Artwork Backed by Custom Crypto Asset Sells for Staggering $66,000

A piece of political artwork backed by blockchain technology just fetched a huge sum at auction.

A digital art piece by artist ‘Beeple’ sold for just over $66,000 to a bidder called ‘Pablo.’ The artwork, titled ‘CROSSROAD’ depicts a nude Joe Biden and President Donald Trump in a face-off, floating in space.

The art is one-of-a-kind and is backed by a non-fungible token (NFT). NFTs feature identifying data in their smart contracts that make each one unique, which means that one NFT cannot be directly replaced by another and no two are alike.

After the election results are officially certified, the art piece is designed to show either Trump lying on the ground in defeat, or Trump walking through flames with a crown on his head.

Read Also:   CryptoUK welcomes Electroneum as seventh Executive Member alongside Coinbase, eToro, Ripple, Binance, CryptoCompare, Simmons & Simmons | by Olivier Acuña | The Capital | Nov, 2020

“This piece is a first for Nifty, a token that will change based on the outcome of the election. If anything is constant about the times we now live in, it’s uncertainty. This uncertainty is perfectly encapsulated in this piece of artwork as the person buying the piece will not know the final artwork. The artwork will be one state at auction before the election, and after the results of the election are known, will forever change to reflect a Trump or Biden win.”

Digital artists can face many difficulties trying to protect the copyright to their online work. By using NFTs to represent their unique, one-of-a-kind digital items with blockchain-managed ownership, artists can more safely sell their work.

Read Also:   Huge $972 Million Bitcoin Transaction As The 4th Richest Wallet Emptied

‘CROSSROAD’ isn’t the only crypto artwork to sell for an impressive sum at auction. In October, a blockchain artwork called ‘Block 21’ sold at a Christie’s auction for $131,250.

Check Latest News Headlines

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Read Also:   Here's Why PayPal Is Not Supporting Fourth-Largest Crypto Asset XRP

Featured Image: Shutterstock/Tithi Luadthong

Google Play

Source link

What do you think?


Leave a Reply



MRNA Stock Jumps 8%, Fauci Says Moderna COVID-19 Vaccine as Effective as Pfizer’s

Nasdaq-listed Bit Digital acquires Bitcoin miners worth $13.9M