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<ul class="summary-list"><li>Someone bought a CryptoPunk NFT for 4,500 ETH, or about $16 million.</li><li>It's the second-most expensive CryptoPunk NFT sale ever by dollar amount. </li></ul>Remember NFTs? Someone just bought one for roughly $16 million. A bidder paid 4,500<a href="https://markets.businessinsider.com/currencies/eth-usd"> ether</a> for<a href="https://opensea.io/assets/ethereum/0xb47e3cd837ddf8e4c57f05d70ab865de6e193bbb/3100" target="_blank" rel="noopener"> CryptoPunk #3100</a>, one of the series' nine "Alien Punks" non-fungible tokens. On Monday, the price of ether hovered at about $3,556 per token, which makes the March 4 sale the second-most expensive CryptoPunk sale.The series of 10,000 algorithmically generated characters was a fixture of the NFT boom of the pandemic era. An NFT is a digital item that's tied to the blockchain and holds a unique signature that can't be duplicated. The buyer of CryptoPunk #3100 bested another bid at 4,250 ether, or about $14.5 million, which was placed on March 1, according to the listing on OpenSea, an NFT marketplace. A number of other CryptoPunk NFTs have recently sold for around 60 ether, or more than $200,000, and total trading volume for the collection hit $8.25 million last week, according to an analysis from<a href="https://www.theblock.co/post/279896/second-most-expensive-cryptopunk-ever-sells-for-4500-eth-worth-over-16-million" target="_blank" rel="noopener"> The Block</a>.The latest big sale is a throwback to the heyday of the peak of the digital collectibles market. At one point, the<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%3Futm_source%3Dmarkets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*al6wbf*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTcwOTU2MjU0NS4xNzA1LjEuMTcwOTU3MTA5Ny41Ny4wLjA."> NFT market</a> saw about $2.8 billion in monthly trading volume, and collections like CryptoPunks and Bored Apes regularly sold for millions of dollars to celebrities, including Snoop Dogg and Stephen Curry. A study from September said<a href="https://markets.businessinsider.com/news/currencies/nft-market-crypto-digital-assets-investors-messari-mainnet-currency-tokens-2023-9"> 95% of the NFT market may be worthless.</a>Yet, crypto risk appetite is on the rise again. This month's $16 million NFT sale comes alongside a fresh rally toward all-time highs of $69,000 for bitcoin. The token is close to reclaiming a price level last seen when rates were near zero, as the demand from bitcoin ETFs and the upcoming halving event eclipse worries about higher-for-longer interest rates. Ether has climbed 51% year-to-date, tracking<a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-today-crypto-btc-rally-bull-etf-wall-street-2024-2?_gl=1*1fs2dyq*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTcwOTU2MjU0NS4xNzA1LjEuMTcwOTU3MTM1MS41OC4wLjA."> bitcoin's 50.6% gain</a>.

Thought NFTs were dead? A piece of pixelated art just sold for $16 million.

