{"id":191659,"date":"2021-03-01T21:56:09","date_gmt":"2021-03-01T18:56:09","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/how-a-10-second-video-clip-sold-for-6-6-million\/"},"modified":"2021-03-01T21:56:09","modified_gmt":"2021-03-01T18:56:09","slug":"how-a-10-second-video-clip-sold-for-6-6-million","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/how-a-10-second-video-clip-sold-for-6-6-million\/","title":{"rendered":"#How a 10-second video clip sold for $6.6 million"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3413eb91408\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3413eb91408\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/how-a-10-second-video-clip-sold-for-6-6-million\/#Christies_embraces_terrifying\" >Christie\u2019s \u2019embraces terrifying\u2019<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/how-a-10-second-video-clip-sold-for-6-6-million\/#208K_for_Lebron_James_slam_dunk\" >$208K for Lebron James slam dunk<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/how-a-10-second-video-clip-sold-for-6-6-million\/#%E2%80%98Emergence_of_the_metaverse\" >\u2018Emergence of the metaverse\u2019<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#How a 10-second video clip sold for $6.6 million<\/strong>&#8221;<\/p>\n<div>\n<p>LONDON \u2013 In October 2020, Miami-based art collector Pablo Rodriguez-Fraile spent almost $67,000 on a 10-second video artwork that he could have watched for free online. Last week, he sold it for $6.6 million.<\/p>\n<p>The video by digital artist Beeple, whose real name is Mike Winkelmann, was authenticated by blockchain, which serves as a digital signature to certify who owns it and that it is the original work.<\/p>\n<p>It\u2019s a new type of digital asset \u2013 known as a non-fungible token (NFT) \u2013 that has exploded in popularity during the pandemic as enthusiasts and investors scramble to spend enormous sums of money on items that only exist online.<\/p>\n<p>Blockchain <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> allows the items to be publicly authenticated as one-of-a-kind, unlike traditional online objects which can be endlessly reproduced.<\/p>\n<p>\u201cYou can go in the Louvre and take a picture of the Mona Lisa and you can have it there, but it doesn\u2019t have any value because it doesn\u2019t have the provenance or the history of the work,\u201d said Rodriguez-Fraile, who said he first bought Beeple\u2019s piece because of his knowledge of the US-based artist\u2019s work.<\/p>\n<p>\u201cThe reality here is that this is very, very valuable because of who is behind it.\u201d<\/p>\n<p>\u201cNon-fungible\u201d refers to items that cannot be exchanged on a like-for-like basis, as each one is unique \u2013 in contrast to \u201cfungible\u201d assets like dollars, stocks or bars of gold.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"1024\" height=\"682\" alt=\"&quot;EVERYDAYS: THE FIRST 5000 DAYS&quot; is a collage, by a digital artist BEEPLE, that is on auction at Christie's.\" class=\"wp-image-17446344 lazyload\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/03\/10-second-art-01-1.jpg?quality=90&amp;strip=all&amp;w=300 300w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/03\/10-second-art-01-1.jpg?quality=90&amp;strip=all&amp;w=640 640w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/03\/10-second-art-01-1.jpg?quality=90&amp;strip=all&amp;w=1280 1280w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/03\/10-second-art-01-1.jpg?quality=90&amp;strip=all&amp;w=1024 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/03\/10-second-art-01-1.jpg?quality=90&amp;strip=all&amp;w=2000 2000w\" data-sizes=\"(max-width: 640px) 100vw, 1024px\"\/><figcaption>\u201cEVERYDAYS: THE FIRST 5000 DAYS\u201d is a collage, by a digital artist BEEPLE, that is on auction at Christie\u2019s.<\/figcaption><figcaption><span class=\"credit\">Reuters<\/span><\/figcaption><\/figure>\n<p>Examples of NFTs range from digital artworks and sports cards to pieces of land in virtual environments or exclusive use of a cryptocurrency wallet name, akin to the scramble for domain names in the early days of the internet.<\/p>\n<p>The computer-generated video sold by Rodriguez-Fraile shows what <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears to be a giant Donald Trump collapsed on the ground, his body covered in slogans, in an otherwise idyllic setting.<\/p>\n<p>OpenSea, a marketplace for NFTs, said it has seen monthly sales volume grow to $86.3 million so far in February, as of Friday, from $8 million in January, citing blockchain data. Monthly sales were at $1.5 million a year ago.<\/p>\n<p>\u201cIf you spend 10 hours a day on the computer, or eight hours a day in the digital realm, then art in the digital realm makes tonnes of sense \u2013 because it is the world,\u201d said OpenSea\u2019s co-founder Alex Atallah.<\/p>\n<p>Investors caution, however, that while big money is flowing into NFTs, the market could represent a price bubble.<\/p>\n<p>Like many new niche investment areas, there is the risk of major losses if the hype dies down, while there could be prime opportunities for fraudsters in a market where many participants operate under pseudonyms.