Metakoven on why he bought Beeple NFT for $69 million
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- เผยแพร่เมื่อ 16 ก.ย. 2024
- Vignesh Sundaresan, who also goes by the pseudonym of Metakovan online, bought Beeple's $69 million NFT with one of his friends. He joined "Squawk Box" on Tuesday to discuss why he decided to make the purchase as well as his history with cryptocurrency. For access to live and exclusive video from CNBC subscribe to CNBC PRO: cnb.cx/2NGeIvi
The buyer of the $69 million NFT by the artist Beeple said he was prepared to bid even higher, since it will be seen by history as the starting point of a new age of digital art.
In his first television interview, Vignesh Sundaresan, also known as MetaKovan, told CNBC’s “Squawk Box” that he has no regrets paying $69 million for what many say is simply a JPEG and an hyperlink. He said the rise of nonfungible tokens, or NFTs, herald a new era where technology has allowed artists and collectors around the world to buy and sell art more easily and democratically.
“This NFT is a significant piece of art history,” Sundaresan said. “Sometimes these things take some time for everyone to recognize and realize. I’m OK with that. I had the opportunity to be part of this very important shift in how art has been perceived for centuries.”
NFTs have exploded in recent months, as NBA video highlights, memes, digital art and even a tweet sell for six or seven figures. While proponents say NFTs, which assign ownership of any digital asset on the blockchain, will not only change the art world but could be applied to physical goods like homes and property. Sales of NFTs have now topped $500 million, according to many estimates.
“There are going to be hundreds of thousands of people from around the world who are going to adopt this medium, a digitally native medium to monetize art,” Sundaresan said. “There is going to be an economy around it. ”
He said that while the art world has been the exclusive purview of wealthy, largely white Western collectors and artists for centuries, NFTs have allowed “artists in the Philippines, Thailand, or India now to make their first $1,000 or $500 on the internet.”
Sundaresan declined to say exactly how much he was prepared to pay for the work. He said he knew going into the Christie’s auction that “it would be competitive” and had a ceiling price in mind that was higher than the $69.3 million he paid.
“We did have a higher limit,” he said. “I was very motivated and ready to go beyond even what we paid for it.”
Sundaresan said he has been investing in cryptocurrencies and cryptocompanies since 2013. He said he started “with no money” and began working for cryptocompanies and was able to invest early in fast-growth companies that have grown up around the cryptoeconomy. He declined to say how much he’s worth on paper “since it depends on the cryptomarket.”
He said he has invested in not just bitcoin and Ethereum, but also blockchain network Polka Dot and Flow. He said he’s doesn’t think crypto will face a ban from regulators or central banks.
“If regulators were tighter in previous years, that would have stifled innovation. I think we’re at a point where they see the positive impacts of crypto around the world.”
When asked what his $69 million Beeple could be worth in a year or even 10 years, Sundaresan said he had no plans to sell it. But he hinted he may find ways to “monetize it” by either offering pieces of it or displaying it in a virtual museum.
“The piece is going to take on a life of its own, that’s what makes NFTs really interesting,” he said. “It may not just be a piece of art, it can become thousands of other things. But I won’t be selling it anytime soon.”
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Im in my 20s and already starting to feel the "these kids are crazy" energy.
Lots of rich kids who did nothing to earn a lot of money from pump and dump scheme coins.
@@dertythegrower seethe nocoiner lmao
@@dertythegrower Crazy like a fox. 69 million is a bargain for this piece. Check back in a year to see if this comes true.
They seem themselves as historical figures
@@dertythegrower lol so jealous 🤡🤡🤡🤡
Someone needs to tell his indian parents what he bought for 69mil.
He has billion crypto lol
Basically bitcoin billionaire
@@tane_0579 bro it wasn't about money it was about indian/asian parents, here in india you can a be billionaire but if you spend 1 dollar on something that they don't understand they will tell whole world that "yeah our boy/girl is rich but not that smart because he just bought that useless thing".
th-cam.com/video/JogKIk4RU_Q/w-d-xo.html
@@ajaytyagi4854 true my dad bought me a mac just for online school but when i asked for a 500rs gift card for app store my dad straight up went no dont spend money on stupid games
He's 32 and worth around $600M, well done to you lad.
back in time we had oil tycoons, business magnates etc and now we have these nerds... every generation gets what they deserve. pathetic times we live in. absolutely shambolic.
hes worth more than most celebrities
@@amirfigo ugh bum g.0tfo
1B not 600M
He's only worth that if people would actually willing to pay that price for all what he got
Damn Robert slaughtered his real name....
