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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>Donald Trump NFTs are surging on reports that the former president may be indicted.</li><li>The total number of NFT sales spiked by double-digit percentages since the news. </li></ul>Since reports emerged of Donald Trump's possible indictment, prices for the former president's non-fungible token collection have surged. The floor price for the NFTs has jumped 26% in the past week, according to data from <a href="https://opensea.io/collection/trump-digital-trading-cards/analytics" target="_blank" rel="noopener">OpenSea</a>, with the total number of sales increasing by double-digit percentages since the news of Trump's potentially imminent arrest.The Trump Digital Trading Cards are selling for over 0.53 ether, or $929, rising from 0.41 ether, or $719, last Thursday. The collection was announced in late December, with all 45,000 of the cards selling out shortly after launch.The cards, which sold for $99 each, show Trump's face photoshopped into a series of macho cartoons. The collection is described as "incredible, hand-drawn art, inspired by President Trump's extraordinary life &amp; career," according to the project's <a href="https://opensea.io/collection/trump-digital-trading-cards/analytics" target="_blank" rel="noopener">listing.</a> On one NFT, the former POTUS is depicted in a suit, wearing an American flag cowboy hat and red boxing gloves, surrounded by gold bars with "TRUMP" engraved on each.NFT buyers were also entered in a sweepstakes to <a href="https://www.businessinsider.com/trump-nft-win-mar-a-lago-meeting-pay-travel-lodging-2022-12" target="_blank" rel="noopener">win a 20-minute meeting with him at Mar-a-Lago.</a> However, winners must cover their own travels expenses such as lodging and airfare.The price pump follows <a href="https://www.nytimes.com/article/donald-trump-indictment-arrest.html" target="_blank" rel="noopener">reports</a> that Trump is facing a Manhattan district attorney probe into whether he illegally paid off adult actress Stormy Daniels during the final days of his 2016 presidential campaign in exchange for silence over an alleged affair. The specific criminal charges prosecutors could seek, however, are still unknown.

Donald Trump NFT prices climb on reports of the former US president's looming arrest

<ul class="summary-list"><li>Former President Donald Trump on Thursday announced digital trading card NFTs featuring him.</li><li>Buyers will also be entered in a sweepstakes to meet him, with winners covering their own expenses.</li></ul>Buyers of newly released NFTs featuring former President Donald Trump will be entered to win a 20-minute meeting with him at Mar-a-Lago, but winners will have to cover their own travel and lodging expenses, according to the project's <a href="https://collecttrumpcards.com/">website</a>.Trump announced the digital trading cards — which feature images of the former president as a superhero, an astronaut, and a Top Gun-style pilot, among others — on Thursday after <a href="https://www.businessinsider.com/trump-major-announcement-digital-trading-card-nfts-2022-12">hyping up a "major announcement"</a> the day before. The trading cards are being sold as non-fungible tokens, or NFTs, for $99 each.Although Trump in November announced his plans to run for president in 2024, money from the sale of the cards will not go to Trump's campaign, according to the website. The company behind the cards is not owned by Trump but uses his likeness and image under a paid license.Purchasers of the card will also automatically be entered into a sweepstakes for a "chance to win 1000's of incredible prizes and meet the one and only #45!" though a purchase of a card is not required to enter the contest. According to the <a href="https://collecttrumpcards.com/official-sweepstakes-rules#how-to-enter-the-sweepstakes">fine print</a>, the prizes include 2,533 NFTs, totaling an approximate value of $54,695.The website also approximated the cash value of the prizes that include meeting Trump as "$0/priceless."The fine print also says that anyone who wins an in-person event, such as a meeting with the former president, would be responsible for covering any fees related to travel, lodging, meals, and other expenses related to the trip.Trump hyped up the release of the NFTs on his <a href="https://truthsocial.com/@realDonaldTrump">Truth Social</a> account, writing: "These limited edition cards feature amazing ART of my Life &amp; Career! Collect all of your favorite Trump Digital Trading Cards, very much like a baseball card, but hopefully much more exciting."

