Tuesday, December 6, 2022

How two friends made art history buying a $70M digital work

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The March 11 auction at Christie’s in London immediately made Beeple’s artwork one of the most expensive pieces ever sold by living artists, joining a well-known swimming pool painting by David Hockney and an iconic stainless steel rabbit sculpture by Jeff Koons

Based on cryptocurrency technology known as the blockchain, these digital items function as exclusive certificates of authenticity, making it possible to turn easily copied digital files into unique collectibles — sometimes ones worth tens of millions of dollars.

Winkelmann began seeing the possibilities of NFTs for digital artists back in October when he tested the waters with an initial “drop” of his work.

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