Chinanews client, Beijing, March 17 (Reporter Song Yusheng) Can virtual art works in the digital world also be auctioned?
!
This is not a certain scenario in the imagined future, it actually happened a few days ago, and a lot was sold for nearly 70 million U.S. dollars (approximately more than 450 million yuan).
"Every Day: The First 5000 Days" sold for 69.346 million US dollars.
Screenshot of Christie's auction house website
The rise of purely digital works of art
The purely digital artwork "Everydays: The First 5000 Days" (Everydays: The First 5000 Days) recently sold for 69.346 million US dollars.
This is a huge collage work, created by artist Beeple over 5000 days.
Since May 2007, he has created and published a new work of art on the Internet every day.
It is called "pure digital artwork" because the work does not exist in physical works, only exists in the digital world, and uses encryption technology.
The auction of this lot started at US$100. After 15 days of bidding on the Internet, the hammer was dropped at US$60.25 million, and the transaction price reached nearly 700,000 times the starting price.
According to the auction house, 2.2 million visitors visited the auction page at the last minute of the auction for the lot, and the transaction price of nearly $70 million significantly exceeded the world auction record for non-fungible token (NFT) art works.
A group of art lovers burned the work "Fool" by the world-famous street artist Banksy, and then sold the electronic version of it at over 4 times the price.
Video screenshot
Just in March, it was reported that a Banksy art painting was recently "artificially" burned; afterwards, the encrypted digital version of the painting was sold at a high price of 380,000 US dollars, which is equivalent to the price of the original painting. Times.
How can encrypted digital artwork suddenly break into people's field of vision?
This also starts with NFT.
A work in "Every Day: The First 5000 Days".
Screenshot of Christie's auction house website
What is NFT?
NFT, the full name in English is Non-Fungible Token, translated into Chinese means "non-fungible token".
The so-called "non-homogeneous tokens" belong to blockchain technology, which can generate digital signatures that cannot be copied after encrypting image and video files.
NFT works of art are not "digital works of art in the traditional sense".
Such works are not stored on the computer hard disk or USB flash drive, but the data is encrypted and stored in the blockchain.
This ensures that collectors can hold the original works signed by the artist, and own the ownership and copyright of the works, and it also makes it possible to trade digital art works.
Christie's auction house also stated that the transaction of "Every Day: First 5000 Days" accepts virtual digital currency "Ethereum ETH" as the principal of the works.
It is worth noting that although collectors can "own" this work through trade, these works can still be copied and downloaded on the Internet.
This means that its collection is different from traditional art collection.
Ji Tao, a researcher at the Auction Research Center of the Central University of Finance and Economics, said in an interview with a reporter from Chinanews.com that this technology brings a lot of room for imagination in the future.
But another question is, are these NFT artworks really worth 450 million yuan?
A work in "Every Day: The First 5000 Days".
Screenshot of Christie's auction house website
450 million yuan, is it expensive?
It was this price that exceeded most people's expectations that sparked the discussion of digital art works.
Obviously, many people will diverge on the price of such works.
The most obvious is that the auction house marked "Estimation Unknown" in the auction of "Every Day: First 5000 Days", and the starting price was only $100.
In stark contrast, buyers showed great enthusiasm: 2.2 million visitors visited the auction page at the last minute of the bidding, and the bidding soared from more than 20 million US dollars to more than 60 million US dollars in the last ten minutes.
Ji Tao believes that the main reason for everyone's price differences is that there is no reference price system before.
"For the auction market, this is a new thing, so it is normal for the expected price gap to be large. But if you look at the new things from the perspective of premium prices and the use of technical fidelity, such prices are somewhat reasonable."
But Ji Tao also pointed out that there must be "moisture" at such sky-high prices.
"In recent years, the assets of the virtual currency circle have soared, and some people are willing to spend so much money. There must be a hype factor here. Because such an auction can promote the introduction of painters, works and virtual trading platforms. To a certain extent In fact, it can be regarded as an advertisement."
The reporter noticed that a joint statement between Christie's auction house and the buyer indicated that it was the founder and financier of a certain NFT fund who bought "Every Day: First 5000 Days".
"Every day: the first 5000 days."
Screenshot of Christie's Weibo
Has the next chapter of art history begun?
According to reports, after the sky-high price, Beeple, the author of "Every Day: First 5000 Days," said, "We are witnessing the opening of a new chapter in art history. There is no difference in intention."
Christie's auction house also believes that since the advent of the personal computer era, digital art has become a mature art creation method.
With the introduction of non-homogeneous tokens (NFT) and blockchain technology, it will lay the foundation for the future of pure digital art works.
In addition to auctions, with the growth of "indigenous people in the digital age", digital art has indeed become more and more deeply embedded in people's lives.
"Virtual Habitat" exhibition poster.
Photo courtesy of the exhibitor
Just later this month, the "Virtual Habitat" exhibition will open in Beijing.
The exhibition will mainly exhibit works of art created using blockchain technology, created around the theme of blockchain, or minted and chained through the NFT platform.
"Every technological development can inject new blood into the art industry, bring new inspiration and possibilities." Its curator Sun Bohan told a reporter from Chinanews.com that blockchain technology will bring a "revolution to the art industry." "The impact of sex", the issue of art traceability and confirmation of rights can be improved through technical means.
The "Virtual Habitat" exhibition will showcase Beeple's work.
Photo courtesy of the exhibitor
Ji Tao also has a similar view.
He feels that technological progress will indeed change the art market, but its impact on art itself may not be as great as many people imagine.
Ou Shuying, deputy secretary general of the China Auction Association, said in an interview with a reporter from Chinanews.com that digital art is a new thing and a new category. I believe that the auction activities of this type of art will continue with the changes and maturity of the social environment in the digital age growing up.
But in general, the core of its auction price should still be the judgment of the value of the artwork.
So, would you spend 450 million yuan to buy a virtual artwork?
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