Trump fans who buy a $99 NFT of him as a superhero will be entered to win a 'priceless' meeting at Mar-a-Lago — but they'll have to cover their own travel and lodging expenses

<ul class="summary-list"><li>A mega yacht just sold for around $650,000, HypeBeast first reported.</li><li>The Metaflower Super Mega Yacht was purchased for 149 ether.</li><li><keyword id="12616600" type="UNKNOWN" weightage="60" keywordseo="the-sandbox" source="Orion">The Sandbox</keyword> is a virtual world where players can build, own, and monetize their gaming experiences.</li></ul>A mega yacht just sold for around $650,000, making it the most expensive non-fungible token ever sold in The Sandbox virtual gaming world.The <a href="https://opensea.io/assets/0xa342f5d851e866e18ff98f351f2c6637f4478db5/69268721851518851203477350973661279010842020632441619262890672708376456069120">Metaflower Super Mega Yacht</a> was purchased for 149 ether, according to etherscan. It is described as an ultra-luxury megayacht, featuring a DJ booth, two helipads, and a hot tub, among other amenities. <a href="https://hypebeast.com/2021/11/the-metaflower-super-mega-yacht-nft-sells-for-a-record-650000-usd">HypeBeast</a> was the first to report.The digital asset was released by <keyword id="11919792" type="UNKNOWN" weightage="60" keywordseo="republic-realm" source="Orion">Republic Realm</keyword>, a <keyword id="11121339" type="UNKNOWN" weightage="60" keywordseo="metaverse" source="Orion">metaverse</keyword> developer, for <a href="https://opensea.io/The_Fantasy_Collection_Sandbox?tab=created">The Fantasy Collection</a> line of luxury NFTs designed for The Sandbox. Other luxury products include private islands, jet skis, and speedboats.<a href="https://www.sandbox.game/en/about/">The Sandbox</a> is a virtual world where players can build, own, and monetize their gaming experiences.Players can create digital assets such as NFTs and upload them to the marketplace, according to its <a href="https://installers.sandbox.game/The_Sandbox_Whitepaper_2020.pdf?_ga=2.156280754.82602243.1637940268-1518978721.1637940268">white paper</a>. Those who own <keyword id="12216254" type="UNKNOWN" weightage="60" keywordseo="sand" source="Orion">sand</keyword>, the main utility token of the platform, can participate in the governance of the platform via a decentralized autonomous organization, or DAO.The sale of luxury items in the metaverse, a new three-dimensional iteration of the internet, has been making headlines as of late.In November, a <a href="https://markets.businessinsider.com/news/currencies/metaverse-property-decentraland-sale-price-mana-coin-cryptocurrency-2021-11">plot of digital land</a> in <a href="https://market.decentraland.org/" target="_blank" rel="noopener">Decentraland</a>, a virtual world, was sold for $2.43 million — a hefty price tag that trumped the cost of most homes in New York City and San Francisco.A day after, <a href="https://markets.businessinsider.com/news/currencies/metaverse-crypto-digital-land-sold-axie-infinity-nft-decentraland-2021-11">another plot of digital land</a> sold for $2.3 million in Axie Infinity, another virtual world.The sales continue to highlight the momentum of how much investors are willing to pay to secure their lots before the metaverse enters the mainstream.The acceleration in interest has also fueled steep rises in the value of the cryptocurrencies that are linked to the virtual world, from <keyword id="12453303" type="UNKNOWN" weightage="60" keywordseo="decentraland" source="Orion">Decentraland</keyword>'s <keyword id="12453304" type="UNKNOWN" weightage="60" keywordseo="mana" source="Orion">mana</keyword> token to Sandbox's sand coin.

A metaverse mega yacht that just sold for $650,000 is the most expensive NFT sold in The Sandbox virtual world

