A Singapore investor recently made waves in the art world when he spent a record-breaking US$69 million (S$93 million) worth of cryptocurrency on a digital art piece.
The sale of the piece by artist Mike Winkelmann, titled “Everydays: the First 5,000 Days”, caused a stir in the art market, where digital art was still considered fairly niche.
Winkelmann became one of the top three most valuable living artists, according to auction company Christie’s, as his sale became the highest for any online bid to date.
The purchaser of the digital collage, Vignesh Sundaresan, is one of the oldest investors in Non-Fungible Tokens (NFTs). NFTs operate as a new type of digital asset, and have rapidly gained popularity in recent years.
What Is A Non-Fungible Token? Image Credit: The Guardian NFTs are unique cryptographic tokens that exist on the Ethereum blockchain that cannot be replicated.
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