Ethereum (ETH)News

Beeple Changes $53 Million in ETH To USD After Receiving Payment

Some days ago, the crypto space raved over Beeple, one of the industry’s well-known artists who sold his artwork for around $69 million. The artist broke many records in the non-fungible token space and has drawn people’s attention to the growing industry. He used Christie’s auction house to auction his artwork and then sold his piece for around $69 million.

After removing additional fees, the auction house sent Beeple $53 million to purchase his work. The artwork broke several records and got the attention of many people who had previously not been exposed to the non-fungible token industry. His artwork is the most expensive NFT in the sector, not farfetched due to the deep-pocket buyers interested in his auction.

Beeple explains why he sold his ETH for cash

One of the bidders, Justin Sun, has been making numerous appearances for NFT-related auctions. Sun is also a bidder for Jack Dorsey’s first tweet sales, where he staked $2 million to purchase the tweet. The tweet was eventually sold to another buyer for $2.9 million, making it the billionaire’s second loss within the space of two weeks.

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Even with his digital currency background, reports explained that the artist, whose real name is Mike Winkelmann, immediately sold his ETH for cash. Sources claim that the artist did not even wait for the possibility of Ethereum surging before converting to traditional currency.

The artist explained that he became afraid of the asset’s instability as a highly-volatile asset when he received his part of the money for his famous painting. According to him, he converted all of the money into USD due to the asset’s unpredictability. Beeple added that immediately he converted the asset, he saw $53 million in his account.

The artist excitedly shared that he flew on a private jet to celebrate the earned money when he revived his money. He revealed that he wasn’t a crypto-purist and made digital arts before the crypto’s creation.

The buyer has revealed his identity

The crypto artist calls the recently sold painting- EVERYDAYS: THE FIRST 5000 DAYS, and this name would continue to ring in the heads of other artists in the digital asset space who are excitedly for the sale of their digital art.

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Another exciting event following the sale of the artwork is the buyer who participated in the option under a name called ‘Metakovan.’ The buyer recently revealed his identity and explained that he only buys artwork that he finds interesting. The buyer, whose real name is Vignesh Sundaresan, has been buying numerous artworks in the past few months.

This year must be one of the greatest years for the non-fungible token space due to the large amount following into the industry. Asides from Dorsey’s $2.9 million tweet sale or Beeple’s $69 million sales, other people, are also selling numerous items as NFTs such as artworks, music, documents, tweets, and other intellectual property. This year would likely pave the way for more exploration of the non-fungible token industry.

Adebayo Owotunse (Nigeria)

Adebayo Owotunse is a versatile writer who has written hundreds of crypto articles for dozens of agencies across the years. He is now also the newest addition to the Tokenhell writers team.

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