<ul class="summary-list"><li>As the <keyword id="4668945" type="PERSON" weightage="60" keywordseo="nft">NFT</keyword> market booms, records are constantly being broken.</li><li>Here's a guide to some of the highest-value NFT transactions to date. </li></ul>The market for <keyword id="10871093" type="UNKNOWN" weightage="60" keywordseo="crypto-art">crypto art</keyword> is booming - everyone from <a href="https://www.businessinsider.com/how-nfts-went-mainstream-cryptocurrency-blockchain-2021-3">Mark Cuban to Paris Hilton to Taco Bell</a> has gotten in on the action.Since NFTs, or non-fungible tokens, are mostly bought and sold via cryptocurrency transactions that are tied to the blockchain, which is by nature decentralized, rounding up the highest-value individual sales can be challenging. But per Insider's reporting and data from the crypto-art auction site Nifty Gateway, here are some of the highest-value NFT transactions to date. Are there any high-value sales you think should be included? Contact this reporter at <a href="mailto:awilliams@insider.com">awilliams@insider.com</a> with any high-value single NFT transactions you'd like to see. <h3><a href="https://foundation.app/NyanCat/nyan-cat-219">Nyan Cat by Chris</a>, on Foundation - $590,000</h3>An NFT featuring the popular piece of internet history that is the Nyan Cat meme sold for 300 ETH, or about $590,000, in February. <a href="https://www.businessinsider.com/ethereum-nft-meme-art-nyan-cat-sells-for-300-eth-2021-2">Insider reported</a> that a 24-hour auction took place on Foundation, a platform for crypto art. <h3><a href="https://niftygateway.com/itemdetail/primary/0x6e5dc5405baefb8c0166bcc78d2692777f2cbffb/21">THE COMPLETE MF COLLECTION by Beeple</a>, on Nifty Gateway - $777,777.77</h3>This NFT sale is unusual because it includes a physical component as well as the blockchain-based art. This collection of Beeple's art includes many of the digital artist's pieces along with a "physical artifact of the NFT featuring a signed, numbered titanium backplate." Beeple even included a hair sample. <h3> </h3><h3><a href="https://niftygateway.com/itemdetail/primary/0xbeccd9e4a80d4b7b642760275f60b62608d464f7/1">Hairy by Steve Aoki</a>, on Nifty Gateway - $888,888.88 </h3>Earlier this month, musician Steve Aoki collaborated with Antoni Tudisco to produce this high-value NFT with a clip of Aoki's music and a dancing blue-and-purple figure. When it sold on March 8, it was a <a href="https://twitter.com/niftygateway/status/1369314124765814795">record-breaking single sale</a> for Nifty Gateway. <h3><a href="https://niftygateway.com/itemdetail/primary/0x9c55cc89feddc087474d39e4e0259401b57bd455/1">Not Forgotten, But Gone by WhIsBe</a>, on Nifty Gateway - $1 million </h3>This 16-second clip of a spinning gold skeleton gummy bear sold for $1 million on Nifty Gateway. Artist WhIsBe sells several different gummy bear-based NFTs on the platform as well.<h3><a href="https://niftygateway.com/itemdetail/primary/0xc92ca2b5b8a996ad2a6fdd97c6d7ed038e61c7222/1">Auction Winner Picks Name by SSX3LAU</a>, on Nifty Gateway - $1.33 million</h3>Electronic music artist 3LAU has gotten into the NFT game and made a major sale in collaboration with Slimesunday. This sale allows the winner of the auction to name the song that plays in the music video NFT. <h3><a href="https://www.larvalabs.com/cryptopunks/details/6965">CryptoPunk #6965</a>, on Larva Labs - $1.54 million</h3>This token, which features a funky fedora, became the third-highest CryptoPunk sale to date when it was last sold on February 19. Several other CryptoPunk tokens have crossed the $1 million threshold, depending on the valuation of the crypto-currency at the time of sale. Find the full list <a href="https://www.larvalabs.com/cryptopunks/topsales">here</a>.<h3><a href="https://v.cent.co/tweet/20">First Tweet by Jack Dorsey</a>, on Valuables - $2.5 million or more</h3>Though the auction closes on March 21, <a href="https://v.cent.co/tweet/20">Jack Dorsey's sale of the first-ever Twee</a>t as an NFT is sure to break the top 10; the current bid is $2.5 million, and it's been stagnant since March 6. Dorsey announced the auction earlier this month and plans to donate the proceeds to charity. <h3><a href="https://niftygateway.com/itemdetail/secondary/0x12f28e2106ce8fd8464885b80ea865e98b465149/100010001">CROSSROAD by Beeple</a>, at Nifty Gateway - $6.66 million</h3>On February 24, the digital art platform Nifty Gateway <a href="https://twitter.com/niftygateway/status/1364752651439767556">announced on Twitter</a> that a work from Beeple netted $6.6 million on the secondary sale market, brokered through the Nifty Gateway buying services. The NFT <a href="https://niftygateway.com/itemdetail/secondary/0x12f28e2106ce8fd8464885b80ea865e98b465149/100010001">features an anti-Trump message</a>.<h3>CryptoPunks <a href="https://www.larvalabs.com/cryptopunks/details/7804">#7804</a> and <a href="https://www.larvalabs.com/cryptopunks/details/3100">#3100</a> at Larva Labs - $7.6 million each</h3>These tradable CryptoPunk collectibles were both sold on March 11 for a value of 4.2k Ethereum, marking the top two sales of all time for CryptoPunk tokens. <a href="https://www.larvalabs.com/cryptopunks">The Larva Labs website</a> describes the CryptoPunks as "unique collectible characters with proof of ownership stored on the Ethereum blockchain."<h3><a href="https://www.businessinsider.com/art-auction-nft-beeple-top-selling-most-expensive-sale-millions-2021-3">"Everydays: The First 5,000 Days" by Beeple</a>, at Christie's - $69 million</h3>The highest-value NFT sale to date is a piece by crypto-artist Beeple put on auction at Christie's. It was the first NFT to be sold at the historic auction house and pointed to a newfound institutional legitimacy for the burgeoning market. The art piece, titled "Everydays: The First 5000 Days," was a compilation of 5,000 pieces of Beeple's work.