Vignesh's statement of being a 'Patron to art and culture' spoken like a true Tamilian
🇮🇳 ama
DUD ANY ONE NOTICE APJ ABDUL KALAM ?
tamila rasans. hahaha
Omala🤣
No disrespect to Tamils, the Beeple piece is crap though. I do get his sentiment, wish he'd spent it one some higher quality art.
Damn... Thiruvalluvar and Abdul Kalam on the back.
2:47 is gold. "And it's worth 69 dollars to me. Sorry 69 thousand. 69 million dollars" 🤣
@Anik Boy no if you see he has a official bank acc registered on his name which has the money
@Anik Boy U don't know him see him in Nas daily Channel he is a Millionaire
This is the important point about crypto -there is no recourse for mistakes, no customer service.
@@yottabyte2065 he needs to be a billionaire to make any sense spending this money on one piece of digital art. He claims 660 million wealth...he put 10% into this. Most of his wealth is likely on paper so he risked way more. The guy is clearly not mature enough or maybe not the smartest wealthy man
@@barnibizer May be but it's interesting
He bought his name to be written in the history books! That’s pretty awesome 😎
haha yeah, and he can pay it once again too lol hahah boss
pretty cringe
Wth you talking about xdd
@@MackofejFTW how old are you younger than 2?
The world needs more genius’s like Jorge Ramirez
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Very Humble for a man who has purchased 69m$ art
Thiruvalluvar and Abdul Kalam in the background. this guy is definitely into something!
Our world is such a running joke at this point, nothing makes sense anymore and i'm so here for it 😂 This whole NFT hype might actually allow talented artists to live decently while getting the 'royalties' they deserve.
@@paxrek so now everything that we do has to be a source of money?
@@sahilmeena8018 it doesn't have to be, it's just a bonus. Also, in this gaming example, a publisher could ban you from their game without a known reason and the items you earned while playing would all be gone. With an nft, you could transfer those items to another game providing those games utilize the same protocol like Enjin. Basically, if you're a communist, or authoritarian, you aren't going to like the new world very much.
@@sahilmeena8018 yes 😁
@@paxrekso many peoples don't know about this one 😂Noobs they Will get it when it's too late 😂🤣 Just like Bitcoin 🤣
This madness only demonstrates that there are absurdly rich people who dont know how to spend their excess of money, while the mayority are starving and poor. the world is a cruel joke.
Nobody:........
Metakoven: Thats just $69 dollars to me no big deal
Haha😂
It will be worth $10K any day now.
If it hits $10k please let me know. I will buy it instantly.
@@shiplumiah7816 🤡🤡🤡🤡🤡🤡🤡
This aged like milk😂
I love Indian people they r good folks
I 'm from myanmar & my grand parents were from south India as well , Yes, Indian pals are working harder and family-oriented attitude
2:47 "it worth $69 to me.. $69000.. crap $69 million..yeah"
Nice
Art hasnt changed and this kid bought it to get famous, and it’s working. His media exposure will be epic from now on!
He won't make back $69m from it though
@@BigBoss7777777 bruv invested around 5k and became a billionaire in btc lmao 3 5 more years and he'll have an another billionaire
@@ree2955 he won't make the money back from the nft itself
@@BigBoss7777777 ofcourse he will.
@@BigBoss7777777 do you even understand the significance of the beeple artwork as a turning point in history? It doesn't matter if it appreciates or not. He has a piece of history, and he owns it fully
I thought i read something how this company was actually connected with Beeple & is doing this to rise the prices of NFT on purpose, to then bundle them in another coin and sell that to people.
Interesting. You got a link? I’d love to read that
I have to find that old Windows 95 and the art I created with paint when I was 5. Would be worth multiple dollars in the nft space today.
Hope you find it soon
🤨
My Kid Pix NFTs… OH NO!
True OG with Hal Finney's photo framed in the background. If you know you know..
You're not a genius for knowing who Hal Finney is lol
@@dankestranch8738 You don't need to be a genius to know Hal :)
Just a few of folks in the comment section know who Hal Finney is. I guess
Satoshi
There is a also a picture of Abdul Kalam and Buffet ..