<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>A <keyword id="12418197" type="UNKNOWN" weightage="60" keywordseo="cryptopunks" source="Orion">CryptoPunks</keyword> <keyword id="11919795" type="UNKNOWN" weightage="60" keywordseo="nft" source="Orion">NFT</keyword> sold for $532 million, but it was paid for with borrowed money that was instantly repaid, Larva Labs said. </li><li>The CryptoPunks creator said Friday a number of NFT sales have been made using these ethereum-based flash loans.</li><li>The most expensive legitimate CryptoPunks NFT changed hands for $11.8 million in June at Sotheby's.</li></ul>A CryptoPunks NFT avatar sold for over $532 million worth of ether this week, causing people to wonder why the value was so high, even for the world of <keyword id="12374275" type="UNKNOWN" weightage="60" keywordseo="crypto-art" source="Orion">crypto art</keyword>.There was speculation on social media about whether it was some kind of scam or security exploit, or a criminal trying to cover up dirty money. On Friday, CryptoPunks creators Larva Labs jumped in <a href="https://twitter.com/larvalabs/status/1453903818308083720">on Twitter</a> to explain how one of its NFTs - or non-fungible tokens - appeared to have gone for half-a-billion dollars. Compare that with the most <a href="https://markets.businessinsider.com/news/currencies/cryptopunk-nft-covid-alien-draftkings-sothebys-auction-fungible-token-2021-6">expensive</a> legitimate CryptoPunks NFT, Covid Alien, which sold at a Sotheby's auction in June for $11.8 million. The record for an NFT was the $69 million paid for a <a href="https://markets.businessinsider.com/news/currencies/beeple-nft-market-sculpture-human-one-69-million-christies-auction-2021-10">piece by Beeple</a> in March.Larva Labs' <a href="https://twitter.com/cryptopunksbot/status/1453872415591829504">bot</a> put out an alert Wednesday that CryptoPunk 9998 had been bought for 124,457 ether.<div type="image" title="CryptoPunks" height="1130" width="1199" msid="87367865" hostid="261"></div>"This transaction (and a number of others) are not a bug or an exploit, they are being done with flash loans," Larva Labs explained. Flash loans have become popular in decentralized finance, or DeFi, as a collateral-free, peer-to-peer way to borrow via the ethereum network. Smart contracts set out the terms of the loan, with the money expected to be repaid within seconds. Every part of the process is carried out simultaneously on the blockchain, and the borrower covers the network processing fees."In a nutshell, someone bought the CryptoPunk NFT with borrowed money and repaid the loan in the same transaction," Larva Labs said. "Some recent large bids were done the same way. The ether is offered and removed in a single transaction. So, while technically briefly valid, the bid can never be accepted."Larva Labs said it will add filtering to avoid generating alerts for this kind of transaction in the future.Like most NFTs, the 10,000 existing CryptoPunk avatars are tied to digital tokens on the ethereum blockchain. That link makes the NFTs open to use of flash loans. At the same time, flash loans have been used in scams by exploiting vulnerable DeFi protocols. Early last year, one fraudster scooped up almost $1 million in ether by fooling lenders on bZX that the loan had been repaid, according to a <a href="https://decrypt.co/19790/genius-hacker-exploits-defi-again-takes-1-million-in-total">Decrypt report.</a> The scammer did this by temporarily pushing up the price of the stablecoin being used to repay the loan.

A CryptoPunks NFT sells for an eye-popping $532 million - but the purchase isn't all it seems

