075" type="UNKNOWN" weightage="60" keywordseo="nfts" source="Orion">NFTs</keyword> have ballooned to a massive market this year, reaching more than $10 billion in trading volume in the third quarter alone, a more than 700% jump from the prior three months. Even as the mania around them continues, NFT enthusiasts and critics are sparring over the digital asset's actual worth. Enthusiasts say NFTs are the key to unlocking the future internet, known as the metaverse; critics say they're nothing more than a file that can be right clicked and downloaded. One critic even downloaded all of them to make a point. In April, <a href="https://markets.businessinsider.com/news/stocks/nft-market-outlook-huge-risk-beeple-buyer-bubble-vignesh-sundaresan-2021-4">Sundaresan said</a> investing in NFTs is "even crazier than investing in crypto" and said the asset class wouldn't hold the hype forever. Instead, he said high-value items would be limited with an infinite number of low-value items.

Why the buyer of Beeple's $69 million NFT wants everyone to make free copies of the digital art

<ul><li><keyword id="219358" type="PERSON" weightage="60" keywordseo="Mark-Cuban">Mark Cuban</keyword> is selling one of his quotes as a <keyword id="10848592" type="UNKNOWN" weightage="60" keywordseo="non-fungible-token">non-fungible token</keyword> (<keyword id="4668945" type="PERSON" weightage="60" keywordseo="nft">NFT</keyword>) for $1,700.</li><li>The "<keyword id="1417364" type="COMPANY" weightage="60" keywordseo="Shark-Tank">Shark Tank</keyword>" billionaire has 10 of the tokens for sale with a 15% royalty.</li><li>Cuban is also selling hype videos for his <keyword id="218068" type="ORGANIZATION" weightage="60" keywordseo="Dallas-Mavericks">Dallas Mavericks</keyword> basketball team.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">See more stories on Insider's business page</a>.</li></ul>Billionaire investor Mark Cuban is <a href="https://twitter.com/mcuban/status/1370454069765156865">selling</a> one of his <keyword id="3100286" type="PERSON" weightage="60" keywordseo="motivational-quotes">motivational quotes</keyword> as a non-fungible token (NFT) for $1,700 worth of <keyword id="6357017" type="DEFINITION" weightage="60" keywordseo="cryptocurrency">cryptocurrency</keyword>.Cuban's <a href="https://mintable.app/collectibles/item/No-one-every-changed-the-world-by-what-everyone-else-was-doing-Motivational-Quotes/42NyyQiCOJ0WyQo">listing</a> consists of a digital image of him with the words, "Nobody ever changed the world by doing what everyone else was doing - Mark Cuban" pasted on top of it.The "Shark Tank" star and Dallas Mavericks owner's quote has been butchered in the listing description: "No one ever changed the world by what everyone else was doing," it reads.Cuban still had 10 of the NFTs up for sale at the time of writing. They're each priced at just under 0.96 ether, the cryptocurrency built on top of the Ethereum blockchain.NFTs are essentially digital certificates of ownership and authenticity, which are securely stored on a blockchain. They're unique tokens used to identify and track digital items.Cuban is charging a 15% royalty on secondary sales, meaning he gets a cut if the buyers of his NFTs resell them in the future.The investor, who <a href="https://markets.businessinsider.com/news/stocks/how-mark-cuban-saved-billions-yahoo-windfall-dot-com-crash-2020-6-1029303375">made his fortune</a> by selling his audio-streaming startup to Yahoo during the dot-com boom, has two other items listed on Mintable, a digital-goods marketplace. "The UnderDog has spoken," a motivational video for the Dallas Mavericks, is priced at close to $2,300. "MavsSunsGameDayExperience," a 30-second hype video featuring players dunking glowing basketballs, recently sold for about 0.75 ether or more than $1,300.The hype around NFTs hit a fresh high this week after one was <a href="https://www.businessinsider.com/art-auction-nft-beeple-top-selling-most-expensive-sale-millions-2021-3">sold for $69 million</a> in a Christie's auction. The <a href="https://www.businessinsider.com/who-bought-beeple-nft-art-buyer-revealed-metakovan-metapurse-2021-3">buyer of the digital artwork</a> goes by the pseudonym Metakovan and runs a NFT fund called Metapurse.Cuban <a href="https://markets.businessinsider.com/currencies/news/mark-cuban-praises-dogecoin-defi-nfts-bitcoin-not-inflation-hedge-2021-3-1030172586">discussed his own experimentation with NFTs</a> in an interview earlier this week. He described the option to charge royalties on resale as a "game-changer" that has "changed the nature of selling anything digital."

