Artist Mike Winkelmann, better known as Beeple, said on Sunday that non-fungible symbolic art is in a bubble.
What happened: Winkelmann made his comments to “Fox News Sunday”, where he said NFT art was “absolutely” in a bubble, Bloomberg reported.
“I absolutely think it’s a bubble, to be honest. I return to the analogy of the beginning of the internet. There was a bubble. And the bubble burst, ”said the artist.
Beeple noted that just as the Internet was not eliminated after the bubble burst, if the NFT technology itself is “strong enough”, it would survive a similar burst.
Why does it matter: Winkelmann sold an NFT piece entitled “The First 5000 Days” for $ 69 million this month at a Christie’s auction.
The art was purchased by Vignesh Sundaresan, a software engineer of Indian origin.
Regarding the sale, Winkelmann said: “On Friday night, the guy – he’s a guy in Singapore – he had the artwork and I had the money,” – adding, “$ 55 million in my bank account. Like, boom, ready, the next day. “
The sale was made in Ethereum (CRYPT: ETH). The cryptocurrency has been traded 0.52% down, to $ 1,784.36 so far.
The digital artist offered $ 69 million to Tesla Inc (NASDAQ: TSLA) CEO Elon Musk for an NFT song on the NFTs, but the latter changed his mind when making the sale.
Other artists who capitalized on the trend include Musk’s partner Grimes, Lindsay Lohan and Banksy, who sold a piece for $ 394,000.
The NFT craze is similar to the Tulip Mania that swept the Netherlands in its golden age, according to some.
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