<ul class="summary-list"><li><keyword id="882149" type="PERSON" weightage="60" keywordseo="Azealia-Banks">Azealia Banks</keyword> and her fiancé <keyword id="10918344" type="UNKNOWN" weightage="60" keywordseo="ryder-ripps">Ryder Ripps</keyword> uploaded an audio sex tape as an NFT. It was sold for $17,000</li><li>Less than 12 hours later it was listed to be resold for over $260 million.</li></ul>Rapper Azealia Banks sold her audio sex tape with her fiancé Ryder Ripps for $17,000 as an NFT, or a non-fungible, token, which essentially allows individuals to sell digital objects as one-of-a-kind via <a href="https://www.businessinsider.com/what-is-cryptocurrency">cryptocurrency</a>. Now, the sex tape is being resold for over <a href="https://opensea.io/assets/0x3B3ee1931Dc30C1957379FAc9aba94D1C48a5405/4138">$260 million</a>.<keyword id="902592" type="PERSON" weightage="60" keywordseo="NFTS">NFTs</keyword>, as <a href="https://www.businessinsider.com/what-does-nft-mean-crytpo-non-fungible-tokens-art-explained-2021-2">Insider's Grace Kay previously wrote</a>, are "a special class of digital assets that cannot be exchanged with one another for equal value or broken down into smaller values like most currencies." The digital products sold on the <keyword id="6357017" type="DEFINITION" weightage="60" keywordseo="cryptocurrency">cryptocurrency</keyword> market can range from anything like <a href="https://www.businessinsider.com/beeple-response-to-nft-selling-for-69-million-reaction-video-2021-3">digital art</a> or virtual real estate to now, the first-ever NFT audio sex tape - <a href="https://www.vice.com/en/article/7k9y4b/azealia-banks-sex-tape-album-nft">Vice reported</a> - which Banks posted.The audiotape, published on the NFT marketplace Foundation on March 6 and titled "I F----D RYDER RIPPS," is said to be a 24-minute long recording of Banks and her fiancé having sex that was uploaded and listed for 10 Ethereum - a cryptocurrency - valued at over $17,000. Less than 12 hours later, an artist who goes by the name of <a href="https://uproxx.com/music/azealia-banks-nft-sex-tape/">Rulton Fyder</a>, purchased the tape. According to Fyder's website, he is an anonymous artist "best known for his recontextualisation of other artists' works to capture time and emotion in the NFT art realm," though Fyder's online history only goes back days. It's unclear who Fyder is but there is speculation it could be artist Richard Prince, who <a href="https://news.artnet.com/art-world/wet-paint-richard-prince-secret-gallery-1916027">occasionally goes by the alias</a> <a href="https://www.instagram.com/fulton_ryder/">Fulton Ryder</a>.Ripps told Insider in an emailed statement that he's emailed Fyder but he still doesn't know who this person is. "The fact they already have a show at an established gallery would tell me its someone established in the art world," Ripps wrote, "but I really have no idea, could all be some type of ruse who knows."Once the sale was completed, Fyder was granted "full ownership of the album, as well as distribution and display rights, and sole access to the audio including a WAV file and the only signed LP vinyl record of the sex tape in existence," Vice <a href="https://www.vice.com/en/article/7k9y4b/azealia-banks-sex-tape-album-nft">wrote about the sale</a>.On Wednesday, Banks uploaded a screenshot of the resale of the NFT on her Instagram account, showing it priced at over $260 million."Literally - the most expensive NFT ever," the artist wrote in the caption. "Don't you love how We came, saw, and conquered this s--t in a matter of 48hrs? The f---ing iconnery."Ripps also told Insider he would make a profit off the sale of the NFT. "I am told by the foundation that there is a 10% royalty built into the smart contract," he wrote in an email. This means he could potentially see $26 million if it is sold.The Harlem-born rapper then posted another image of a Wikipedia page showing the most expensive art purchases of all-time with her audio NFT sex-tape sitting in fourth place. The image, however, appears to either be edited, or the Wikipedia edit was short-lived. The tape isn't currently on the Wikipedia page, and the actual list is for "highest prices paid." And nobody has actually paid the inflated price for the tape yet.Banks is no stranger to controversy. She's been embroiled in many scandals including most recently when she announced her engagement on social media and wrote "I'm Jewish now." One commenter responded, "It doesn't work like that" and she shot back with a <a href="https://www.insider.com/azealia-banks-engaged-jewish-transphobia-response-backlash-2021-2">transphobic rant</a>.She also <a href="https://www.insider.com/azealia-banks-dead-cat-remains-instagram-post-2021-1">made headlines</a> after seemingly posting a video of herself digging up her dead cat's remains and seemingly boiling it into a soup. The 29-year-old rapper poked fun at this moment when she <a href="https://www.instagram.com/p/CMNd8gjAd2i/">posted a screenshot update</a> from the pop <keyword id="24504" type="ORGANIZATION" weightage="100" keywordseo="culture">culture</keyword> account on Twitter called Pop Crave to Instagram. In the caption of the screenshot, she wrote "Cat. Soup."Banks did not immediately respond to Insider's request for comment.UPDATE: Insider updated this story to include comments from Ryder Ripps.

