Christie’s auctioned Gary Vaynerchuk’s NFT artwork for $ 1.2 million


Gary Vaynerchuk has a “VeeFriends” token that is part of his part of his first NFT collection.

Source: VeeFriends | Gary Vaynerchuk

Christie’s auctioned five pieces of art on Friday that entrepreneur Gary Vaynerchuk created for his VeeFriends NFT collection.

The price tag? Just over $ 1.2 million.

“It feels like an out-of-body experience,” Vaynerchuk told CNBC. “I see myself as a very creative and artistic person, but this is much bigger than me. … It represents a paradigm shift and the consumer is fascinated.”

While most of the NFTs Christie’s auctioned are NFT embossed or blockchain verified, these particular works are the original characters hand-drawn by Vaynerchuk himself.

The VeeFriends collection consists of 10,255 non-fungible tokens that can be purchased through the cryptocurrency Ethereum. Each token contains a “smart contract” with metadata that Vaynerchuk can use to interact with its buyer. Token holders also get exclusive access to an annual business event called VeeCon for three years after purchasing the NFT. The first VeeCon will take place in Minneapolis in May.

Since the series started earlier this year, the lowest list price for such a token remains at $ 50,000.

Vaynerchuk’s NFT doodle, called “Empathetic Elephant”, fetched the highest price at Friday auction at $ 412,500. The lowest was called “Diamond Hands” and was $ 162,500.

NFTs are a type of digital asset created to track ownership of a virtual item using blockchain technology. Such unique items could be works of art or sports trading cards – a market Vaynerchuk became familiar with as a teenager, which sold baseball cards for thousands of dollars each week.

“I grew up with collectibles, antiques, and sports cards,” Vaynerchuk said. “My mom and dad liked this stuff too, and they would even have been intimidated when they walked into Christie’s two decades ago, and now their son sells things in it … It’s the American dream.”

The original VeeFriends artwork, along with the full set of Curio Cards and Sets 1-3 of Art Blocks, was featured in Christie’s Post-War to Present Live auction in New York. The auction promotes Christie’s foray into digital art sales, which have grown in popularity this year along with a surge in the value of digital currencies like ether and bitcoin. Widely regarded as the first digital art collectible on the Ethereum blockchain, Curio Cards grossed $ 1.2 million.

The market is growing rapidly, with some digital collectibles selling for millions of dollars. In March, Christie’s sold an NFT by artist Beeple for more than $ 69.3 million.