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Gary Vaynerchuk holds a “VeeFriends” token, which is part of his part of his first NFT collection.
Source: VeeFriends | Gary Vaynerchuk
Christie’s auctioned five works of art created by entrepreneur Gary Vaynerchuk for his VeeFriends NFT collection on Friday.
The price to pay ? Just over $ 1.2 million.
“It feels like an out-of-body experience,” Vaynerchuk told CNBC. “I consider myself to be a very creative and artistic person, but it’s much bigger than me.… It represents a paradigm shift and the consumer is intrigued.”
While most of the NFTs auctioned by Christie’s are minted by NFT or verified by blockchain, these particular works are the original characters that were hand drawn by Vaynerchuk himself.
The VeeFriends collection consists of 10,255 non-fungible character tokens available for purchase through ethereum cryptocurrency. Each token includes a “smart contract” with metadata that Vaynerchuk can use to interact with his buyer. Token holders will also have exclusive access to an annual trading event called VeeCon for three years after purchasing the NFT. The first VeeCon will be held in Minneapolis in May.
Since the series launched earlier this year, the lowest listed price for such a token remains at $ 50,000.
Vaynerchuk’s NFT doodle titled “Empathetic Elephant” fetched the highest price at Friday’s auction for $ 412,500. The lowest was called “Diamond Hands” and came in at $ 162,500.
NFTs are a type of digital asset created to track ownership of a virtual item using blockchain technology. These unique items could be works of art or sports trading cards – a market Vaynerchuk became familiar with as a teenager, selling baseball cards for thousands of dollars every week.
“I grew up with collectibles, antiques and sports cards,” Vaynerchuk said. “My mom and dad were into that stuff too, and they would’ve been intimidated even walking into Christie’s two decades ago and now their son is selling stuff in it.… It’s the American dream.”
The original VeeFriends artwork was featured along with the Full Curio Cards Set and Art Block Sets 1-3 held at the Christie’s Post-War to Present Live Auction in New York City. The auction reinforces Christie’s foray into digital art sales, which have grown in popularity this year with an increase in the value of digital currencies like ether and bitcoin. Curio Cards, which is widely regarded as the first collectible digital art on the ethereum blockchain, grossed $ 1.2 million.
The market is growing rapidly, with some digital collectibles being sold for millions of dollars. In March, Christie’s sold an NFT by artist Beeple for more than $ 69.3 million.
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