Why the buyer of Beeple’s $ 69 million NFT wants everyone to make free copies of digital art | Currency News | Financial and business news

Beeple V4
Beeple’s NFT collection.

  • In March, Vignesh Sundaresan spent $ 69 million on NFT of Beeple’s “Everydays.”
  • Now he says he would be happy if everyone had a free copy of the artwork.
  • That’s because he said information on the internet would like to be free and payment walls do not work.

In March, Beeple sold a digital collection of its art as an NFT for a record $ 69 million. Now the buyer wants everyone to have a free copy.

The buyer, Vignesh Sundaresan, also known as MetaKovan, told Bloomberg he would be happy if everyone downloaded a copy of the multi-million dollar non-fungible token, “Everydays: The First 5,000 Days.”

That’s because Sundaresan, a crypto investor who co-founded the bitcoin ATM company BitAccess, told Bloomberg “information wants to be free” and keeping things on the Internet inside walled gardens like payment walls doesn’t work well.

For him, everyone should be able to enjoy an NFT, a digital artwork attached to blockchain, without having to pay for it. For those who pay for the production, they get the credit for it, Bloomberg wrote.

“Instead of giving importance to that copy of the file, it gives some sort of meaning to something else big. The idea that someone supported an artist at one point and this was memorabilia,” he told Bloomberg.

NFTs have risen to a massive market this year, reaching more than $ 10 billion in trading volume in the third quarter alone, a more than 700% jump from the previous three months.

As the mania surrounding them continues, NFT enthusiasts and critics are sparring about the real value of the digital asset. Enthusiasts say NFTs are the key to unlocking the Internet of the future, known as the meta-verse; critics say they are nothing more than a file that can be right-clicked and downloaded. One critic even downloaded all of them to make a point.

In April, Sundaresan said investing in NFTs is “even crazier than investing in crypto” and said the asset class would not hold the hype forever. Instead, he said, high-value goods would be limited by an infinite number of low-value goods.

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