11 of the most expensive pieces of crypto art ever sold, from Beeple to Steve Aoki

<ul class="summary-list"><li>There are many new terms and acronyms that have developed around <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> and <keyword id="11901075" type="UNKNOWN" weightage="60" keywordseo="nfts" source="Orion">NFTs</keyword>. </li><li>For example, a PFP project is a profile picture project like Bored Ape Yacht Club. HODL means not selling.</li></ul>If you're inexperienced with NFTS, some terms may be confusing.I'm a full-time YouTuber focused on demystifying all things Web3, but when I was first learning about the Web3 space, it seemed like people were speaking a different language.Sharding? Rugpull? WAGMI? The jargon was a lot to absorb.So after scouring the internet for hours looking for answers, I pulled together a list of Web3 definitions so that even the most tech-averse folks can understand.<h2>Here are 50 terms you should know </h2><ol><li>Airdrop: To send someone free crypto things such as NFTs or tokens. This has nothing to do with Apple's airdrop feature. Sometimes airdropping gives NFT holders something special. But usually airdropping is for giveaways or a sketchy marketing tactic. </li><li>Alpha: This is another term for "insider information." If someone has "alpha," they have information the rest of the market hasn't found out about yet. </li><li>Ape in: To invest a lot of money into a new cryptocurrency or NFT project without doing the proper research first. It comes from the "apes together strong" meme. </li><li>Bearish: The belief that a project is going to lose value over time. </li><li>Blockchain: A type of database. Information is stored in groups (blocks) that can't be changed after they're created. The entire group of groups (chain of blocks = blockchain) is copied across many different computers so the data is public and safe.</li><li>Blue chip: As close to a "reliable" investment as you can get in the NFT space. These NFT projects are well-known and generally perceived as having a high value. Bored Ape Yacht Club, CryptoPunks, World of Women are considered bluechips. </li><li>Bullish: The belief that a project is going to gain value over time. </li><li>Coinbase: A popular platform to buy and sell crypto. </li><li>Crypto wallet: A place (app or physical item) where you can keep your crypto holdings (NFTs, Ethereum, etc.) A wallet is necessary to buy things (NFTs) with crypto. Some popular wallets are Coinbase Wallet and MetaMask.</li><li>Crypto wallet address: A public address you can give people so they can send crypto/NFTs to you. Usually it's a long alphanumeric string, but you can also purchase a shorter domain name if you want. For example, mine is aprilynne.eth. </li><li>Decentralized: Power is spread across many people instead of a through a single person. </li><li><keyword id="12561214" type="UNKNOWN" weightage="60" keywordseo="dao" source="Orion">DAO</keyword>: Short for "decentralized autonomous organization." This group's members votes are automatically tallied and used to decide on things. Sometimes actions are automatically taken. The code for all automatic actions are publicly available so everyone can make sure things are run correctly. </li><li>DAPP: Short for "decentralized application," it's an app built on the blockchain. Instead of data being collected/manipulated/sold by Big Brother (*cough, cough, Meta*), all data is stored publicly on the blockchain. </li><li>DEFI: Short for "decentralized finance." It basically means banking but without the fees/approvals for transactions and loans. You can lend, trade, and borrow crypto through public code that automatically stores/verifies transactions. </li><li>Diamond hands: Holding onto a high-risk NFT despite the pressure to sell. Sometimes people use this as justification when an NFT of theirs starts dropping in value. It originates from "diamonds are created under pressure."</li><li>Doxxed: When the true identities of a team behind an NFT project are revealed. Usually used to build credibility in a project.</li><li>Drop: The initial launch of a new collection or project.