[Digital Today Reporter Hyunwoo Choo] The work of digital artist Mike Winkelmann, widely known under the stage name’Beeple’, was awarded a record high price of over 70 billion won.
According to foreign media such as CNBC on the 11th (hereinafter referred to as local time), Biffle’s latest work’Everydays: The First 5000 Days’ was posted on the online Christie auction site for a starting price of $100 on February 25th.
After that, it was auctioned for more than 15 days, and the final bid was 6,934,6250 dollars (approximately 74.8 billion won). It was the highest price ever for digital art work.
The work’Everydays: The First 5000 Days’ consists of over 5000 different images. It is evaluated as a work that embodies various objects such as society’s obsession and fear of technology, aspiration for wealth, anger, and politics.
In particular, Biffle’s new work has a non-replaceable token (NFT) technology applied. It is analyzed that the value of the work itself and the use of NFT to further emphasize scarcity became the background for recording high auction prices.
NFT is emerging as the most noticeable keyword in the blockchain industry in recent years. It is expanding its use in various fields such as games, sports, and collectibles, as well as works of art.
According to the NFT market analysis platform Nonpunsable.com, the global NFT market in 2020 was estimated to have reached approximately $315 million. This year is expected to more than double compared to the previous year.
Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.