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Christies_embraces_terrifying\"><\/span>Christie\u2019s \u2019embraces terrifying\u2019<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"1024\" height=\"682\" alt=\"Pablo Rodriguez-Fraile, Miami-based art collector.\" class=\"wp-image-17446335 lazyload\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/03\/RETAIL-TRADING_NFTS-2.jpg?quality=90&amp;strip=all&amp;w=300 300w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/03\/RETAIL-TRADING_NFTS-2.jpg?quality=90&amp;strip=all&amp;w=640 640w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/03\/RETAIL-TRADING_NFTS-2.jpg?quality=90&amp;strip=all&amp;w=1280 1280w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/03\/RETAIL-TRADING_NFTS-2.jpg?quality=90&amp;strip=all&amp;w=1024 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/03\/RETAIL-TRADING_NFTS-2.jpg?quality=90&amp;strip=all&amp;w=2000 2000w\" data-sizes=\"(max-width: 640px) 100vw, 1024px\"\/><figcaption>Pablo Rodriguez-Fraile, Miami-based art collector.<\/figcaption><figcaption><span class=\"credit\">Reuters<\/span><\/figcaption><\/figure>\n<p>Nonetheless, auction house Christie\u2019s has just launched its first-ever sale of digital art \u2013 a collage of 5,000 pictures, also by Beeple \u2013 which exists solely as an NFT.<\/p>\n<p>Bids for the work have hit $3 million, with the sale due to close on March 11.<\/p>\n<p>\u201cWe are in a very unknown territory. In the first 10 minutes of bidding we had more than a hundred bids from 21 bidders and we were at a million dollars,\u201d said Noah Davis, specialist in post-war and contemporary art at Christie\u2019s.<\/p>\n<p>His division has never seen an online-only sale top $1 million before, he added.<\/p>\n<p>In a decision that could help push cryptocurrencies further into the mainstream, the auction house that was founded in 1766 will accept payment in the digital coin Ether as well as traditional money.<\/p>\n<p>\u201cI think that this moment was inevitable and whenever institutions of any kind try to resist inevitability, it does not work out very well,\u201d Davis said of accepting crypto payment. \u201cAnd so the best thing you can do is embrace the terrifying.\u201d<\/p>\n<h2><span class=\"ez-toc-section\" id=\"208K_for_Lebron_James_slam_dunk\"><\/span>$208K for Lebron James slam dunk<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"1024\" height=\"565\" alt=\"Images created for the launch of\u00a0NBA\u00a0Top\u00a0Shot, an online platform which allows users to buy and trade videos of basketball highlights.\" class=\"wp-image-17446279 lazyload\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/03\/2021-02-28T201518Z_1524818837_RC2W1M9ISGLM_RTRMADP_3_RETAIL-TRADING-NFTS-1.jpg?quality=90&amp;strip=all&amp;w=300 300w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/03\/2021-02-28T201518Z_1524818837_RC2W1M9ISGLM_RTRMADP_3_RETAIL-TRADING-NFTS-1.jpg?quality=90&amp;strip=all&amp;w=640 640w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/03\/2021-02-28T201518Z_1524818837_RC2W1M9ISGLM_RTRMADP_3_RETAIL-TRADING-NFTS-1.jpg?quality=90&amp;strip=all&amp;w=1280 1280w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/03\/2021-02-28T201518Z_1524818837_RC2W1M9ISGLM_RTRMADP_3_RETAIL-TRADING-NFTS-1.jpg?quality=90&amp;strip=all&amp;w=1024 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/03\/2021-02-28T201518Z_1524818837_RC2W1M9ISGLM_RTRMADP_3_RETAIL-TRADING-NFTS-1.jpg?quality=90&amp;strip=all&amp;w=2000 2000w\" data-sizes=\"(max-width: 640px) 100vw, 1024px\"\/><figcaption>Images created for the launch of\u00a0NBA\u00a0Top\u00a0Shot, an online platform which allows users to buy and trade videos of basketball highlights.<\/figcaption><figcaption><span class=\"credit\">Reuters<\/span><\/figcaption><\/figure>\n<p>NFTs could be benefiting from the hype around cryptocurrencies and blockchain, as well as virtual reality\u2019s potential to create online worlds. The growing interest also coincides with a surge in online retail trading during lockdowns.<\/p>\n<p>The start of the rush for NFTs has been linked with the launch of the US National Basketball Association\u2019s Top Shot website, which allows users to buy and trade NFTs in the form of video highlights of <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a>s.<\/p>\n<p>Five months after its launch, the platform says it has over 100,000 buyers and nearly $250 million in sales. The majority of sales take place in the site\u2019s peer-to-peer marketplace, with the NBA getting a royalty on every sale.<\/p>\n<p>The volume is rapidly rising: February has seen sales totalling $198 million as of Friday, heading for a fivefold increase from January\u2019s $44 million, Top Shot said.<\/p>\n<p>Each collectible has \u201ca unique serial number with guaranteed scarcity and protected ownership guaranteed by blockchain\u201d, the site says. \u201cWhen you own #23\/49 of a legendary LeBron James dunk, you\u2019re the only person in the world who does.\u201d<\/p>\n<p>The biggest transaction to date was on Feb. 22, when a user paid $208,000 for a video of a LeBron James slam dunk.