$69 Million Beeple Art Buyer Revealed

$69 Million Beeple Art Buyer Revealed as NFT Whale Metakovan

Pseudonymous NFT investor Metakovan was behind the $69 million purchase of a digital artwork from Beeple, per Christie’s.

In brief

  • The NFT market is in full gold rush mode.
  • Digital artist Beeple just sold a collection of digital art for $69 million.
  • Auction house Christie’s today revealed the identity of the buyer.

Pseudonymous NFT investor Metakovan was the high bidder on Beeple’s history-making NFT, according to a statement from British auction house Christie’s. He paid over $69 million for the piece.

Bloomberg had previously reported that crypto entrepreneur Justin Sun was the buyer, but Sun later said that he’d been outbid at the last minute.https://www.youtube.com/embed/S8p1B8NHLFQ?autoplay=0&mute=0&controls=1&origin=https%3A%2F%2Fdecrypt.co&playsinline=1&showinfo=0&rel=0&iv_load_policy=3&modestbranding=1&enablejsapi=1&widgetid=1

The sale is a watershed moment for NFTs, for non-fungible tokens—blockchain-based collectibles that have become a popular medium for digital art; in recent weeks, big-name artists like Grimes and Kings of Leon have sold NFTs for millions of dollars.

Decrypt spoke to Metakovan last year after he dropped $100,000 on a race car add-on for a blockchain video game.NFT DROP | Coming in March EulerBeats Enigma LPEulerBeats the #1 Art + music on-chain NFT will release Enigma LP this March. Original token owners get a royalty for every print sold. Each print will be issued on a bonding curve which feeds a reserve to provide instant liquidity for print holders.AdPartnerTogether with Decrypt

“I don’t believe there is really an upper limit to how much one would pay [for an NFT],” he said at the time. “But I believe there will be someone who creates a very unique NFT, something that captures imagination. I’ll be there for that auction.”

Metakovan is based in Singapore, and has said he’s a Y Combinator alumnus. He also hinted that “it’s not that hard to find out who I am IRL.” He’s also the driving force behind Metapurse, a dedicated NFT fund.

When Metakovan bought that virtual race car, NFTs were a niche market within the already-niche crypto ecosystem. Today, his $69 million Beeple purchase was on the front page of the Wall Street Journal.

Beeple, too, arrived out of the blue late last year, when he sold a collection of digital art through the Winklevoss twins’ NFT marketplace, Nifty Gateway, for around $3.5 million. The $69 million work, titled The First 5000 Days, is a collage of pieces made daily over the course of 5,000 days. 

In the Christie’s press release, Metakovan said “it is worth $1 billion.”

PUBLISHED BY– Decrypt

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