Billionaire Mark Cuban is selling a motivational quote as a NFT for $1,700

<ul><li><keyword id="577854" type="PERSON" weightage="60" keywordseo="Chris-Sacca">Chris Sacca</keyword> sees the $69 million <keyword id="4668945" type="PERSON" weightage="60" keywordseo="nft">NFT</keyword> sale this week as significant.</li><li>The venture capitalist said people shouldn't ignore non-fungible tokens.</li><li>Sacca highlighted the appeal of <keyword id="909478" type="PERSON" weightage="60" keywordseo="collectibles">collectibles</keyword> and the value of creators getting paid.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">See more stories on Insider's business page</a>.</li></ul>Some people will have rolled their eyes at the <a href="https://www.businessinsider.com/art-auction-nft-beeple-top-selling-most-expensive-sale-millions-2021-3?utm_source=markets&amp;utm_medium=ingestgest">record-breaking $69 million sale</a> of a digital artwork at a Christie's auction this week. They should pay attention to what the transaction signifies, billionaire investor Chris Sacca <a href="https://twitter.com/sacca/status/1370031493595226115">tweeted</a> after the news broke."No matter how you feel about NFTs, don't look away from this," he said. He was referring to non-fungible tokens that serve as virtual certificates of ownership and authenticity for digital items, and are stored securely on a <keyword id="6355684" type="PERSON" weightage="60" keywordseo="Blockchain">blockchain</keyword>."It's okay to not get why someone would pay that, and it's okay to be bummed about the climate impact," Sacca continued. "But don't be willfully ignorant about what's happening."Metakovan, the <a href="https://www.businessinsider.com/who-bought-beeple-nft-art-buyer-revealed-metakovan-metapurse-2021-3">pseudonymous buyer</a> of "Everydays: The First 5000 Days" by artist Beeple, will receive a NFT confirming they're the new owner of the piece. However, there's nothing to stop other people downloading and sharing copies of the artwork.Sacca - an early investor in Uber, Twitter, and Instagram - has praised NFTs and downplayed concerns they'll be a short-lived fad."Very cool and I am a collector at heart," he said in a <a href="https://twitter.com/sacca/status/1363608181255983106">Twitter thread</a> last month. "I don't think it's a bubble, and I do think it will work."However, the <keyword id="2881636" type="COMPANY" weightage="60" keywordseo="Lowercase-Capital">Lowercase Capital</keyword> founder and former "Shark Tank" star said he wouldn't be abandoning physical memorabilia anytime soon. "I have a feeling this is going to be the tech that finally turns me into the 'Yeah, but I only listen on vinyl' guy," he joked in the thread.Sacca lauded NFTs as the next frontier for collectibles, and praised them for allowing creators to collect royalties on future resales of their work, in a <a href="https://www.forbes.com/sites/alexkonrad/2021/03/10/chris-sacca-talks-biden-crypto-nft-climate-startups/?sh=2a46d3c51985">Forbes interview</a> published this week. "Collections as a reflection of your identity are powerful," he said. "And I will never underestimate the beauty of tools that empower creatives to do and get paid for their best shit."Billionaire investor and fellow "Shark Tank" star Mark Cuban also <a href="https://markets.businessinsider.com/currencies/news/mark-cuban-praises-dogecoin-defi-nfts-bitcoin-not-inflation-hedge-2021-3-1030172586">touted NFTs</a> in an interview this week, labeling the ability to receive royalties a "game-changer" for digital commerce.

