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Artist Mike Winkelmann, better known as Beeple, said on Sunday that non-fungible symbolic art was in a bubble.
What happened: Winkelmann made his comments to “Fox News Sunday,” where he said NFT art was “absolutely” in a bubble, Bloomberg reported.
“I absolutely think it’s a bubble, to be completely honest. I go back to the early Internet analogy. There was a bubble. And the bubble burst, ”said the artist.
Beeple noted that just as the internet was not wiped out after this bubble burst, if NFT itself is “strong enough,” it would survive a similar explosion.
Why is this important: Winkelmann sold an NFT track called “The First 5000 Days” for $ 69 million this month in a Christie’s auction.
The art was purchased by Vignesh Sundaresan, a software engineer of Indian descent.
Of the sale, Winkelmann said: “Friday night the guy – he’s a guy in Singapore – he had the artwork and I had the money,” – adding: “$ 55 million on my bank account. Like, boom, finished, the next day. “
The sale was made in Ethereum (CRYPTO: ETH). The cryptocurrency was trading 0.52% lower at $ 1,784.36 at press time.
The digital artist offered $ 69 million to Tesla Inc (NASDAQ: TSLA) CEO Elon Musk for an NFT song on NFT but he changed his mind about the sale.
Other artists who took advantage of this trend included Musk’s partner Grimes, Lindsay Lohan and Banksy, who sold a piece for $ 394,000.
The NFT craze is akin to the Tulip Mania that swept Holland in its heyday, some say.
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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