Digital Auction: Christie’s Auction House Auctions Digital Artwork Using Cryptocurrency | Message

Digitale Auktion: Auktionshaus Christie

When thinking about blockchain technology, most people think of cryptocurrencies as Bitcoin or whatever. However, a blockbuster product from Christie’s is proving to be more of a blockchain technology than a platform for payment methods: the first digital artwork will be auctioned there. According to Christie’s, the auction will run from February 25 to March 11, 2021.

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Christie’s Auction House: The first digital work of art has been auctioned off

According to Christie’s, this work is a 21,069 x 21,069 pixel work of art entitled “Every Day: The First 5000 Days”. The initial bid should be around US $ 100, but payments can only be made using cryptocurrency ether, which is part of the Ethereum network.

The so-called “non-fungal token” (NFT) must ensure that the highest bidder is the sole owner of the artwork. In contrast to fungus tokens, for example a cryptocurrency like Bitcoin, NFTs are not interchangeable. So a bitcoin is not different from other bitcoins – on the other hand, an NFT is very different from other NFTs. “Non-fungal, i.e. non-transferable tokens represent a very specific asset, so they are unique,” ​​writes the website t3n.de on the subject. NFTs are particularly well-suited for digital art assets, with only a handful or so few objects in the world – as is currently the case with Christie’s.

Digital artwork containing 5000 motifs

As the title of the artwork already indicates, there are a total of 5,000 images in the digital image, all from digital artist Mike Winkelman, also known as People.

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According to Christie’s, every day since May 1, 2007, Winkelmann has created a new digital work of art, ending on January 7, 2021 with 5,000 images.

Christie’s continues: “Zooming in on individual pieces over time shows abstract, stunning, bizarre and irrelevant images, current events and personal moments.” Although the first paintings still had abstract themes, colors and shapes, over time the images became more and more important and some of them reacted to current events. People say: “I’m like a political cartoonist now.”

Financialzen.net Editorial Team

Image Sources: Steve Heap / Shutterstock.com

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