Billionaire investor Chris Sacca told people not to ignore the $69 million NFT sale this week

<ul class="summary-list"><li>The buyer of <keyword id="10848595" type="UNKNOWN" weightage="60" keywordseo="beeple">Beeple</keyword>'s $69 million NFT has said investing in the assets is a "huge risk."</li><li>Vignesh Sundaresan said he thinks the hype around <keyword id="902592" type="PERSON" weightage="60" keywordseo="NFTS">NFTs</keyword> will fade.</li><li>A number of people are warning about a <keyword id="4662213" type="PERSON" weightage="60" keywordseo="Bubble">bubble</keyword> in NFTs, and the market has slowed sharply.</li></ul>Investing in non-fungible tokens is a "huge risk," according to the entrepreneur who spent $69 million on an NFT has said. His voice is the latest in a growing number of figures to strike a skeptical tone about the market.Vignesh Sundaresan, a crypto investor who cofounded bitcoin ATM company BitAccess, <a href="https://www.bloomberg.com/news/articles/2021-04-06/crypto-whale-behind-69-million-nft-sees-huge-risk-for-traders?sref=Yg3sQEZ2">told Bloomberg</a> on Tuesday that investing in NFTs is "even crazier than investing in crypto."Sundaresan's warning came despite the fact that the entrepreneur spent <a href="https://www.businessinsider.com/beeple-nft-mike-winkelmann-digital-art-christies-2021-3?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">$69 million</a> buying an NFT artwork by Beeple called "Everydays: The First 5,000 Days." It made Beeple the third-most-expensive living artist."I don't think NFTs will hold the same kind of hype forever around high-value items," Sundaresan, who is also known as MetaKovan, told Bloomberg. "The market will get divided. There will be very few high-value items and an infinite number of very low-valued items."<a href="https://www.businessinsider.com/what-does-nft-mean-crytpo-non-fungible-tokens-art-explained-2021-2#:~:text=Non%2Dfungible%20tokens%20account%20for,of%20Insider%20for%20more%20stories.?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">Non-fungible tokens, or NFTs</a>, are a special class of digital assets that cannot be exchanged with one another for equal value, or broken down into smaller bits. They often operate as a type of collectors' item and cannot be duplicated.They are the hottest new thing in the crypto world, with superstar artist <a href="https://markets.businessinsider.com/currencies/news/damien-hirst-nft-non-fungible-token-ethreum-palm-currency-project-2021-3-1030258965">Damien Hirst</a> and musicians <a href="https://markets.businessinsider.com/currencies/news/snoop-dogg-lionel-richie-nfts-non-fungible-token-cryptocom-marketplace-2021-3-1030237655?utm_source=markets&amp;utm_medium=ingestgest">Lionel Richie and Snoop Dogg</a> getting in on the game.But there are signs that the initial wave of interest in NFTs may be declining. Data from <a href="https://www.theblockcrypto.com/post/100240/did-we-already-see-the-peak-of-the-nft-boom">The Block</a> showed that weekly NFT trading volumes reached $196 million in late February. But it had tumbled to $34 million by March 28.Crypto exchange founder Bobby Lee told Insider that he thought a bubble is forming in some parts of the market.He said that the technology itself is sustainable, but added that investors should be cautious about getting into specific classes of NFTs."Likely it can get over-hyped and you could lose money," he said.Antoni Trenchev, co-founder of crypto banking firm Nexo, told Bloomberg TV on Wednesday that he was also concerned about a bubble in NFTs."If there's anything akin to a bubble within crypto I would argue it's within the NFT space," he said. "One has to be cautious this late in the bull cycle with NFTs."Read more: <a href="https://www.businessinsider.com/crypto-vc-founder-investment-strategy-understanding-defi-for-beginners-pluto-2021-4" target="_blank" rel="noopener">A crypto founder breaks down how he secured $50 million in assets under management within 3 months of launching a VC firm - and shares how investors should approach understanding the DeFi space</a>

The buyer of Beeple's $69 million artwork now says NFTs are a huge risk as talk of a bubble grows

