Digital Art Achieves Record Prices

Art has delighted its admirers for centuries. It accompanies our everyday life just as it attracts millions of people to museums around the world. It has been long since the art crossed the threshold of investment. Numerous works by the great masters fetch huge amounts of money when they are auctioned in the greatest auction houses around the world.

On the other hand, digital art is a new form of art so far, but this medium has already taken several steps at once. Most recently, the sale of the Crypto artwork called Everydays: The First 5,000 Days by the artist Beeple caused a stir in the industry. Its cost reached an incredible price of $69 million, and it can easily compete with the greatest masterpieces in the art history now.

Countless Copies but Only One Original

Making a copy of a digital work of art is relatively easy, but the artist himself does not sees it as bad. He points out that anyone can take a picture of the Mona Lisa. But that does not mean that someone also owns the Mona Lisa. The same applies analogously to music. With digital art, anyone could make a copy. But these copies are worthless without the certificate of authenticity. That digital stamp made the difference, which was $69 million in this case.

Digital Collage and Certificate of Authenticity

The artwork Everydays: The First 5,000 Days is a digital collage. It was sold in New York at Christie’s auction house. An investor wanted the work and paid the price. As a proof of authenticity, he received the so-called non-fungible token. That is how a digital file becomes a collector’s item. This certificate works via a blockchain which is a decentralized form of a database that you can also use for cryptocurrencies. It makes the certificate of authenticity forgery-proof.

Musicians Follow the Path

Recently, Kings of Leon released a physical and a streaming version of their record as well as an NFT version. Singer Grimes even went a step further and sold several videos in NFT versions for a total of six million dollars. The buyer of the collage by the artist Beeple sees himself as a pioneer. Vignesh Sundaresan is sure that hundreds of thousands of people will adopt this new medium in the future.

Musicians Follow the Path
Musicians Follow the Path

Sotheby’s auction house in London auctioned NFTs by digital artist Pak. His work The Pixel consists of just a single pixel. But that did not prevent numerous interested parties from engaging in a long bidding dispute. After a 90-minute auction, the buyer was determined. He acquired the digital image for a staggering price of $1.4 million. These auctions demonstrate the great interest that investors have in digital art. Only the future will tell whether this is just a hype or a long-term trend. But there is no doubt that it is an exciting development that will put new winds in sails of the international art market.