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Record-breaking price! Bitcoin NFT artwork sold for $100,000 USD as prices fluctuate

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Record-breaking price! Bitcoin NFT artwork sold for $100,000 USD as prices fluctuate

In mid-September, a unique cryptographic artwork made history. An NFT artwork named "Right Place & Right Time," featuring a Bitcoin GIF image, was sold on the auction platform Async Art for a whopping 262 Ether, equivalent to approximately $100,000 at the day's exchange rate.

After a slight cooling off in the DeFi market, investors are constantly seeking the next big trend, with non-fungible tokens (NFTs) being one of the highly anticipated possibilities.

The Right Place & Right Time

"Right Place & Right Time" is created by Matt Kane, a crypto artist and engineer. This NFT appears to be a well-designed image of Bitcoin, but it is not just an ordinary GIF file. It is coded with over 400 lines of code, 24 layers of hand-drawn art, and took over 100 hours to complete. It possesses three unique features to highlight its distinctiveness.

Firstly, the artist Matt Kane embedded an algorithm based on Bitcoin price fluctuations in the code. Every 12 hours, it changes according to the volatility of Bitcoin for that day, as shown below:

Secondly, as "Right Place & Right Time" changes with Bitcoin fluctuations, it will create an additional 210 unique NFT tokens based on key historical trends over a few days. If Bitcoin breaks its all-time high or falls below the bear market low of 2018, Kane will issue new NFTs based on the day's price.

Different appearances generated based on Bitcoin daily volatility (Source: volatility.art)

Thirdly, it brings profits to the holders. "Right Place & Right Time" was acquired by the crypto investment firm TokenAngels. For the additional 210 NFT tokens subsequently issued, TokenAngels will receive 21% of the profits. Kane stated:

As a tribute to Bitcoin's 21 million supply, collectors (TokenAngels holders) can receive 21% of the profits from the sale of the 210 tokens. Only 210 NFT tokens will be issued, marking a first-time collaboration between the artist and collectors. We will continue to innovate and optimize our pioneering new model.

Author's Expectations for the NFT Market

Author Kane is excited about the widespread attention and high-priced sales of the artwork. To update the crypto community on the next steps for "Right Place & Right Time," he released an announcement on his personal Blog.

He mentioned that the NFT field is exploring many innovative initiatives, including fractional tokens, social tokens, lending, and believes that conceptualizing new models to increase the future value of artwork, combined with artists and holders, is worth trying. If TokenAngels resells the artwork in the future, the agreement will be updated promptly. He emphasized:

I see this project as a beautiful flower. As time passes, it will produce 210 petals. Bitcoin's volatility is like a strong wind that may blow off many petals. When the petals fall, I will collect them to find suitable buyers. These petals tell the story of the largest financial and social experiment in human history, where up to 210 collectors will participate in capturing special moments in Bitcoin's life.