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.
Open editions have closed.
A total of $582,000 was sold.
Congrats to @beeple !
— Nifty Gateway (@niftygateway) December 12, 2020
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 beeple-collect.com where owners control/edit the information attached to it. Owners will also be able to prove their ownership on the blockchain.
— beeple (@beeple) December 11, 2020
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.
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.