He bought it because the main plan was to boost beeple's name and make him allegedly a huge artist. This way Dude could safely wash his money or something similar to that. Anyway, since the artwork isn't anything really strong, one day the value of these nfts will definitely drop. And then we all gonna have a good laugh. Mark my words , dear friends... mark my words. Just to be clear, I am not against nfts. There are really many great digital artists who should use this technology to sell their work. But not this always cursing guy who calls himself beeple.
I think he missed the killer feature of NFTs. It's not art, it's about authentication and the future requirement of proof of ownership. This will reduce theft crimes and bridge trust barriers between parties.
Yes the art is a trend right now but the real value of NTFs comes from their decentralized authentication nature
*NFTs
There is no time for him to explain everything in the interview
Yeah but he's just talking about art because this interview is centred around his purchase of art.
Check his interview on valuetainment, he explains his vision there which includes all what u said here, don’t try to be so smartass.
A sign of our times... is this a peak or will it get even crazier?
depends on what you define as crazier
@Tee i'm guessing you're not that old... this will blow up.
Just the beginning. Dont see any difference btw this and a Jackson Pollock painting selling for 140M.
@@grokker99 Well, the difference is you don't actually have the physical Jackson Pollock painting.
Crazier for sure
What was he thinking? He knows that $69M art+ is just what he needs to fool millions of idiots around the world into thinking they have to buy to get rich.
Watch his interview in Nash daily. He did it becuase he wanted to suppory digital artists and creators.
This world Will he beautiful in future
If we Focus on tech resolution
Soon AI will take on all jobs
Then what humans will do ?
Gaming
Traveling
Trading
Stock
Sports
Influencers
And special art
Except some few things all cover in NFT WORLD
MARK MY words there will be a time
Goverment have to stop printing money 🤣
Cuse that time we don't need to make rich Nd poor
Thing it's all about psychology
Rich or poor
Without poor
No one will do heavy Nd dirty work
But but but if AI comes in 😁
All will he change
Mark my words human's will be on another level.that time money will not have a value but art or any special thing
Well if you think this fool
Then what do you say about modern art
Well he ran an ad campaign for himself at a cost of $69m, Bloomberg spent more on his campaign and he accomplished nothing. Not that bad of a deal
Hahaha that’s true bro lol
Make history
So so less people's left there mark
In peoples's memory
I'll not forget him now 😂 always remember 😂
69milion $ number 😂
He choose number also perfect 😂😜
Smart guy 😂
Make history
Art World is beyond common society 😋
@@thomf7840 Wow tom you really are a genius
He is my age and I’m mowing my garden! 🤷♂️
You have a garden?
And a mower?
@@SM.Canada.Diaries yes why?
You have land, a garden, and a mower?, you should be proud of your self sir
Props to the Hal Finney portrait behind him.
This guy is on a different level.
“69 dollers...69 thousand... Uh I mean 69 Million dollers” 🤣
Seems like he got tricked because he flex that he's a billionaire to the seller and got scammed thinking he bought it for $69 😂
Saw Metakovan get interviewed on Valuetainment with Pat Bet-David. He is highly intelligent, he definitely had to dumb it down for the CNBC apes. "Why in tarnation would you pay 69 million for a JPeg and a hyper like" seriously dude.
Exactly, smh...... true genius here, yet they are asking dumb questions...... why not ask more about his thought process, the history of it. Even with beeple, they only see the money not the 13 years he did it
Yep he dumbed right down for their sakes
On behalf of Artists I'm happy he values the arts.
He's worth squat now since Bitcoin crashed like crazy
They said madness will come someday and world will be full of chaos and delusion. It's happening 🤠🙏
Who was the guy who bid 68 million and said nope I won’t pay a dollar over 68 million.
Abdul Kalam in the Background :)
Bcuz he is indian and every indian inspired by missile men Abdul kalam
Can you find Satoshi in this video?
Elon?
hal finney
anyone else notice how he said "that's why WE paid so much" ?
Sus
He bought it with a friend. Nothing suspect.
I don't get it but Different strokes for different folks. I'm a real estate guy. I collect about $100,000 a month in rent from my rental properties. I feel safe with real estate
That's 13800 a picture from one of the most influential artists of the 21st century. Great deal if you ask me...
When i said this to my friends ... their reaction was how come someone from India can do that ... that too for painting. Free mei itana tho available hai .. still the indians are in shock ....
