Metakovan, the pseudo name of an Indian Cryptocurrency investor, bought a digital collage by an artist named Beeple for a whopping $69 million. He didn’t reveal anything about himself except that he currently is based in Singapore and the meaning of his pseudo name’s as King of Meta in the Tamil language.
Metakovan successfully bids and acquired the piece, titled “Everydays: The First 5,000 Days” for $69,346,250 (42329.453 ETH), in an unprecedented sale of a digital artwork that fetched more money than physical works by many better-known artists, announced the auction house Christie’s.
Metakovan, who is widely known in cryptocurrency circles, created Metapurse in 2017. Metakovan, the main investment fund in “NFT” virtual objects, of which he is the main financier, along with his partner, who goes by the pseudonym Twobadour and whose identity is also a closely guarded secret.
ICYMI: Two Indian crypto guys (seemingly based in Singapore) bought the $69mn digital art by @beeple. All revealed on the spot by @sriramk @aarthir on @joinClubhouse. Incredible is the we live in! https://t.co/fhD1GvgeQ5
— Kunal Bahl (@1kunalbahl) March 13, 2021
Christie’s said it also marks the first time a major auction house has offered a digital-only artwork with a non-fungible token as a guarantee of its authenticity, as well as the first time cryptocurrency has been used to pay for an artwork at auction.
Beeple, whose real name is Mike Winkelmann, responded to the sale result with an expletive on Twitter.
Others have also joined the craze for NFTs. Twitter CEO Jack Dorsey put his first-ever tweet – just setting up my twttr” – up for online auction as an NFT, with bids reaching as high as $2.5 million, and he promised to donate the proceeds to charity. Rock band Kings of Leon is offering a version of their latest album with the tokens that come with extras. A blockchain company bought a piece of work by British artist Banksy, burned it, and then put a digital version on sale through a non-fungible token. The National Basketball Association is teaming up in a venture to sell virtual sports cards backed by the tokens. And the Associated Press is offering NFT digital artwork – a depiction of the U.S. presidential election’s electoral college map as viewed from space.
(With inputs from agencies)