The central theses
- A crypto token that is part of Beeple’s most expensive work of art has almost doubled after its historic auction.
- Metapurse sold part of the ownership of 20 selected works by Beeple as crypto tokens on Ethereum.
- The total market valuation of the 20 pieces plus the accompanying digital museum is now over $ 150 million.
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Follow the icon $ 70 million auction of Beeple’s digital artwork, a crypto token representing partial ownership of the auctioned collection rose 89% in less than 30 minutes today.
Metapurse acquired 20 pieces
A digital work of art called “Everydays: The First 5,000 Days” was auctioned off at Christie’s this morning for $ 69.34 million. The NFT token represents ownership of a collage that the digital artist Mike Winkelmann (also known as “Beeple”) created over 5000 days.
Metapurse acquired 20 pieces from the collection on January 1st each year. The company later issued a combined token, B20, representing co-ownership of the collection, including the digital museum that houses the collection. Metapurse said it “fractionates property, not wealth itself”.
The company spent $ 2.2 million on Beeples’ auction and $ 1.3 million on designing the virtual museum, a total of $ 3.5 million.
The price of B20 tokens has increased
There are 10 million B20 tokens in circulation. Metapurse retained 59% of the property and transferred 2% to Beeple. The company sold 1.6 million B20 tokens for a total of $ 576,000 in a public sale. The remaining 23% were assigned to partners from Metapurse.
The price of the B20 token jumped 89% lightning fast this morning, thanks to a whopping $ 70 million valuation during the Christie sale. B20 rose from $ 14.60 to $ 27.70 around 10 a.m. EST.
However, prices fell quickly as the owners posted profits. The B20 token was worth approximately $ 19.58 at 2:00 p.m. PST.
The total market capitalization of the token is now over $ 190 million, more than double the amount the entire set was sold for.
Disclosure: The author held Bitcoin at press time.
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