Azealia Banks and Ryder Ripps' NFT sex tape is being resold for over $260 million by the anonymous RultonFyder

<ul class="summary-list"><li>CryptoPunks <keyword id="11919795" type="UNKNOWN" weightage="60" keywordseo="nft" source="Orion">NFT</keyword> 5822, one of only nine alien Punks, sold for 8,000 ether worth $23.7 million on Saturday.</li><li>It set a new sales record at double the $11.8 million price for a CryptoPunks NFT last June.</li></ul>A rare CryptoPunks NFT sold for an all-time high of almost $24 million at the weekend, double the price of the previous record-holder, as the digital assets continue to pull in buyers.CryptoPunks NFT 5822, one of only nine alien Punks, sold for 8,000 ether worth $23.7 million on Saturday, according to <a href="https://www.larvalabs.com/cryptopunks/details/5822">data from Larva Labs</a>. The last time it changed hands was in July 2017, when it went for $1,646.CryptoPunks NFTs — or non-fungible tokens — have been around since 2017, meaning they predate most other NFT collections. Many of the Larva Labs-developed pixelated avatars have sold for <a href="https://www.businessinsider.com/cryptopunks-pixelated-avatars-that-millionaires-buy-nft-2021-7">millions of dollars</a> over the last few years.The previous record for a CryptoPunks NFT was set at a Sotheby's auction last June, when DraftKings investor Shalom Meckenzie <a href="https://markets.businessinsider.com/currencies/news/cryptopunk-nft-covid-alien-draftkings-sothebys-auction-fungible-token-2021-6-1030513788">purchased the "Covid Alien" Punk 7523 for $11.8 million</a>. However, the biggest on-chain sale was for Punk 4156 in December, which went for $10.26 million on the Larva Labs marketplace.Deepak Thapliyal, CEO of <keyword id="11902216" type="UNKNOWN" weightage="60" keywordseo="blockchain" source="Orion">blockchain</keyword> tech company Chain.com, <a href="https://twitter.com/dt_chain/status/1492602639506362373?s=20&amp;t=02pQVLhtD9mL5gjN5WiqXg">revealed on Twitter</a> that he was the most recent buyer. He said he had used DeFi financing through <keyword id="13173503" type="UNKNOWN" weightage="60" keywordseo="compound-finance" source="Orion">Compound Finance</keyword> for the purchase — a sign he was long ether and still able to hold the cryptocurrency, he said.Last year, some NFT owners began using <a href="https://markets.businessinsider.com/news/currencies/cryptopunks-nft-sells-over-500-million-void-larva-labs-ethereum-2021-10">ethereum-based "flash" loans to borrow crypto</a> to make a purchase, paying themselves back immediately in the same transaction. One CryptoPunks NFT purchased this way went for more than $532 million, prompting Larva Labs to say it would filter out alerts for such transactions in the future.The most expensive legitimate sale of an NFT came in 2021, when Sotheby's auctioned a Beeple piece for <a href="https://www.businessinsider.com/art-auction-nft-beeple-top-selling-most-expensive-sale-millions-2021-3">$69 million</a>, kicking off the NFT craze in the mainstream.NFT sales surged throughout 2021 after that sale in March. In August, <a href="https://markets.businessinsider.com/news/currencies/nft-opensea-digital-art-bitcoin-cardano-ethereum-meme-crypto-2021-09">NFT sales volume</a> reached $3 billion for the month. At the time, analysts saw this as evidence of speculative retail investors shifting out of <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> and meme stocks into the digital assets.However, January saw a resurgence. NFT sales reached a new all-time high of $7 billion for the month, even though cryptocurrency prices slumped in January.

