Friday night the eccentric digital artist, Beeple (AKA Mike Winkelmann) opened up his auction on the Gemini-run Nifty Gateway and made record sales in just 5 minutes of $582,000.

While the eerie 2020 Collection currently includes 23 NFTs digital images (non-fungible tokens, represented by the art), it was the 3 open editions that made such a splash to reach nearly $600k during the 5-minute auction.

The three pieces: Bull Run, Into the Ether, and Infected Culture sold a total of 601 NFTs at a price of $969 each. 

Why Are These NFTs So Desirable? 

Well, firstly the original crypto art buyers get a lot of goodies. They receive a framed digital original of the NFT and an actual token that can be registered on where owners control/edit the information attached to it. Owners will also be able to prove their ownership on the blockchain.

Secondly, owners of the token can make a profit from their collection. As more editions sell, the value of the token increases. So, the owner of the NFT can potentially make a nice profit if the art is successful. 

Some of the original 601 owners are already reselling their NFT editions on Nifty Gateway. This is where the bidding has accelerated well past the original.

Totals for the original and the resales of the open editions have now exceeded $1 million with Beeple’s total artwork value at a whopping $4.3 million.  

Beeple still has several single-edition NFTs of his 2020 collection on Nifty Gateway. So, if you have extra cash get there before they’re gone. 

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