On March 11, 2021, a 10 second video clip by video artist Beeble, whose real name is Mike Winkelmann, was sold by Miami-based art collector Pablo Rodriquez-Fraile for $69,346,250 in Ethereum Digital currency. He had bought it in October 2020 for $67,000 making quite a nice profit less than a year later. No one to date has bought NFT’s (non-fungible tokens) for their aesthetic value, although Beeble’s work is quite beautiful. “Everydays: The First 5000 Days,” a collage of 5000 images produced over 33 years by Beeble, is a unique string of code called a non-fungible token (NFT). Unique to the buyer/owner, it cannot be reproduced or sent to anyone else. Consequently, the artwork can only be viewed by the purchaser, on their computer, or projected on their wall. It carries on the tradition of the Renaissance fresco, only viewable in the Medici or Sforza palace or church, and transferable for … [Read more...] about THE BUSINESS OF ART: NFT’S ON THE MARK?
