NFTs ‘ten times better’ than traditional art, says Beeple’s $69M NFT buyer

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Nonfungible tokens are “ten instances higher than their bodily counterparts”, in accordance with digital artwork collector MetaKovan.

The pseudonymous artwork patron, who was lately revealed to be blockchain entrepreneur Vingaresh Sundaresan, purchased the NFT of Beeple’s “EVERYDAYS: THE FIRST 5000 DAYS” for $69 million {dollars} earlier this 12 months.

Explaining the motives behind his buy in an unique interview with Cointelegraph, MetaKovan identified that NFTs have an a variety of benefits over conventional artworks: they’re simple to switch, they don’t have any storage prices, and their possession might be shared. Additionally, they’ll democratize the artwork world by making it extra simply accessible to digital artists everywhere in the world, no matter their nationality and social background.

MetaKovan even mentioned that NFTs will carry crypto into the mainstream. 

“Lots of people are going to get launched to crypto by NFTs”, he defined. 

The artwork patron dismissed issues in regards to the potential dangers of a speculative bubble rising within the NFT market. He thinks the frenzy round NFTs serves the aim of accelerating adoption.

“If there’s hypothesis, that’s okay, as a result of we’re making all the pieces quick”, he mentioned.

Based on MetaKovan,  the NFT market will finally affect the value of huge cryptocurrencies resembling Bitcoin and Ethereum.

That would occur “in a 12 months or so, when much more folks will likely be utilizing NFTs”, MetaKovan mentioned.

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