Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Meet the buyer of the world's most expensive digital artwork

The €58 million sale of a digital collage by the artist Beeple made headlines as the most money ever paid for an NFT. We meet the 32-year-old behind the purchase.

Considering his unpretentious demeanour and modest lifestyle, Vignesh Sundaresan bears little resemblance to what you might expect from a traditional wealthy art collector.

In fact, the 32-year-old blockchain entrepreneur is responsible for catapulting Beeple into the ranks of the most expensive living artists with the purchase of his digital artwork for $69.3 million (€57.8 million).

The sale also set the record for the price of a non-fungible token, or NFT, which uses blockchain technology to authenticate digital files not existing in material form.

"Even for me to spend that much money, it's quite hard," says Indian-born Sundaresan. "I don't throw money on stuff, I like to think I'm very reasonable when it comes to the real world and so it was hard on me also.

"But I thought this piece was that important, so I paid for it."

Sundaresan endured a gruelling two-week auction at Christie’s to buy "The First 5,000 days" whose starting price was set at just $100 (€83).

By the end of the auction, 22 million people had logged on to watch the dramatic finale.

'Going on underground'


The programmer, who is now the chief executive of an IT consulting firm and also finances an NFT-investing fund called Metapurse, insists the effort and the money are worth it.

"As a piece itself it's awesome," he says. “But there is this signalling and symbolic intention also to show the world that... there's this whole thing that's going on underground".

NFTs have been growing steadily in popularity over the past few years but it was the recent headline-grabbing Beeple sale that really launched them into the mainstream. Proponents of NFTs argue that this format is a means of giving digital artists proper compensation and recognition for their work.

But not everyone is convinced that the benefits will reach all creators.

"I see the occasional artist getting a lot of money because they're lucky," said Antonio Fatas, a professor of economics at INSEAD business school.

"They're in the right place at the right time. But for the regular artist trying to make themselves known, I do not see how this is helping".

Watch the full interview with Vignesh Sundaresan in the media player above.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Massive Anti-Government Protests Erupt in Belgrade
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Hungary's Prime Minister Criticizes NATO's Role in Ukraine
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Hungarian Scientist to Conduct 30 Research Experiments on the International Space Station
NATO Members Agree to 5% Defense Spending Target by 2035
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
International Astronaut Team Launched to Space Station
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
Oil Prices Set to Surge After US Strikes Iran
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
×