A JPEG Sells for $70 Million, Creating a New Era of Digital Art Auctions

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From wondering. I'm david brown in this business. Wars daily on this tuesday march twenty third. If you're an art collector with a spare seventy million lying around a rembrandt says on may be out of your reach. But you just might be able to score yourself. A lesser van gogh picasso or like someone last week. You own your own people digital montage. Oh you've never heard of people that's okay. He's not one of those guys. They teach art history class. Which makes it all the more remarkable one of his electronic art pieces just sold at auction at christie's for nearly seventy million dollars even though it only exists in pixels is the third highest price ever commanded by a living artist. According to the new york times people is a digital artist from south carolina. Whose given name. Is mike thirteen years. He's created a drawing every day. He started with pen and paper but now creates art. Digitally the record breaking piece titled everyday's the five thousand days is a composite of the first five thousand days of that project. This was also the first time christie's sold a piece of digital only artwork. It was purchased with the cryptocurrency ether. Another first for christie's something tells me you won't be the last either. So you're probably wondering why in the world someone would pay seventy million dollars for a pack a reproducible. Virtual file right. Something you can't touch or even hang on your wall. yeah. I know. That's what i was wondering. Turns out every day is is in just another pretty j. peg. It's what's called a non fungible token or nfc and if you're thinking is so tell me why that matters. Well you're going to need to stick with me for a moment. On this one in tease us blockchain technology for authentication. Now this blockchain is the same sort of thing that you find in bitcoin right. It captures information and shares it with a network of computers and once shared. There's a digital ledger. That records the data across thousands of computers. Making it impossible to manipulate or so goes the theory. So when you buy an nf it's quote minted to you. Meaning an ownership record is created across thousands of computers around the world. You own the original one of a kind file. I know it may seem complicated on the surface but it really is pretty straightforward essentially techie. Way of making a digital file one of a kind like a physical object even if others tried to make a copy. It's taking a photo of a famous painting. It's not worth what the original is worth. Entities allow users to own bits of video songs or images. Their popularity actually began years ago with a game. Called crypto kitties where people could buy in trade animated cats after attracting top venture. Capital firm says investors some crypto. Kitty sold well into the six figures. Lately they've turned into a blazing hot sector in art and collectibles. Sports stars like lebron. James and rob gronkowski have even gotten in on the action selling. Nfc video clips. In digital trading cards people has been at the forefront of this craze in february a short video clip he created sold for nearly seven million dollars in one weekend in december he made more than three million dollars selling his t's bad for a guy who calls some of his own work crap according to the times not to be outdone. Sotheby's has gotten in on the act last

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