</li><li>DYOR: Short for "do your own research." This is a disclaimer, and honestly pretty good advice,often added to the end of an opinion on an NFT project. Its pronounced like Dior the brand. </li><li>DOT ETH (.eth): A personal crypto wallet address someone can purchase. For example, my Ethereum wallet address is aprilynne.eth. </li><li>Ethereum: A popular blockchain used for NFTs often criticized for its slow, expensive transactions. Also home of Ether (ETH), the second most popular cryptocurrency. </li><li>Flip: Buying an NFT and selling it quickly rather than holding it with the intent to try to make immediate profits. It's a pretty common yet risky strategy. </li><li>Floor: The NFTs at the floor price of a collection. </li><li>Floor price: The lowest market price for NFTs within a collection. Often used as a rule-of-thumb measure of the value of an NFT project. </li><li>Floor sweep: When someone buys all of the NFTs of a collection at the floor price. Buyers can do this because they believe in the project. Sellers can do this to artificially inflate the floor price of the NFT collection. </li><li>FOMO: Short for "fear of missing out." It's an emotional factor that drives someone to irrationally buy into a project. </li><li>FUD: Short for "fear, uncertainty, doubt" and is used to express concerns about the legitimacy/value of an NFT project. For example, someone can come into an NFT Discord server and spread FUD.</li><li>Gas fee: Basically a transaction fee for crypto (Ethereum) transactions. The busier the Ethereum network, the more expensive the gas fee. This is one of the most complained-about feature of the Ethereum network. </li><li>GM: Short for "good morning," it's a popular greeting on NFT Twitter. It signals that someone is online. </li><li>HODL: A misspelling of "hold" that caught on and earned the acronym "hold on (for) dear life." The term signals that someone is not selling, despite potential volatility and uncertainty. </li><li>LFG: Short for "let's fucking go." Usually used to hype up an NFT project. </li><li>Marketplace: A platform for buying and selling NFTs. Popular NFT marketplaces include OpenSea, Rarible, and Magic Eden. </li><li>MetaMask: A popular crypto wallet. MetaMask has a logo that looks like a fox. </li><li>Metaverse: A virtual world where you have an avatar and you can buy things, play games, and even build businesses. Many different companies (*cough, cough, Meta*) are trying to make a metaverse that "wins" and will become mainstream. </li><li>Minting: Taking a digital asset and putting it onto the blockchain to create an NFT. </li><li>Mooning: Describes the trend when numbers go up. It means growing in price very quickly. </li><li>NGMI: Short for "not gonna make it." It's used to roast people and projects that won't last long in the NFT space. </li><li>OpenSea: A popular NFT marketplace. Currently only supporting NFTs on the Etherium and Polygon blockchains.</li><li>Paper hands: Selling NFTs under pressure. Usually used by "diamond hands" as a roast against people who actually sell. </li><li>PFP project: Short for "profile picture project." These are collections launched with the intent of being avatars that people can use as their Twitter profile picture to flex ownership. </li><li>Polygon: A blockchain used for NFTs that's popular for its lack of gas fees. Technically built on top of Ethereum. </li><li>Pump and dump: A nefarious scheme to artificially "pump" (drive up) the price of an NFT project before selling everything at once, effectively "dumping" the price while making a profit. </li><li>P2E: Short for "pay to earn." You get paid in crypto/NFTs for playing certain kinds of games.</li><li>Road map: A public general plan for an NFT project. Usually gives insight into the timeline and the <keyword id="12326608" type="UNKNOWN" weightage="60" keywordseo="utility" source="Orion">utility</keyword> of the project. </li><li>Rugpull: An NFT project gone wrong. People lie about an NFT project in order to lure others into buying in. Once they've collected the money, they abandon the project, leave with the cash, and everyone is left sad and broke. </li><li>Sharding: Breaking down a single NFT into smaller pieces, or shards so a group of people can buy and own an NFT that is otherwise too expensive to be bought in its entirety. </li><li>Solana: A popular blockchain for NFTs known for its cheap, fast transactions. </li><li>Smart contract: Public code attached to an NFT that runs by itself. Usually how the utility of an NFT is enforced. Useful because you don't have to trust the individual behind a project — you just need to trust the code that you can see and verify yourself.</li><li>Staking: A way to earn passive income by locking up your NFTs on the blockchain for a period of time. You can earn rewards for this in the form of crypto. </li><li>To the moon: A celebratory term used when prices of an NFT project are going up and up. </li><li>Utility: Underlying value of an NFT. Utility is the perks, products, services, benefits, or rights associated with owning an NFT. For example, some NFTS come with 30% off of future products, membership to a private fund, access to an online course, access to private events, or copyright rights to a brand.</li></ol>Aprilynne Alter is an NFT YouTuber and startup founder.