A rare CryptoPunks alien avatar NFT sells for an all-time high of almost $24 million, double the previous Punks record

<ul class="summary-list"><li>Beeple, who sold an NFT for $69.3 million this year, will return to the market with a new piece. </li><li>A 7-foot-tall physical sculpture will be auctioned at Christie's, according to WSJ. </li></ul>Beeple, who this year sold the most expensive work of digital art, is returning to the $769 billion NFT marketplace with a life-size sculpture and corresponding NFT that will be auctioned by Christie's. "Human One" could sell for $15 million, according to an estimate from the 255-year-old auction house, <a href="https://www.wsj.com/articles/nft-artist-beeple-to-auction-a-real-life-sculpture-for-about-15-million-at-christies-11635422400?mod=hp_listc_pos4">first reported by The Wall Street Journal</a>. It will be featured as part of Christie's "21st Century Evening Sale" on November 9.<a href="https://www.christies.com/features/Beeple-gets-real-with-human-one-11940-7.aspx?sc_lang=en">Christie's describes the 7-foot-tall piece</a> depicting a helmeted astronaut as a "kinetic video sculpture" with four video screens and made in part with polished aluminum metal.The <a href="https://twitter.com/NonFungibleNoah/status/1453726009883123728">accompanying NFT</a> slowly rotates, and the figure appears to walk through sci-fi landscapes, the report said, adding that Beeple plans to alter the backdrops several times a day and update them during his career. NFTs - or non-fungible tokens - are digital representations of artworks and collectibles that exist on a blockchain ledger. Beeple made a big splash in the art and crypto worlds in March when his <a href="https://www.businessinsider.com/beeple-nft-mike-winkelmann-digital-art-christies-2021-3">"Everydays: The First 500 Days" NFT sold for $69.3 million</a>, marking the first entirely digital art piece sold by Christie's. That sale propelled Beeple, whose real name is Mike Winkelmann, to stand among the top three most valuable living artists. The sale of "Human One" will add to the fast-growing NFT market that carried a sales volume of $10.9 billion, <a href="https://coinmarketcap.com/nft/">according to CoinMarketCap</a>, with the site also showing that more than 2 billion NFTs have been sold.

The artist who sold an NFT for a staggering $69 million will auction a $15 million sculpture and NFT at Christie's, report says

