Crypto-investment has become more mainstream across the world in the last few years. Investors are often investing astronomical amounts of money in the buzzing market of cryptocurrency, often earning a lot of money.
Recently, an outrageous move by one of these investors has attracted widespread attention throughout the world.
An NFT artwork by digital artist Beeple was sold for an amount of USD 69 million at an auction, making it the most expensive NFT in history.
Most people would not even think of paying this amount of money for an NFT, but the investor -Vignesh Sundaresan- said he would have paid even more if the situation demanded it.
In the American TV channel CNBC’s programme ‘Squawk box,’ Mr Sundaresan –also known as MetaKovan– said that he doesn’t regret a bit for paying this amount of money for something which is often regarded as a minor JPEG and hyperlink.
He also mentioned that due to the advent of Non Fungible tokens which are popularly known as NFTs buying and selling arts democratically have been very much in practice throughout the world.
Sundaresan told CNBC,
“This NFT is a significant piece of art history. Sometimes these things take some time for everyone to recognise and realise. I’m OK with that. I had the opportunity to be part of this very important shift in how art has been perceived for centuries.”
“There are going to be hundreds of thousands of people from around the world who are going to adopt this medium, a digitally native medium to monetise art. There is going to be an economy around it,” the sudden media sensation further said.
Experts have considered this move by Sundaresan to be the beginning of a new era in the trading of Non Fungible Tokens and have said that this will make art more inclusive in the future.
As per Sundaresan himself, this will help the world of art move away from the traditional western domain as artists in countries like India, the Philippines and Thailand will be able to make a hefty amount of money in this way.
Sundaresan hopes to monetise the NFT and display it in a virtual museum. Regarding the future of the NFT, he believes the piece will take on a life of its own and it might become thousands of other things.
Nevertheless, Sundaresan doesn’t have any plan to sell it anytime soon, he told CNBC.