Beeple’s $69 Million NFT Buyer Says NFTs Could Democratize Digital Arts
The mysterious buyer of Beeple’s ‘Everyday: The First 5000 Days’ has been revealed to be an entrepreneur and angel investor, Vignesh Sundaresan.
No Regrets For Spending $69 Million On NFTs
In his first television interview on CNBC SquawkBox, Sundaresan, who goes by the pseudonym MetaKovan said that he was ready to make a much larger bid for digital art, given that it will be pivotal in the subsequent growth of the non-fungible token (NFT) space.
According to the coder, he has no second thoughts about paying so much for what many say is easily accessible on the internet. To him, NFTs presented a pathway through which digital artists and art collectors could trade art easily and efficiently.
Sundaresan also noted that the $69 million NFT was a significant piece of art history. It may take some time for people to recognize what potential there is in the NFT artwork, but he considers it a privilege to bring the art into global focus.
Beeple, whose real name is Mike Winklemann, has become somewhat of a pop culture digital artist since the explosion of tokenized digital arts. His Crossroads digital depiction of past US president Donald Trump was reportedly resold for $6.6 million. He has gone on to sell his NFTs at outrageous sums, and he says this has been a blessing following the pandemic drying up revenue sources.
But Beeple is not the only one making something out of a growing fantasy. NFT has changed so many sectors like real estate (Decentraland), quotes, video highlights, collectibles, and a whole business line is quickly emerging.
The NBA partnered with Dapper Labs’ Top Shot in 2019 to move into the NFT space. The partnership has been hugely successful as the NBA Top Shot sells video highlights of NBA players. A LeBron James slamdunk video highlight went for $200,000. So far, the NBA Top Shot is thriving, making as much as $500 million in NFT sales.
NFTs And Crypto Here To Stay
Sundaresan said he started in the crypto industry with no money. To invest in this burgeoning industry, he worked for cryptocurrency companies and invested in fast-growth companies focusing on digital assets in 2013.
Although he declined to state how much he owns in crypto, Sundaresan said he has holdings in Bitcoin, Ethereum, Polkadot, and Flow. He also noted that NFTs and crypto’s all-encompassing feature would see it override any ban by regulators.
“If regulators were tighter in previous years, that would have stifled innovation. I think we’re at a point where they see the positive impacts of crypto around the world,” he said.
This is following growing concerns in India that the government is set to outlaw private crypto ownership. The Asian nation has been a checkered history with crypto going as far back as the 2018 blanket ban overturned in 2020. Now, the government is revisiting, and it seems everything will go according to plan.
The government has repeatedly pointed to all the disadvantages surrounding crypto, saying its continued use could harm the global economy.