<\/p>\n<p>One major NFT enthusiast, who goes by the pseudonym \u201cPranksy\u201d told Reuters he had invested $600 in an early NFT project in 2017 and has now built that up to a portfolio \u201cworth seven figures\u201d in NFTs and cryptocurrencies. He asked to be anonymous to protect his family\u2019s privacy.<\/p>\n<p>Pranksy said he has now spent more than $1 million on Top Shot and made about $4.7 million by reselling purchases. Reuters was unable to independently verify the figures, although NBA Top Shot confirmed he is among the site\u2019s biggest buyers.<\/p>\n<p>\u201cI see them as investments really, much like any other collectibles and NFTs that currently exist,\u201d he said in an interview conducted via <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a>. \u201cI\u2019d never watched a game of basketball before Top Shot launched.\u201d<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E2%80%98Emergence_of_the_metaverse\"><\/span>\u2018Emergence of the metaverse\u2019<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"1024\" height=\"1024\" alt=\"A detail shot from a collage &quot;EVERYDAYS: THE FIRST 5000 DAYS&quot;, by a digital artist BEEPLE, that is on auction at Christie's.\" class=\"wp-image-17446320 lazyload\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/03\/2021-03-01T070126Z_2092965943_RC272M9KINK5_RTRMADP_3_RETAIL-TRADING-NFTS-1.jpg?quality=90&amp;strip=all&amp;w=300 300w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/03\/2021-03-01T070126Z_2092965943_RC272M9KINK5_RTRMADP_3_RETAIL-TRADING-NFTS-1.jpg?quality=90&amp;strip=all&amp;w=640 640w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/03\/2021-03-01T070126Z_2092965943_RC272M9KINK5_RTRMADP_3_RETAIL-TRADING-NFTS-1.jpg?quality=90&amp;strip=all&amp;w=1280 1280w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/03\/2021-03-01T070126Z_2092965943_RC272M9KINK5_RTRMADP_3_RETAIL-TRADING-NFTS-1.jpg?quality=90&amp;strip=all&amp;w=1024 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/03\/2021-03-01T070126Z_2092965943_RC272M9KINK5_RTRMADP_3_RETAIL-TRADING-NFTS-1.jpg?quality=90&amp;strip=all&amp;w=2000 2000w\" data-sizes=\"(max-width: 640px) 100vw, 1024px\"\/><figcaption>A detail shot from a collage \u201cEVERYDAYS: THE FIRST 5000 DAYS\u201d, by a digital artist BEEPLE, that is on auction at Christie\u2019s.<\/figcaption><figcaption><span class=\"credit\">Reuters<\/span><\/figcaption><\/figure>\n<p>Nate Hart, a Nashville-based NFT investor who, like Pranksy, has been involved in the market since it first developed in 2017, has seen some popular digital art NFTs such as Autoglyphs and CryptoPunk surge in value.<\/p>\n<p>Hart said he bought a LeBron James Cosmic NFT on NBA Top Shot for $40,000 in January, then sold it for $125,000 in February.<\/p>\n<p>\u201cWe\u2019re in awe, it just doesn\u2019t feel real. We were in the right place, right time, got lucky, but we also took that risk,\u201d he said.<\/p>\n<p>\u201cThe space has been growing a lot. I do think that this is a little bit of a bubble. It is a bubble,\u201d he said. \u201cIt\u2019s hard to predict what the top will be.\u201d<\/p>\n<p>Andrew Steinwold, who launched a $6 million dollar NFT investment fund in January, warned that the majority of NFTs could become worthless in future.<\/p>\n<p>But, like many backers, he is confident that some items will retain their value and that NFTs represent the future of digital ownership, paving the way for a world in which people live, socialise and make money in virtual environments.<\/p>\n<p>\u201cWe\u2019re spending a lot of our time digitally, always online, always plugged in. It makes sense to now add property rights to the mix and suddenly we have the emergence of the metaverse,\u201d he said.<\/p>\n<p>\u201cI think it\u2019s going to reach into the trillions of dollars one day.\u201d\n            <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2021\/03\/01\/how-a-10-second-video-clip-sold-for-6-6-million\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#How a 10-second video clip sold for $6.6 million&#8221; LONDON \u2013 In October 2020, Miami-based art collector Pablo Rodriguez-Fraile spent almost $67,000 on a 10-second video artwork that he could have watched for free online. Last week, he sold it for $6.6 million. The video by digital artist Beeple, whose real name is Mike Winkelmann,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":191660,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/03\/10-second-art-01.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[95681,116,70728,70729,72667,3674,1931,4965],"class_list":["post-191659","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-3-1-21","tag-art","tag-auctions","tag-christies","tag-investors","tag-nba","tag-sports","tag-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/191659","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=191659"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/191659\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/191660"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=191659"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=191659"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=191659"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}