<ul class="summary-list"><li><keyword id="10848595" type="UNKNOWN" weightage="60" keywordseo="beeple">Beeple</keyword>'s latest <keyword id="1105" type="PERSON" weightage="60" keywordseo="art">art</keyword> ranks among some of the most expensive pieces sold by living artists.</li><li>The price for the digital art piece jumped from $15 million to nearly $70 million in under an hour.</li><li>It was the first <keyword id="4668945" type="PERSON" weightage="60" keywordseo="nft">NFT</keyword> to be sold by a historic auction house.</li></ul>Digital artist Mike Winkelmann - known online as Beeple - has smashed crypto-art records yet again with a nearly $70 million sale. On Thursday, Winkelmann became one of the top three most valuable living artists, according to Christie's, as his sale became the highest for any online bid to date.His piece <a href="https://onlineonly.christies.com/s/beeple-first-5000-days/beeple-b-1981-1/112924">sold for nearly $70 million</a> in an auction that saw furious bidding activity down to the very last minute. The price for the piece jumped from $15 million to over $69 million in under 30 minutes. <a href="https://www.bloomberg.com/news/articles/2021-03-11/beeple-everydays-nft-sells-at-art-auction-for-60-million-paid-in-ether?sref=LspfQlRv">Bloomberg</a> reported that Tron founder Justin Sun had the winning bid on the piece at $60.25 million, but a representative for the crypto tycoon told Insider that Sun was outbid at the last minute. "NFT is definitely a revolution to the industry for the our generation," the spokesperson told Insider. "Both Justin and TRON Foundation are super excited for the techonolgy and will to heavily support the ecosystem development around that."Previously, the most expensive crypto-art sale was another <a href="https://www.businessinsider.com/art-nft-beeple-blockchain-pieces-sell-for-millions-2021-3">Beeple piece that was resold for $6.6 million on Nifty Gateway.</a>This new piece, titled "Everydays: The First 5000 Days," represented a collection of 5,000 Beeple digital art pieces. Christie's specialist Noah Davis calls the piece Beeple's "opus," as it shows his development as an artist. The auction lasted over a week and ended on Thursday.Winkelmann <a href="https://www.businessinsider.com/nft-artists-make-millions-traditional-galleries-adapt-cryptoart-2021-3">told Insider in a previous interview</a> that prior to recent months, he'd never expected to sell a piece for more than $1,000.Winkelmann's piece is a <a href="https://www.businessinsider.com/what-does-nft-mean-crytpo-non-fungible-tokens-art-explained-2021-2">non-fungible token or NFT. NFTs operate as a new type of digital asset</a>. The digital tokens have rapidly gained popularity during the pandemic, as brands like the NBA and Nike got in on the trend and artists like <a href="https://www.businessinsider.com/grimes-nft-art-warnymph-sells-for-millions-20-minutes-2021-3">Grimes sold art collections for nearly $6 million in under 20 minutes.</a>In the past month alone, top NFT platforms have sold nearly $500 million in digital assets, according to<a href="https://www.cryptoslam.io/"> CryptoSlam</a>.Beeple's $69 million sale represented the first NFT sale for Christie's - an auction house that was founded in 1766. Prior to the auction, the historic auction house said it was unable to estimate the price of Beeple's work. 33 individuals bid on the piece and over 90% of them were new visitors to Christie's site.Read more: <a href="https://www.businessinsider.com/nft-startups-non-fungible-tokens-the-art-world-2021-3">Here are 4 NFT startups transforming the way we buy art and sports memorabilia</a>"We're replacing our typical Estimate on Request with Estimate Unknown," Christie's specialist Noah Davis said in the initial press release. "We're breaking such new ground with this piece, your guess is as good as ours."Miami-based art collector Pablo Rodriguez-Fraile told Insider that, after selling a Beeple piece for $6.6 million, he thinks Winkelmann is a symbol for the entire NFT movement."This will become the art world over time," Rodriguez-Fraile told Insider. "<keyword id="902592" type="PERSON" weightage="60" keywordseo="NFTS">NFTs</keyword> are going to become more desirable than a physical piece. They give collectors a closer connection to the artist."Rodriguez-Fraile told Insider that NFTs give power back to the artists and for many artists like Winkelmann, it gives them the power to finally receive recognition for their work. "I believe we are witnessing the beginning of the next chapter in art history, digital art," Winkelmann said in a press release. "Artists have been using hardware and software to create artwork and distribute it on the internet for the last 20+ years but there was never a real way to truly own and collect it. With NFT's that has now changed."Winkelmann will also be able to continue to profit off future sales of his piece, as most NFT platforms allow artists to receive at least 10% royalties.

This digital art just sold for nearly $70 million - the highest crypto-art sale in history - making its creator one of the top three most valuable living artists