50 cryptocurrency and NFT terms you need to know

<ul class="summary-list"><li>A <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> entrepreneur is stuck with his $3 million <keyword id="11919795" type="UNKNOWN" weightage="60" keywordseo="nft" source="Orion">NFT</keyword> purchase of <keyword id="11893903" type="UNKNOWN" weightage="60" keywordseo="jack-dorsey" source="Orion">Jack Dorsey</keyword>'s first tweet.</li><li>He listed the NFT for sale at a price of $48 million, but the highest bid he's received so far is about $6,800.</li></ul>Crypto entrepreneur Sina Estavi is struggling to sell an NFT of <keyword id="11892744" type="UNKNOWN" weightage="60" keywordseo="twitter" source="Orion">Twitter</keyword> cofounder <a href="https://twitter.com/sinaEstavi/status/1511832413973983239/photo/1">Jack Dorsey's first tweet</a> after having shelled out millions to buy the token in the first place.He auctioned the NFT of the tweet for a whopping $48 million, according to <a href="https://www.coindesk.com/business/2022/04/13/jack-dorseys-first-tweet-nft-went-on-sale-for-48m-it-ended-with-a-top-bid-of-just-280/">CoinDesk</a>. As of Thursday morning, the highest bid he received was 2.2 <a href="https://markets.businessinsider.com/currencies/eth-usd">ether</a>, or about $6,856.That's just 0.2% of the $2.9 million that Estavi paid when he <a href="https://www.businessinsider.com/twitter-ceo-jack-dorsey-sell-first-tweet-nft-sunday-2021-3?r=US&amp;IR=T">bought the NFT in March</a>."I think years later people will realize the true value of this tweet, like the Mona Lisa painting," he said then.A year later, his prediction isn't exactly playing out. After listing the token on NFT marketplace OpenSea, Estavi has found the highest bids are nothing even close to the amount he paid, much less to the amount he wanted for it.He told <a href="https://www.coindesk.com/business/2022/04/13/jack-dorseys-first-tweet-nft-went-on-sale-for-48m-it-ended-with-a-top-bid-of-just-280/">CoinDesk</a> and the <a href="https://www.bbc.co.uk/news/business-61102759">BBC</a> that although the deadline he set was over, he might either accept a "good offer" or may never sell it."I think the value of this NFT is far greater than you can imagine and whoever wants to buy it must be worth," he told the BBC."I think someone like Elon Musk could deserve this NFT."<a href="https://www.businessinsider.com/nft-meaning?r=US&amp;IR=T">NFTs, or non-fungible tokens</a>, are unique certificates that prove ownership of digital assets like trading cards, music, images, or even tweets like Dorsey's. Total NFT sales volume has ballooned to <a href="https://markets.businessinsider.com/news/currencies/weekly-nft-sales-decline-crypto-bored-ape-yeach-2022-4">$25 billion</a> over the past year as artists, investors, and entrepreneurs seek to capitalize on the seemingly-prosperous Web3 space. Some experts say the rush to capitalize off the NFT boom has come at the expense of user security, with hacks rampant across marketplaces.Although Estavi owns the digital right to Dorsey's tweet, it is still <a href="https://twitter.com/Jack/status/20">publicly accessible</a> to anyone who can use the internet.Estavi, the founder of two Malaysia-based crypto companies, claimed in a <a href="https://twitter.com/jack/status/1511874906614554632">tweet</a> last week that he planned to donate 50% of the proceeds to poverty relief efforts in Africa.Read more: <a href="https://www.businessinsider.com/investing-strategy-tech-metaverse-megatrends-gen-z-bank-of-america-2022-4" target="_blank" rel="noopener noreferrer">Bank of America's thematics chief breaks down the 8 investing mega-trends he's backing to accelerate rapidly and transform financial markets over the next decade</a>

A crypto entrepreneur bought an NFT of Jack Dorsey's first tweet for nearly $3 million and tried to sell it for $48 million. The top bid is less than $7,000.

