Artwork Backed by Custom Crypto Asset Sells for Staggering $66,000

A piece of political artwork backed by blockchain technology just fetched a huge sum at auction.

A digital art piece by artist ‘Beeple’ sold for just over $66,000 to a bidder called ‘Pablo.’ The artwork, titled ‘CROSSROAD’ depicts a nude Joe Biden and President Donald Trump in a face-off, floating in space.

The art is one-of-a-kind and is backed by a non-fungible token (NFT).

NFTs feature identifying data in their smart contracts that make each one unique, which means that one NFT cannot be directly replaced by another and no two are alike.

After the election results are officially certified, the art piece is designed to show either Trump lying on the ground in defeat, or Trump walking through flames with a crown on his head.

“This piece is a first for Nifty, a token that will change based on the outcome of the election. If anything is constant about the times we now live in, it’s uncertainty.

This uncertainty is perfectly encapsulated in this piece of artwork as the person buying the piece will not know the final artwork. The artwork will be one state at auction before the election, and after the results of the election are known, will forever change to reflect a Trump or Biden win.”

Digital artists can face many difficulties trying to protect the copyright to their online work. By using NFTs to represent their unique, one-of-a-kind digital items with blockchain-managed ownership, artists can more safely sell their work.

‘CROSSROAD’ isn’t the only crypto artwork to sell for an impressive sum at auction. In October, a blockchain artwork called ‘Block 21’ sold at a Christie’s auction for $131,250.

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Featured Image: Shutterstock/Tithi Luadthong

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