Man Starting To Understand What NFTs Are After Dropping $69 Million On Beeple Artwork

Illustration for article titled Man Starting To Understand What NFTs Are After Dropping $69 Million On Beeple Artwork

OLYMPIA, WA—Revealing his identity as the winning bidder in the record-breaking Christie’s auction, local venture capitalist Ian Engel told reporters Friday that since spending $69.3 million on a collage by the digital artist known as Beeple, he had finally begun to understand what NFTs are. “Now that I’ve dipped my toes into the market with this first investment, I’m starting to get a handle on what nonfungible tokens—that’s what it stands for, it turns out—are all about,” said Engel, who, after hearing friends talking about how the emerging asset class might make a sophisticated addition to their portfolios, decided to look into NFTs by spending tens of millions of dollars on one that consisted of an image available for free online. “It turns out it’s not an actual token you can hold in your hand, which was disappointing at first. Fortunately, though, it uses blockchain, and that’s really hot right now. If this goes well, then in the future I may put some actual serious money into these NFTs.” Engel went on to state that in addition to being a potentially interesting investment vehicle, the NFT also came with a bunch of pictures he could look at.