Good morning and welcome to <keyword id="9070519" type="UNKNOWN" weightage="60" keywordseo="10-things-in-tech">10 Things in Tech</keyword>. If this was forwarded to you, <a href="http://newsletter.businessinsider.com/join/4np/10-things-in-tech">sign up here</a>.Let's get started.1. Stripe is worth $95 billion. The online payments firm has raised a $600 million round that makes it Silicon Valley's most valuable private firm. We <a href="https://www.businessinsider.com/stripe-cfo-dhivya-suryadevara-valuation-expansion-europe-2021-3">spoke to CFO Dhivya Suryadevara</a> about its growth. 2. Facebook created a playbook for employees to defend the company. BuzzFeed <a href="https://www.buzzfeednews.com/article/ryanmac/facebook-execs-polarization-playbook">reported on an internal meeting</a>, where Facebook execs said the firm wasn't to blame for political polarization. 3. This is how Mark Zuckerberg's banker built Iconiq, a secret Silicon Valley empire. Divesh Makan spent a decade building ultra-secretive wealth-management firm Iconiq Capital, which caters to technology-industry elite - and is now quietly recruiting A-list celebrities. <a href="https://www.businessinsider.com/inside-iconiq-silicon-valley-finance-divesh-makan-2021-3">Everything you need to know about the firm so selective it turned Kanye West away</a>.4. The identity of who bought Beeple's $69-million NFT has been revealed. The mysterious founder of an NFT fund, who goes by the pseudonym Metakovan, bought the piece. <a href="https://www.businessinsider.com/who-bought-beeple-nft-art-buyer-revealed-metakovan-metapurse-2021-3">Here's why he believes the multimillion-dollar JPG file is so valuable</a>. 5. Uber and Lyft will share data on drivers who have been banned for sexual or physical assault. The ride-hailing companies revealed other delivery companies will join the program, too. <a href="https://www.businessinsider.com/uber-lyft-delivery-share-data-deactivated-drivers-sexual-assault-safety-2021-3">Here's how it will work</a>. 6. Bernie Sanders is taking on Jeff Bezos - again. This time, the senator wants him to testify before the Senate about Amazon's reported attempts to stifle an Alabama union vote. <a href="https://www.businessinsider.com/bernie-sanders-amazon-ceo-jeff-bezos-hearing-alabama-union-2021-3">Here's what we know so far</a>. 7. Google accused Microsoft of diverting attention away from the hack on Exchange servers. Microsoft president Brad Smith took aim at Google ahead of a House hearing on antitrust - prompting Google to call it an unfair attack. <a href="https://www.businessinsider.com/google-said-microsoft-diverted-attention-away-from-exchange-hack-2021-3">Get the full rundown</a>. 8. Facebook's diversity chief says it's time to take action to confront violence against Asian Americans. In an opinion article for Insider, Maxine Williams called for building a coalition to <a href="https://www.businessinsider.com/facebook-diversity-chief-anti-asian-violence-covid-19-hate-crime2021-3">"advance truly equal justice and inclusive solutions."</a>9. Apple could build a car the same way it manufactures the iPhone. We spoke with a handful of experts who explained why the upsides outweigh the risks - as long as Apple finds the right partner. <a href="https://www.businessinsider.com/apple-build-car-way-makes-iphones-project-titan-foxconn-magna-2021-3">Here's what the experts told us</a>. 10. Jeff Bezos' resignation comes on the heels of years of planning his succession. Insiders told us the Amazon CEO had a detailed plan to relinquish his title, which included leadership matrix charts and a "hit by a bus" plan. <a href="https://www.businessinsider.com/how-amazon-picks-executive-successors-ceo-jeff-bezos-andy-jassy-2021-3">An exclusive look at how the company plans to transition to a post-Bezos era</a>. Have an Amazon Alexa device? Listen to this update by searching "Business Insider" in your flash briefing settings.Compiled by Jordan Erb. Tips/comments? Email <a href="mailto:jerb@insider.com">jerb@insider.com</a> or tweet <a href="https://twitter.com/jordanparkererb">@JordanParkerErb</a>.Sign up for <a href="https://newsletter.businessinsider.com/join/free">more Insider newsletters here.</a>

