Classics auction house Christie's to auction digital work of art with crypto currency

05:35  25 february  2021
05:35  25 february  2021 Source:   finanzen.net

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The London auction house Christie's is drawing attention to itself with a premiere. For the first time, a purely digital work of art will be auctioned and that with a purely digital means of payment.

Steve Heap / Shutterstock.com © Provided by Finanz.net Steve Heap / Shutterstock.com

When you think of blockchain technology, most people probably think of the cryptocurrencies Bitcoin or Ethereum . However, a premiere at Christie's auction house proves that blockchain technology can do more than just be a platform for payment methods: the first purely digital work of art is to be auctioned there. According to Christie's, the duration of the auction is from February 25th to March 11th, 2021.

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auction house Christie's: first digital work of art is auctioned

According to information from Christie's, the work is a 21,069 x 21,069 pixel artwork with the title "Everydays: The First 5000 Days". The initial bid should be around 100 US dollars, but payments can only be made with the cryptocurrency Ether, which is part of the Ethereum network.

A so-called "Non-Fungible Token" (NFT) is intended to ensure that the highest bidder is also the sole owner of the work of art. In contrast to fungible tokens, for example a crypto currency such as Bitcoin, NFTs are not exchangeable. A Bitcoin is no different from other Bitcoins - an NFT, on the other hand, is very different from other NFTs. "Non-fungible, i.e. non-exchangeable tokens represent a very specific asset and are therefore unique," writes the website t3n.de on the subject. NFTs are particularly suitable for digital art assets, of which there are only a few or even only a single object in the world - as in the current case with Christie's.

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Digital work of art from 5000 motifs

As the title of the work of art already suggests, the digital image consists of a total of 5000 motifs, all of which come from the digital artist Mike Winkelmann, also known under the name Beeple.

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According to Christie's description, Winkelmann has had a new one every day since May 1st, 2007 digital artwork and reached his last of the 5000 images on January 7th, 2021.

Christie's is proud to offer "Everydays - The First 5000 Days" by @beeple as the first purely digital work of art ever offered by a major auction house. Bidding will be open from Feb 25-Mar 11.

Learn more here https://t.co/srХ-$HCE0o | NFT issued in partnership w / @makersplaceco pic.twitter.com/zymq2DSjy7

- Christie's (@ChristiesInc) February 16, 2021

Christie's also says: "The zooming in on individual pieces is organized in loose chronological order and shows abstract, fantastic, grotesque and absurd images as well as current events and deeply personal moments. " While the first pictures still had abstract themes, colors and shapes, the pictures became more and more topical over time and some of them also reacted to current events. Beeple himself says: "I now look at it almost as if I were a political cartoonist." Finanzen.net editorial team

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