Home / Business / $ 69 Million Beeple art MetaKovan Buyer On NFTs

$ 69 Million Beeple art MetaKovan Buyer On NFTs

Vignesh Sundaresan, known in the cryptocurrency community as MetaKovan, made headlines in March that he bought Beeple’s “Every Day: First 5,000” NFT for over $ 69 million.

As the founder of the Metapurse NFT and a big spender in space, you’d guess he would have to be successful at the NFT, but Sundaresan warned that those trying to make a profit from the token were going. “A huge risk,” he told Bloomberg.

The NFT “is not investing primarily … it̵

7;s even more insane than investing in crypto,” he said.

An NFT, or non-changeable token, is a unique digital asset including jpegs and video clips, represented by the code saved on the blockchain, a decentralized digital ledger that documents each NFT transaction can be purchased. And it sells just like a physical property, but the blockchain allows tracking ownership and validity.

While the NFT market has grown rapidly this year. The token’s sales volumes seem to go down with the price drop as well. (Although not everyone believes NFTs are a bubble)

Sundaresan is very supportive of the NFT, but “I don’t think the NFT will forever have the same advertising for high-value items,” he said.

“The market is divided into very few high-value items and an infinite number of very low-value products.”

Likewise, Mike Winkelmann, an artist known as Beeple, compared the NFT market to the dot-com bubble, as did some companies like Amazon that eventually escaped their capture, and others didn’t, Winkelmann predicted. Some of the NFT market will grow while others will wither.

“I love technology and space in the long run,” Winkelmann told CNBC Make It recently. “I just think people have to be careful right now because there. [was] Hustle and it’s new It is very speculative. “

As Bloomberg pointed out, when Sundaresan was revealed to be Beeple’s eight NFT buyers, some speculated that it would push the price of its own NFT collection higher. But Sundaresan refused, telling Bloomberg that his motive was “Support artists and show technology”

“I [Beeple] The pieces take a life of their own. That’s what makes the NFT so interesting, ”Sundaresan told CNBC in March. But can also become thousands of other things. But I’m not going to sell it anytime soon. “

Sundaresan predicted that “there will be hundreds of thousands of people from around the world who will use this medium, native digital media, to make money from art,” he said.

“It will have an economy all around”

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