Singapore (AFP)

Vignesh Sundaresan, an entrepreneur who made his fortune with cryptocurrencies and shelled out a record $ 69.3 million for a digital work of art does not, at first glance, have the attributes of a wealthy collector. .

The 32-year-old, dressed in chinos and a t-shirt, lives in a standard Singapore apartment.

Also known by the pseudonym Metakovan, the man has no real estate or vehicles to his credit and most of his investments have been made in the virtual world.

"My most precious possessions are my computer, and maybe my watch," the entrepreneur born in India and living in Singapore, explains to AFP from his apartment with spartan decoration.

Behind this unpretentious appearance, hides a millionaire at the head of a fund that finances "NFT" or non-fungible tokens, which designate a certificate of authenticity associated with a virtual object (image , photo, video, piece of music).

Last month he auctioned off at Christie's the digital artwork "Everydays: the First 5,000 Days", a collage of 5,000 digital images, by American artist Beeple, real name Mike Winkelmann.

It is the first purely digital work of art ever sold by a major auction house.

Vignesh Sundaresan considers that the price paid for the digital collage made by Mike Winkelmann, who has become the third highest-rated living artist, is justified.

"I consider this work to be important".

"The work itself is great. But there is also the message and the symbolic intention to show the world (...) that there is a phenomenon occurring underground".

If digital art was still only a small niche six months ago, the sale of Beeple's work at a record price for an NFT has been like a bomb on the art market. art.

- "spiritual connection" -

The entrepreneurial fund Metapurse had already bought twenty works of Beeple in December and resold a stake in this collection in the form of "tokens".

Starting at $ 0.36, these tokens are currently worth around $ 5.

Acquiring the work "The First 5.000 Days" was an emotional test, he says.

The auctions at Christie's lasted two weeks with an initial price of $ 100 and up to 22 million people online to watch the latest auctions.

"I didn't think it would be so hot."

"And even for me, spending so much money is quite difficult."

The young man now wants to exhibit his works in a virtual gallery and plans to hire an architect to design it.

"In the form of an avatar you can visit it and go to different floors to observe the works," he promises.

He admits to feeling a personal connection with the work "The First 5.000 Days", because, like the artist, he started his career as an amateur in his field and found success after several years of intense work.

Beeple started designing "The First 5,000 Days" in 2007, when he was bored with his work as a web designer, and he decided to create one piece of art a day.

"He progressed every day and worked 13 years to get to this point," says Vignesh Sundaresan.

"I feel a spiritual connection with him".

- "In the right place at the right time" -

When he was an engineering student, the young man says he couldn't afford a laptop.

He created several failed online service companies before finding success with a company dedicated to cryptocurrencies in 2013.

Now executive director of a technology consulting company, he finances the investment fund in NFT Metapurse.

The young entrepreneur denies having wanted with this coup to increase the value of his other NFTs, an accusation made by some critics.

And assures wanting to help artists by popularizing digital art.

But for some analysts, NFTs remain a bubble that only benefits a few.

"I see a few artists who get a lot of money because they are in the right place at the right time," notes Antonio Fatas, professor at the INSEAD business school.

But that does not help other artists, he adds.

© 2021 AFP