| 2 minutes read

2 minutes read

Why Was This 10-Seconds Video Clip Sold Instantly For $6 Million?

| Published on March 6, 2021

People are inventing new ways of making easy money, and turns out – the internet is simply loving it! Such is the case with art collector Pablo Rodriguez-Fraile, who is based out of Miami. He could’ve kept the artwork to himself, however, he went ahead of the smart way by selling it for $6.6. million!

Pablo purchased the digital video artwork from artist Mike Winkelman, who is more popularly known as Beeple. He created this digital piece on his own with blockchain, constructing in a method that depicts a fallen and naked Donald Trump, with slogans written on his body.

Blockchain authentication grants ownership rights to Beeple, securing it and sharing quite the comparison with traditional methods of art. Art collector, Pablo Fraile purchased this piece of art from Beeple for approximately $67,000.

Art collectors have a good eye, and they definitely know when to retain a piece of work and when to sell it. The eureka moment happened with Pablo as well, as he decided to sell the artwork for $6.6 million in today’s times! This is quite different from taking a picture from an art gallery. There is no evidence of ownership and you definitely wouldn’t get a value for the image.

However, having an original is an asset in itself. Beeple’s work is a certificate of a new digital asset known as non-fungible tokens (NFT) that a number of collectors and investors try to get their hands on, because of its intangible existence and online presence.

Would you be willing to invest in this digital currency?

Source: Scoopwhoop

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