NFT Sells for $69 Million 💰

Table of Contents

NFT Sells for $69 Million

On last week’s Crunch, my colleague and Crunch co-host Shivam talked to Invstrs about a fascinating new technology, non-fungible tokens or NFTs for short. NFT’s are cryptographic assets like Bitcoin stored on blockchains that represent something unique — essentially digital collectibles.

From the digital artwork of Lindsey Lohan to mesmerizing highlights of Lebron James to pieces of virtual property, consumers have a wide range of options to choose from when buying NFT’s. I know what you’re thinking, though — why on Earth would I spend money on a piece of virtual land? It’s not like we can buy a virtual island and step inside of our computer for a quick vacation, so what is the appeal of NFT’s?

Well, when you buy an asset like a stock or a house, you’re buying it because you expect the asset’s price to appreciate — NFT’s work the same way, except each one has a unique code. People buy and sell these unique cryptographic tokens to grow their money or because they are genuinely interested in the NFT.

On Thursday, a piece of digital artwork sold for a whopping $69 million to become the third-most-expensive artwork by a living artist to sell at auction. The artist goes by the name of Beeple, and the image is titled Everyday: The First 5,000 Days — it’s a mosaic of images Beeple has created since 2013. The $69 million price tag is unprecedented, and in just the first eight minutes of bidding, roughly 20 bidders hiked the price up to $1 million.

How much would you pay for a digital version of your favorite artwork.

I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

Share:
More Posts
Higher Rate Households 📈

The recent Fed decision to pause rates has left the federal funds rate at its highest level since 2000.

Get your daily Invstr Crunch

Get the market news and updates you need, delivered to your inbox or available on our daily podcast.

Risk Disclosure:

Invstr is not a bank and banking services are provided by Vast Bank, N.A.

Brokerage and Banking services are currently only available to U.S. residents.

Invstr app and web services are provided by Invstr Ltd. Advisory services are provided by Invstr Financial LLC, an investment adviser registered with the Securities Exchange Commission (SEC) details of which can be obtained here. Securities brokerage and custody services are provided by Apex Clearing, a broker dealer registered with the SEC and a member of FINRA and SIPC. There is no bank guarantee on securities and securities may lose value.

Investing involves risk and can lead to losses. Past performance does not guarantee future results.

Invstr app and web services are provided by Invstr Ltd. Invstr+ advisory services are provided by Invstr Financial LLC, an investment adviser registered with the Securities Exchange Commission (SEC). Securities brokerage and custody services are provided by Apex Clearing, a broker dealer registered with the SEC and a member of FINRA and SIPC. There is no bank guarantee on securities and securities may lose value. Vast Bank N.A. a nationally chartered bank and member of the FDIC, provides the banking products, including the products and services related to digital asset accounts. As with any asset, the value of Digital assets can go up or down and there can be a substantial risk that you lose money buying or holding digital assets. You should carefully consider whether trading or holding Digital assets is suitable for you in light of your financial condition. Your digital account does not support wallet to wallet transferring of your digital assets (i.e. cryptocurrencies) outside the platform. Any Digital Assets in your digital asset account are not insured by any government entities, including but not limited to FDIC or SIPC. The Invstr Visa® Debit Card is issued by Vast Bank, N.A. pursuant to a license from Visa U.S.A Inc and may be used everywhere Visa debit cards are accepted. Invstr Ltd, Invstr Financial LLC and Invstr Securities Ltd are subsidiaries of Marketspringpad Holdings (collectively “Invstr”) and Invstr is solely responsible for the application services and website content.

Watchlists provided when users first access the service are not a recommendation to invest. Instead they are provided to help users better navigate the service. Users are free to edit and create their own watchlists. From time to time, Invstr will suggest instruments solely based on an individual’s interest and the interest levels of the Invstr community. The statistical and portfolio builder models generated by Invstr do not reflect actual investment results and are not guarantees of future results. Comments provided by Invstr leaders, influencers or members of the Invstr Community are not recommendations and should not be construed as such. Invstr does not endorse the content or the positions posted by them. Their investment approach, and that of the models provided by Invstr, may be different from yours and may not be appropriate for you.