Mike Winkelmann, also known as Beeple, the digital artist, has sold Crossroads NFT for $6.6 million, more than 100 times its original price, and smashing the previous record of $1.5 million for an individual NFT.
It has been reported that like many Beeple artworks, Crossroads was inspired by the 2020 US presidential elections. It was designed to feature one of two animations, depending on the outcome of the election, one a triumphant Trump, the other a forgotten, despondent one.
However, originally purchased by a user called Pablo for $66,666.60 on November 1, the new owner, who chose to remain anonymous, paid almost 100 times more, breaking the price record for a single NFT sale. Previously, the record was held by CryptoPunk 6965 which sold last week for 800 ETH, with a sale value of $1.55 million.
Artists like @beeple and @trevorjonesart are redefining the NFT space with their art netting more than $10 million in sales yesterday, with one piece selling for $6.6 million https://t.co/CAfkZ92Drf — Cointelegraph (@Cointelegraph) February 26, 2021
The report said that Beeple’s work has already captivated art collectors around the world with $3.5 million in sales generated over a single weekend in December on the Nifty Gateway, with some of the artwork being resold the same day at inflated values of more than 1000 times the original price.
Lark Davis, the crypto YouTuber, said:
“This Trump themed #nft just sold for 6.6 million dollars, NFT mania is heating up big time. People showing they have more money than sense.”
Likewise, the renowned artist is in the process of breaking another record with the first NFT being sold in a traditional auction house. Christie’s is listing the item in partnership with NFT marketplace MarkersPlace for more than two weeks, ending on March 11. The auction for the piece titled “Everydays: The First 5000 Days”, which started on February 25 for $100, has its estimated value listed as unknown. The listing has already received 120 bids with the latest bid at $2.2 million.
Thus, Noah Davis, the American artist, said:
“We’re at this moment in time where there could be a drastic shift—a demographic shift, a generational shift—when it comes to what excites younger collectors. Christie’s as an organization is really excited about a moment in time where you see $3.5 million of sales just organically appear out of thin air. That’s something we want to capitalize on.”