10 things in tech you need to know today

<ul class="summary-list"><li>The <keyword id="10848595" type="UNKNOWN" weightage="60" keywordseo="beeple">Beeple</keyword> piece was bid on until the very last minute, when Justin Sun bought it for $6 million.</li><li>Mike Winkelmann's last <keyword id="4668945" type="PERSON" weightage="60" keywordseo="nft">NFT</keyword> sale broke digital art records, climbing to nearly $70 million.</li><li>100% of the profits from the auction are being donated to help offset NFT's carbon footprint.</li></ul>Justin Sun, the founder and CEO of the <keyword id="6357017" type="DEFINITION" weightage="60" keywordseo="cryptocurrency">cryptocurrency</keyword> platform <keyword id="481824" type="ENTERTAINMENT" weightage="60" keywordseo="Tron">Tron</keyword>, bought a Beeple <keyword id="10871093" type="UNKNOWN" weightage="60" keywordseo="crypto-art">crypto art</keyword> piece for $6 million on Monday night.The sale was Mike Winkelmann's first crypto art drop since he <a href="https://www.businessinsider.com/art-auction-nft-beeple-top-selling-most-expensive-sale-millions-2021-3">shattered digital-art records earlier this month with his $69.3 million sale.</a> Sun bid on Winkelmann's previous piece, "Everydays: The First 5,000 Days" but was <a href="https://www.businessinsider.com/who-bought-beeple-nft-art-buyer-revealed-metakovan-metapurse-2021-3">outbid at the last second by pseudonymous crypto investor @MetaKovan.</a>Sun's latest purchase came down to the very last minute, as he vied against two anonymous bidders identified as @3fmusic and @babybeluga. The sale quickly climbed from $2.5 million to $6 million.Sales of <a href="https://www.businessinsider.com/what-does-nft-mean-crytpo-non-fungible-tokens-art-explained-2021-2">nonfungible tokens or NFTs - items that operate as unique digita assets</a>- have boomed in the past few months. Artists like <a href="https://www.businessinsider.com/grimes-nft-art-warnymph-sells-for-millions-20-minutes-2021-3">Grimes</a> and <a href="https://www.businessinsider.com/nft-ultraviolet-3lau-first-ever-crypto-albums-sales-11-million-2021-3">3LAU have also made millions on NFT drops</a> like Beeple's.The auction took place on Nifty Gateway and was a part of a three-day <a href="https://www.carbondrop.art/">Carbon Drop</a> initiative presented by Social Alpha Foundation. It was a project designed to offset the environmental costs of crypto-art by donating 100% of the profits to the Open Earth Foundation.<keyword id="902592" type="PERSON" weightage="60" keywordseo="NFTS">NFTs</keyword> are minted, bought, and sold on the blockchain, most commonly <keyword id="2810876" type="PERSON" weightage="60" keywordseo="ethereum">Ethereum</keyword>. As a result, NFTs can create a significant carbon footprint due to the energy required for blockchain transactions, though minting and trading NFTs itself does not increase the carbon emissions as Ethereum has a fixed rate of energy consumption.Winkelmann was one of eight digital artists included in the drop. The program is raising funds to develop digital infrastructure that can help improve climate change efforts.Read more: <a href="https://www.businessinsider.com/what-does-nft-mean-crytpo-non-fungible-tokens-art-explained-2021-2">What you need to know about NFTs, the collectible digital tokens that are selling for millions online</a>Justin Sun told Insider he hopes the auction will bring awareness to the environmental issues in the crypto world."Not only am I now the owner of an art piece from the most sought after NFT artist of our time, but I get to support the leading agenda of our time, which is climate change," Sun told Insider. "I have lots of NFTs now but this piece, Ocean Front, is one of my most precious NFT pieces." Sun was not the only public figure to bid on the Beeple piece. Calvin Harris and Steve Aoki cast earlier bids. Nifty Gateway co-founders Duncan and Griffin Cock Foster told Insider their platform is actively working to limit the amount of space it uses on the blockchain.Winkelmann expressed his gratitude to Sun on Twitter."Massive congrats to Justin Sun," Winkelmann wrote on Twitter. "Six million dollars for climate change. This is what we need to enact real meaningful change. To work together instead of fighting one another."Climate change activist Christina Figueres, former secretary of the United Nations Convention on Climate Change and architect of the Paris Agreement, expressed support for the Carbon Drop on Twitter.

Beeple's latest crypto art just sold for $6 million to the same tech executive who was outbid at the last minute for the record-breaking $69 million auction

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The man who bought Beeple’s $69 million NFT reveals his identity to show the equalising power of crypto — but is caught in a controversy himself

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The mysterious buyers of Beeple's $69 million crypto art piece revealed their real names: 'these pseudonyms were never meant to be masks'

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Billionaire investor Chris Sacca told people not to ignore the $69 million NFT sale this week

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The buyer of Beeple's $69 million artwork now says NFTs are a huge risk as talk of a bubble grows

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Beeple's latest crypto art just sold for $6 million to the same tech executive who was outbid at the last minute for the record-breaking $69 million auction

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