<ul class="summary-list"><li>The "<keyword id="1990795" type="PERSON" weightage="60" keywordseo="doge">Doge</keyword>" meme, which emerged online in 2013, sold as a nonfungible token (<keyword id="4668945" type="PERSON" weightage="60" keywordseo="nft">NFT</keyword>) on Friday.</li><li>The $4 million sale marks the highest bid for an NFT meme thus far. </li><li>"Doge" joins the ranks of other viral videos and <keyword id="1605152" type="PERSON" weightage="60" keywordseo="Memes">memes</keyword> to earn their creators money via NFT sales.</li></ul>The iconic "Doge" meme smashed the record for the most expensive meme nonfungible token (NFT), selling at <keyword id="1639" type="ORGANIZATION" weightage="60" keywordseo="Auction">auction</keyword> on Friday for more than $4 million.The sale of the famed image of an excited Shiba Inu was <a href="https://www.nbcnews.com/pop-culture/pop-culture-news/iconic-doge-meme-nft-breaks-records-selling-roughly-4-million-n1270161">first reported by NBC News.</a> Friday's sale made "Doge" the highest-earning NFT meme of all time, NBC <keyword id="6355005" type="UNKNOWN" weightage="60" keywordseo="news">News</keyword> reported. The meme was put up for <a href="https://zora.co/0x337071a7e907f5a599747a2c9baf6efdf7eb4bcc/3366">auction on Tuesday on the auction site Zora</a>, and the winner, @pleasrdao, was named on Friday with a bid of 1,696.9 Ethereum cryptocurrency, which is worth about $4 million.The meme was sold by Atsuko Sato, the owner of the eponymous "Doge.""Doge" emerged online in 2013 as a meme using overlaid Comic Sans text to describe the dog's fictional inner monologue. It quickly became one of the internet's most ubiquitous images, with others sharing the meme with their own spins on the dog's internal monologue.Text used over the "Doge" meme typically <a href="https://the-toast.net/2014/02/06/linguist-explains-grammar-doge-wow/">uses an improper modification structure,</a> crafting phrases like "much hungry" or "very NFT."After the meme became popular in 2013, two software engineers created a cryptocurrency called Dogecoin as a joke in the meme's honor. But, <a href="https://www.barrons.com/articles/dogecoin-started-as-a-joke-now-its-too-important-to-laugh-off-51620229273">as Barron's reported in May</a> of this year, the crypto is "too important to laugh off." "Doge" joins the ranks of several other memes and viral videos whose creators have cashed in on fame through NFT sales.In April, the <a href="https://www.insider.com/disaster-girl-made-half-million-selling-her-meme-as-nft-2021-4">"Disaster Girl" meme</a>, a 2005 photo that became one of the most famous memes on the early internet, was sold as an NFT for nearly half a million dollars. <a href="https://www.businessinsider.com/ethereum-nft-meme-art-nyan-cat-sells-for-300-eth-2021-2">The Nyan cat gif was sold as an NFT</a> for close to $600,000 in February. Other viral images like <a href="https://www.businessinsider.com/bad-luck-brian-meme-nft-crypto-art-blockchain-ethereum-foundation-2021-3">"Bad Luck Brian"</a> have sold for tens of thousands of dollars. NFT sales are helping some online creators finally earn additional money off of their famous content. The creator of the "David After Dentist" YouTube video from 2009, which depicts a boy experiencing the side effects of medication after a dental procedure, <a href="https://www.businessinsider.com/nft-david-after-dentist-viral-youtube-video-sold-2021-5">told Insider he would use the money</a> from that video's NFT sale to help finish paying off his two sons' college tuitions. Chris Crocker, an entertainer whose famous 2007 "Leave Britney Alone" video sold for over $41,000 in April to an anonymous buyer, <a href="https://www.businessinsider.com/chris-crocker-leave-britney-alone-video-youtube-nft-free-britney-2021-4">told Insider in a previous interview</a> that the video, which defined his online persona, made him no money at all. "I didn't really get anything from [the video] other than to be put in a box for the next 14 years," Crocker told Insider.

