NFT Art Goes Viral and Heads to Auction — But What Is It?

Source | Hyperallergig

At 10am EST tomorrow, February 25, Christie’s will become the first major auction house to offer a purely digital artwork — Beeple’s “EVERYDAYS: THE FIRST 5000 DAYS,” a unique NFT (non-fungible token) consisting of 5,000 individual images created every day between 2007 and 2021 and posted on the artist’s Instagram. Previously, Beeple’s works had only been offered in what are known as “drops,” timed online sales by blockchain-backed marketplaces like Nifty Gateway, where they have fetched up to $3.5 million in a single weekend. In another first, the house will also accept payment for the artwork in cryptocurrency, a coin known as Ether. (The buyer’s premium, a set of fees tacked on to the principal, must be paid in dollars.) NFTs are not new; they’ve been around for years now. But Christie’s upcoming sale has decidedly catapulted them into the mainstream, with digital creators reaping the benefits of the crypto-collectibles craze in enormous ways.

Beeple | NFT

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Acid House | Collectible NFTs