Crazed clicking in the final ten minutes of the 14-day sale saw collectors bidding in $10m and $15m increments for the digital work, Everyday: The First 5000 Days
11th March 2021 15:09 GMT
Thanks to a flurry of eye-watering bids that almost crashed Christie's website, Beeple's digital work Everyday: The First 5000 Days (2021) has sold for an astonishing $60.25m ($69.3m with fees). It is the first standalone NFT (Non-Fungible Token) work of art to be sold by an auction house.
Vaulting from its starting bid of just $100 on 25 February to $13.25m last night, the work had reached $15m by this morning. But in the last 15 minutes, figures skyrocketed, pushing the work's price up by over $40m, with several individual bids coming in at mammoth increments of $10m and $15m, eventually hammering at $60.25m (plus fees) with 353 bids.
The sale also marks the first time Christie's accepted cryptocurrency as payment, allowing for bids to be made in Ether via a digital wallet transfer. The buyer's premium, however, has to be paid in fiat money.
If none of this is making sense, you might first want to check out our video where we explain what NFT art actually is.