Justin Sun, founder of cryptocurrency project Tron, recently participated in Christie’s auction for EVERYDAYDAYS: THE FIRST 5000 DAYS. He was ready to give millions of dollars for it, but in the end he could not purchase the lot.
As a reminder, this digital painting by artist Beeple was sold for over $ 69 million in the form of a unique token and became the most expensive NFT in world history. For several days, the identity of the buyer remained secret, but in the end, representatives of the auction house disclosed this information.
By tradition, let’s start with an explanation. NFT tokens and digital art are one of the hottest topics in the blockchain industry right now. They allow users to secure their ownership of an object – including a unique one. Since the blockchain and the information in it is transparent, it is easy to verify ownership, and it also eliminates the potential problem of counterfeiting that occurs in conventional art.
Thanks to the combination of these features and the current growth of the cryptocurrency market, the NFT niche has become massive. Collectors are now buying up a variety of sports cards, gifs, and even tweets. By the way, we have shared the instructions for creating a unique token and selling it in a separate article. There you will also be able to find out how to put up your own tweet for sale, which Twitter co-founder Jack Dorsey did the day before.
The popularity of NFT has reached the world famous auction houses. As we learned last week, the work of the famous artist under the pseudonym Beeple was purchased for 69.3 million dollars. This made it the most expensive digital work in the world and the fourth most expensive work of art overall.
Now it became known who laid out a huge amount for a unique creation.
The most expensive NFT token in the world
Notably, Sun was initially the favorite in the auction. His rate reached exactly 69 million dollars on the last day of trading and, it would seem, no one was going to raise it. However, literally in the last minutes of the auction, another bid in the amount of $ 69.3 million from an anonymous buyer appeared, CryptoPotato reports.
He offered $ 250,000 more than Justin Sun, and eventually went to him. Justin made an effort to win the bid. Later in his tweet, he stated that in the last 30 seconds he made a bid of $ 70 million, but the auction did not process it.
Note that this is not the first time that Sun has lost in the auctions. In particular, he offered Jack Dorsey the equivalent of $ 2 million for the first tweet, but the winning bid ended up being $ 2.5 million. Despite this, Justin actively covered his activities and used the losses for self-promotion.
But who won the auction? The winner remained anonymous for a while. Despite the silence, journalists suggested that in fact Justin Sun won the auction – and it really seemed so until he officially denied this version. Christie’s representatives later confirmed that the auction was won by an investor under the pseudonym Metakovan.
Metakovan has been involved in the development of the NFT ecosystem for quite a long time. He founded a fund called Metapurse, which invests heavily in unique tokens in the same way that investors buy collectibles. Or art dealers invest millions in rare items.
We believe that this event was an important step in the development of both NFT tokens and the blockchain industry in general. It has proven that the blockchain can be used at the highest level – including when it comes to transactions worth tens of millions of dollars. That is, in fact, there was a situation similar to Tesla’s investment in BTC, which made many believe in the potential of cryptocurrencies.
Christie’s NFT auction is likely to follow this pattern. So now we are clearly seeing the beginning of the development of the NFT sphere and in the future we will see many more transactions of this scale. At least from now on, there are no barriers to this.