- Christie’s on Friday auctioned off five works of art created by entrepreneur Gary Vaynerchuk for his VFriends NFT collection.
- The sale was a part of Christie’s post-war submission to live auctions that took place in New York City, and led the auction house into digital art sales.
- The VeeFriends collection consists of 10,255 character non-fungible tokens.
Christie’s on Friday auctioned off five works of art created by entrepreneur Gary Vaynerchuk for his VFriends NFT collection.
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 curious.”
While most of the NFTs auctioned by Christie’s are NFT mining, or blockchain verified, these particular functions are original characters that were hand-crafted by Vaynerchuk himself.
The VeeFriends collection consists of 10,255 character non-fungible tokens available for purchase through the cryptocurrency Ethereum. Each token includes a “smart contract” with metadata that Vaynerchuk can use to negotiate with its buyer. Token holders will also be granted exclusive access to an annual trading event called Veecon for three years following the purchase of the NFT. The first VICON will take place in Minneapolis in May.
The lowest listed price for such a token has remained at $50,000 since the chain launched earlier this year.
Vaynerchuk’s NFT doodle, called the “Emphatic Elephant,” sold for $412,500 at Friday’s auction. The lowest was called “Diamond Hands” and went for $162,500.
NFTs are a type of digital asset created using blockchain technology to track the ownership of a virtual object. Such unique items could be artwork or sports trading cards—a market that Vaynerchuk became familiar with as a teenager, selling baseball cards for thousands of dollars each week.
“I grew up with collectibles, antiques, and playing cards,” Vaynerchuk said. “My mom and dad were into that stuff too, and they were afraid to even go to Christie’s two decades ago and now their son is selling stuff in it. … It’s the American dream.”
The original VeeFriends artwork was featured with a full set of curio cards and 1-3 sets of curated art blocks at Christie’s Post-War to Present live auction in New York. The auction follows Christie’s foray into digital art sales, which have seen a surge in popularity this year as well as the value of digital currencies such as ether and bitcoin. Curio Cards, commonly seen as the first digital art collectible on the Ethereum blockchain, received $1.2 million.
The market is booming, with some digital collectibles selling for millions of dollars. In March, Christie’s sold an NFT of artist Beeple for over $69.3 million.