<ul class="summary-list"><li>A piece of digital artwork by <keyword id="10848593" type="UNKNOWN" weightage="60" keywordseo="mike-winkelmann">Mike Winkelmann</keyword>, known as <keyword id="10848595" type="UNKNOWN" weightage="60" keywordseo="beeple">Beeple</keyword>, sold for nearly $70 million last week.</li><li><keyword id="694817" type="PERSON" weightage="60" keywordseo="digital-art">Digital art</keyword> backed by non-fungible tokens, or NFTs, are exploding in popularity and value, and Beeple is riding the wave.</li><li>In an exclusive interview, Beeple told Insider about his unexpected fortune and the future of NFTs.</li></ul>Mike Winkelmann, better known as Beeple, has sold the most expensive work of digital <keyword id="1105" type="PERSON" weightage="60" keywordseo="art">art</keyword> in history. It's part of an explosion in the market for NFTs, or non-fungible tokens - digital tokens that prove ownership of things like Beeple's image that you can't even touch. "I honestly, like, I never thought I could sell my work," Beeple said in an interview at his home in South Carolina. "Kind of late September, early October, people kept hitting me on being like, 'Oh, you got to look at this NFT thing.'"Two months later, in December, he netted $3.5 million selling art backed by NFTs. In March, <keyword id="56712" type="COMPANY" weightage="60" keywordseo="Christies">Christie's</keyword>, a 225-year-old auction house that previously only sold physical art, auctioned an entirely digital piece by Beeple. It sold for $69,346,250. "If everybody wants it, well, then it has value," Beeple said.The speculation in this market is so wild that when a $95,000 Banksy piece was recently burned and turned into an NFT, the NFT was sold for nearly $400,000. A cat meme recently sold for $600,000. To understand who's paying these prices, it's important to understand NFTs."I really look at NFTs as like a blank slate," he said. "And so it's sort of like saying, do you think a webpage is valuable? Well, I don't know. It could be, or it could be totally worthless."NFT stands for non-fungible token, essentially a digital signature backed by blockchain technology that proves ownership of something. Unlike Bitcoin, which are all identical by design, NFTs are unique. To some degree, what NFTs offer for sale is the idea of scarcity. It's possible to buy a token that represents art in the physical world, but NFTs also back digital assets like an image or a tweet."So May 1, 2007, I started doing a sketch a day, every single day, start to finish, and uploading it online," Winkelmann said. "And after a year of that, I learned a lot about drawing. Like, I got much better at drawing. I was still very, very bad, as you can see from the Christie's piece. But I learned a lot."<div type="image" title="Beeple_THUMB_V1" height="1080" width="1920" msid="81516828" hostid="261"></div>Beeple's popularity caught the attention of Christie's in December. They decided on a collage of his first 5,000 days of work that forms a square of 21,069 x 21,069 pixels. To help make his digital art more accessible, back in December, Beeple provided a physical product along with the NFT for his digital art. But for Christie's, being completely digital is what made Beeple's work unique - and all the more valuable."It's really a radical gesture to offer for sale something without any object, and we might as well lean into that," said Noah Davis, specialist in Post-War &amp; Contemporary Art at Christie's.In the media, Beeple has been compared to artists like Banksy and Warhol, though his paid work has been as a graphic designer, with clients like Louis Vuitton, Nike and Apple. "So I don't really like the term artist because it sounds very pretentious and douche-y," Beeple said."There's an interesting parallel between Mike and Andy Warhol in the way that their careers developed," Davis said. "Andy also started as an illustrator working in, basically, a gig economy."Critics have compared him with artists like Warhol, Banksy, and the Italian artist who <a href="https://www.independent.co.uk/arts-entertainment/art/news/banana-duct-tape-maurizio-cattelan-sale-price-auction-a9233646.html">taped a banana to the wall</a> of a Paris art gallery."I've been thinking about the banana a lot, talking a lot about the banana," Davis said. "It's the dumbest idea, and you are basically celebrating a lack of creativity, like the bare minimum of creativity, but with Mike, it's a ritual assignment of value that is celebrating 13 years of hard work of him doing this for no financial gain."For Beeple, the pace of change has been mind blowing. Back in the olden days of 2020, Beeple's NFT-backed "Crossroads" sold for $66,666."At the time it was like, oh my God, I sold a piece for 66,000," Beeple said. "It was just, like, insane."In December, he sold $3.5 million worth of art in one day. Then, on February 26, Crossroads was resold on a secondary NFT market for $6.6 million, of which Beeple got a 10% cut. Then in March, Christie's sold the 5,000 image montage by Beeple for $69.3 million.

