‘This Was a $69 Million Marketing Stunt’: Why Crypto Purists Say Beeple’s Mega-Millions NFT Isn’t Actually an NFT at All

Details surrounding the sale of “Everydays” raise questions about what NFTs are—and why the art market values them. Beeple’s Everydays – The First 5,000 Days obliterated records and expectations when it sold at Christie’s for a hallucinatory $69.3

Details surrounding the sale of “Everydays” raise questions about what NFTs are—and why the art market values them.

Beeple’s Everydays – The First 5,000 Days obliterated records and expectations when it sold at Christie’s for a hallucinatory $69.3 million on March 11.

But the piece, billed as the first “purely digital work with a unique NFT (non-fungible token)” to be sold by a major auction house, also cracked open a contentious debate about what, exactly, qualifies as an NFT, why those characteristics matter, and how much bearing they have on the pandemonium suddenly dominating the market for contemporary art and so much else.

Read the full article on ArtNet.