Average price of $110,000! Digital artist Beeple auctions physical artwork on the blockchain, too trendy to keep up with

"Everyday 2020 Collection!" American digital artist Mike Winkelmann BEEPLE excitedly announced his new artwork on Instagram: "Physical digital collectibles."

Average Price of Digital Art on the Blockchain Reaches $110,000

Beeple announced on the 12th that he selected 23 digital artworks from 2020 for auction, including three OPEN EDITION white label pieces with unlimited public versions priced at $969 each, but only available for five minutes. The other 20 pieces are SINGLE EDITION black label, which will be auctioned off sequentially based on time, and the winning pieces will be sent to the buyers.

The fixed-price OPEN EDITION white label pieces alone sold a total of 601 sets, with a total value of $582,369.

Even more impressive is that all 20 SINGLE EDITION black label pieces have been sold, fetching high prices, with an average price of $118,631. Additionally, one piece titled "THE COMPLETE MF COLLECTION" sold for $77,777.77 as it is a compilation of all the works.

Innovative Blockchain Art + Physical Interactive Frames

Beeple showcases these digital artworks as "Physical Tokens," which are displayed in physical frames with small digital screens where dynamic digital artworks cycle through. There is a titanium alloy label on the back of the frame with a verification code that can confirm the unique ownership on the blockchain. Beeple states that this is a more passive way to appreciate digital art.

Another interactive feature with the digital artworks is scanning the QR code on the artwork, which links to a webpage with related information, allowing users to view blockchain data, download wallpapers, and access behind-the-scenes content.

Interestingly, owners can register on Beeple's website, upload photos, and showcase where they have displayed these artworks. Owners can also modify the "owner URL," artwork description, and name.

For instance, the artwork "KEANU VACCINE PRODUCTION," which features the lower half of Keanu Reeves as a vaccine, is displayed alongside a pair of sunglasses, with the "owner URL" linking to Dr. Anthony Fauci's Wikipedia page.

Another piece titled "Bull Run" in Beeple's collection description depicts a scenario in the year 3040 where a Bitcoin is valued at $5 billion, carried around by a half-human, half-machine bull, drawing a playful analogy to Buzz Lightyear milking. The "owner URL" directs to CoinDesk's Bitcoin price page.

The most expensive individual artwork sold is "LATE CAPITALISM," with the subtitle "Quantitative Easing Made Simple," linking the "owner URL" to the U.S. Department of the Treasury's website.

The Value of Art Lies Not in Its Digital Form

Various innovative approaches in digital art have been reported, such as Cryptographs endorsed by celebrities, Meme art that integrates artwork with liquidity mining, Beeple's art that changes with the U.S. presidential election results, and Picasso's Bull created from the Bitcoin whitepaper. These initiatives bring value to digital images that are easily replicable and lack physical presence.

The concept of "ownership" in this context is based on the owner's awareness that "others do not own it." The blockchain record may serve as the primary function in case of ownership disputes, with the secondary function being to provide data to demonstrate unique ownership to others. The use of digital screens by Beeple to showcase digital artworks physically plays a significant role in proving ownership to others.

With an increasing number of talented artists joining the digital art space, aesthetics bring inherent value, while blockchain technology serves as a supportive tool to further enhance creativity and innovation. This has been validated in Beeple's case, and it is believed that more interesting creative approaches will emerge in the future.