How NFT mania helped digital artist Beeple sell a piece of crypto art for $69 million at a Christie's auction

<ul class="summary-list"><li>A <keyword id="11939873" type="UNKNOWN" weightage="60" keywordseo="cryptopunk" source="Orion">CryptoPunk</keyword> <keyword id="11919795" type="UNKNOWN" weightage="60" keywordseo="nft" source="Orion">NFT</keyword> worth nearly $1 million was sold at 95% below its market value.</li><li>CryptoPunk 7557 was sold for 4.444 ether, around $19,366 early Monday, data from Etherscan show. </li><li>But the listing history reveals it has been sold at much higher prices in the past.</li></ul>A CryptoPunk non-fungible token worth nearly $1 million was sold Monday at 95% below its market value in what may have been a mistaken listing.The purchase price for <a href="https://www.larvalabs.com/cryptopunks/details/7557">CryptoPunk 7557</a>, a female punk with a tiara, came in at <a href="https://etherscan.io/tx/0x8924ef9e6267450f4587ad6677d56dc29da32f51792e32e42a6c757f83d3839a">4.444 ether</a>, which was worth around $19,366 at the time, data from Etherscan show. <a href="https://www.theblockcrypto.com/linked/122884/cryptopunk-worth-850000-sells-for-just-a-fraction-of-its-price">The Block</a> was first to report the news.But the listing history reveals it has been sold at higher prices. It was last bought in July for 59.99 ether, or $135,213. And in September, the previous owner put it up for sale for 8,888 ether, or $31 million.And similar NFTs suggest a market value around $1 million. Currently, the lowest asking price for a punk with a tiara is 350 ether, or about $1.5 million, while the most recent purchase of a tiara punk went for 196.69 ether, about $843,000.Monday's transaction may have been a victim of a mistaken period or comma. Instead of 4.444, perhaps it should have been 44.44 ether, 444.4 ether, or 4,444 ether - all of which would have been substantially more expensive.In total, there are 10,000 24 x 24-pixel <keyword id="12418197" type="UNKNOWN" weightage="60" keywordseo="cryptopunks" source="Orion">CryptoPunks</keyword> with no two that are exactly alike. Other characters in the collection are composed of nine aliens, 24 apes, 88 zombies, and 6,039 males.Most recently, a CryptoPunks NFT sold for <a href="https://markets.businessinsider.com/news/currencies/cryptopunks-nft-sells-over-500-million-void-larva-labs-ethereum-2021-10">$532 million</a> in October only for crypto enthusiasts to discover that the transaction was inflated by the owner by buying and selling it himself for higher prices, according to Larva LabStill, CryptoPunks have commanded eye-watering prices. In June, one alien punk fetched <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.sothebys.com%2Fen%2Fbuy%2Fauction%2F2021%2Fnatively-digital-cryptopunk-7523%2Fcryptopunk-7523?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">$11.8 million</a>, setting a <a href="https://markets.businessinsider.com/news/currencies/cryptopunk-nft-covid-alien-draftkings-sothebys-auction-fungible-token-2021-6?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">new world auction record</a> for a single CryptoPunk, luxury auction house Sotheby's said.In August, global payments giant Visa bought a CryptoPunk for <a href="https://www.theblockcrypto.com/post/115333/visa-buys-cryptopunk-first-steps-nft-commerce">$150,000</a> triggering another <a href="https://www.theblockcrypto.com/linked/115356/90-cryptopunks-get-snapped-up-in-one-hour-following-visas-150000-purchase">massive wave of purchases</a> with 90 of them changing hands in the space of a single hour.NFTs have <a href="https://markets.businessinsider.com/news/stocks/nfts-majority-americans-surveyed-digital-art-more-than-a-fad-2021-4-1030272455?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest" target="_blank" rel="noopener">soared in popularity</a><a href="https://www.businessinsider.com/non-fungible-tokens-nfts-have-taken-over-heres-why-theyre-important-2021-4?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest" target="_blank" rel="noopener"> this year</a>. The tokens are <a href="https://www.businessinsider.com/non-fungible-tokens-nfts-have-taken-over-heres-why-theyre-important-2021-4?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest" target="_blank" rel="noopener">digital representations</a> of artwork, sports cards, or other collectibles tied to a blockchain, typically on ethereum. Each NFT has a signature that can be verified in the public ledger and cannot be duplicated nor edited.When people buy NFTs, they gain the rights to the <a href="https://www.businessinsider.com/why-are-people-buying-nfts-investing-in-nft-crypto-art-2021-3?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestmp;utm_medium=ingest" target="_blank" rel="noopener">unique token</a> on the blockchain, not the artworks themselves. But the fact that the information on a blockchain is next to impossible to alter makes NFTs appealing, especially to artists.

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