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‘Digital asset’ sells for $US70 million in historic first

Tom Elliott
Article image for ‘Digital asset’ sells for $US70 million in historic first

Image: 9news

Digital artist Beeple has raked in $US70 million after “ownership” of his piece Everydays: The First 5,000 Days was sold at auction.

It’s the third highest price for a living artist in what is being described as a watershed moment for digital art.

Auction house Christie’s sold the work in the form of a NFT – Non Fungible Token,  a digital asset which uses blockchain technology to certify ownership.

The work itself is a collage of 5,000 individual images, one taken each day, over a period of 13 years.

Technologist Steve Sammartino says rather than buying the rights to the art, the buyer has bought a smart contract.

“It might be that you own a piece of music or some form of art and you can attach a smart contract to it,” he told Tom Elliott on 3AW Drive.

“So when it gets used in a movie the owner might be able to get a percentage of money given back to them.

“Right now, it looks like a crazy bubble, but where it can go is really interesting.”

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Tom Elliott
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