Famed 'Doge' meme NFT sells for record-breaking $4 million at auction

<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>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><keyword id="10999263" type="UNKNOWN" weightage="60" keywordseo="nft-sales">NFT sales</keyword> volume skyrocketed to $2.5 billion in the first half of 2021, according to DappRadar. </li><li>Artists, celebrities and organizations like Twitter, CNN and the US Space Force jumped onto the trend. </li><li>The <keyword id="4668945" type="PERSON" weightage="60" keywordseo="nft">NFT</keyword> market has however cooled off since the height of the frenzy in these tokens back in May.</li></ul>Sales volumes for non-fungible tokens (NFTs) soared to a record $2.5 billion in the first half of 2021, according to DappRadar, as artists, celebrities, companies and even government institutions have joined the <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> craze and created a red-hot market for digital tokens. Digital analytics firm DappRadar, which tracks data on decentralized applications including NFT sales platforms that are based on blockchain networks like ethereum, noted the explosion in growth, particuarly over the last 12 months. "In 2020, the total amount of volume generated by the NFT collections tracked by DappRadar equaled a staggering $94,862,807. Even more impressive is that by the end of Q2 2021 that figure stands at almost $2.5 billion dollars.", the company said in a blog post last week. NFTs are digital tokens that can represent real-life assets such as artworks, music, video, games and even virtual land. Unlike a typical cryptocurrency, they are unique and not interchangeable, much collectible items.DappRadar's data shows NFTs started gaining traction in January of this year, before sales volume exploded in March. A major contributor to this boom was the sale of the most expensive NFT ever - a digital artwork by Beeple that was sold for around $69 million by luxury auction house Christie's that month. The craze continued from there, reaching its peak in early May when NFTs worth $102 million sold in a single day, according to <a href="https://protos.com/nft-market-bubble-popped-crypto-collectibles-are-over/">Protos</a> data. A series of artists, celebrities and organisations have since created and sold the digital tokens. <a href="https://markets.businessinsider.com/currencies/news/reddit-nft-auction-ethereum-snoo-alien-mascot-crypto-token-2021-6">Reddit recently auctioned NFTs featuring it's mascot</a> for instance, while the US Space Force sold NFTs to <a href="https://markets.businessinsider.com/currencies/news/us-space-force-nfts-satellites-gps-mission-crypto-tokens-2021-6">commemorate the launch of a vehicle during their GPS Block III mission</a> and Twitter creator <a href="https://markets.businessinsider.com/currencies/news/jack-dorsey-nft-first-ever-tweet-sold-29-million-twitter-2021-3">Jack Dorsey sold his first ever tweet</a> as an NFT. Existing NFTs, for example a series of collectibles called CryptoPunks, one of which <a href="https://markets.businessinsider.com/currencies/news/cryptopunk-nft-covid-alien-draftkings-sothebys-auction-fungible-token-2021-6">sold for $11.8 million</a>, were also pushed into the spotlight.NFT prices have dropped since that peak - DappRadar noted that sales volume fell in the second quarter of the year. However, the number of sales per day and active wallets increased, their <a href="https://dappradar.com/blog/dapp-industry-report-q2-2021-overview/#stay">report</a> found. "In comparison to Q1, the number of sales spiked by 111.46%, while the daily average of unique wallets increased by 151.86% as well." it reads. According to the data platform, the NFT market is shifting from highly priced, individual sales to smaller, more frequent ones as online games which incorporate digital tokens for example become increasingly popular. "It appears that a wider, more mainstream audience has finally arrived. [ … ] The mass adoption factor is undeniable." DappRadar's report said.

You Searched For "most expensive nft" and got 11 results

Thought NFTs were dead? A piece of pixelated art just sold for $16 million.

Phil Rosen

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

Prabhjote Gill

A CryptoPunks NFT sells for an eye-popping $532 million - but the purchase isn't all it seems

Camomile Shumba

Azealia Banks and Ryder Ripps' NFT sex tape is being resold for over $260 million by the anonymous RultonFyder

Moises Mendez II

A rare CryptoPunks alien avatar NFT sells for an all-time high of almost $24 million, double the previous Punks record

Adam Morgan McCarthy

The artist who sold an NFT for a staggering $69 million will auction a $15 million sculpture and NFT at Christie's, report says

Carla Mozée

This digital art just sold for nearly $70 million - the highest crypto-art sale in history - making its creator one of the top three most valuable living artists

Grace Kay

Famed 'Doge' meme NFT sells for record-breaking $4 million at auction

Kelly McLaughlin

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

Tim Levin

50 cryptocurrency and NFT terms you need to know

Aprilynne Alter

NFT sales volume soared to $2.5 billion in the first half of 2021, as artists, celebrities and even Twitter and CNN joined the crypto craze

Sophie Kiderlin

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