He's worth 3 Billion. I'm sure he's alright.
69 million is approx equals to 150 bitcoin or something. Consider he bought bitcoin and other crypto when it was so cheap as 100bucks. This is not much money if you live in virtual world with virtual asset 2:47 . This piece of 5000arts will be worth 5billion maybe in couple of years. Kudos to the Indian guy
I don't understand the value proposition of NFTs. Seems like peak bubble. But cool Hal Finney painting tho
Beeple himself believes that's it's a bubble that could burst anytime.
Ur profile pic says enough...ur to old for this new world.
NFT is a business relying on stupidity and it's working well because the world never lacks stupidity. You're basically hoping someone is foolish enough to buy whatever it is you're selling. It's mainly folks trolling because as you said it provides no value.
Funny how his purchase started all of the hype around NFTs almost like if he was aware of what is going to happen dont you think?
Yea it is probably a tactic for the insiders to unload a bunch of NFT's to the masses, since they know the masses will FOMO as they did
The question is what is the real value of 1$ when you have to dish out 69M$ for a NFT.
Tulip bulbs once cost a million dollars. These patterns play out through history. This $69M shouldn't be believed though. Publicity stunt for ntfs
@@vanhalenps4 Well said
I hate when I confuse my thousands and millions.. potato potatto when you buy a gif for $69M
For real, its like he doesnt even know how much money he has
He is nothing but a hype man who fooled a few with crypto luck, and pump and dumps.
He could have saved his money and took a screenshot
Should be looking at the most historic nft there is ...etheria since 2015 is the first nft on ethereum . You’re welxome
God bless this hero
B20 is the single most undervalued play in the NFT space right now. few understand this.
Good Investment Bro. Just a matter of time before its worth 2x
I have the same jpeg on my desktop for free. 😄 🤣
Congrats😁
u can also download a jpeg for Mona Lisa that doesnt devalue the actual Mona Lisa ..
@@droidsage7240 Slightly different, the original Mona Lisa is a tangible piece of art. NFT's are purely digital
@@BTheWatcher thats what u dont get ..it doesnt matter if it's tangible or not ..what matter it is own by a person and it is recorded in blockchain and his ownership claim will stay in that forever
@@droidsage7240 No I do get that, but I also don’t see NFT’s as the same value as historical/modern art. To each there own
Great job, brother. Keep up the good work. And if you’re not married I’m sure Desi aunties are looking for you for their daughters ;-)
Crypto is the belief in the new protocols. Not just currency
Maybe I'm too much of a boomer, but I just don't understand why you would buy this NFT for $69million.
I still don't understand what the heck is going on
Its really strange, sometime it feels like Bitcoin and other cryptos don't have value in real world.
2:46 Seems like he got tricked because he flex that he's a billionaire to the seller and got scammed thinking he bought it for $69 😂
69 million to a billionaire is $69.
Believe it or not this actually happens quite often in crypto trading - the zeros can be tricky.
I can't wait for this bubble to burst and it's going to hurt
The name's Metakovan not Metakoven! Btw today that art is 150 million dollars
His Real name is vignesh sundaresan
@@factyt7450 correct
8 months later and it’s woth 425 million. What an investment
I’ve dived head into long term art holding on Rarible. Mostly 1:1. I think the crazy over cards and collectibles will calm down but people who hold large amounts of crypto need to diversify into other assets in the crypto world. Art is one of the absolute best long term store values - I would argue it’s more valuable and useful than Bitcoin! Imho of course
How do you find this man? Does he buy random art? I sell art and NFT'S, but I'm a new everything so I don't have a huge following. I'm trying to get to the people that have a strong appreciation for great art.
Listen to what he’s saying people… just because someone is rich doesn’t mean u have to hate on them
2:47 lol
69m for a jpeg but he doesn’t buy a good mic
the richest guy in the world didn't buy a desk for a while so he can make more $
Just imagine how much risk taker he is , more risk taker than Warren Buffett , look at his age man
Guys are having troubles getting the number right (money)
He sees the future so clearly and struggles to explain it to the rest of us
I’m not against NFTs, but this is too much money even for a Beeple.
Finally a crypto backed by something! hahaha. However sees an NFT in this case "just a jpeg" is like saying, who in their right mind pays millions of dollar for a canvas with some paint on it, when even the painting itself can be easily forged. This Art piece just made history and its a 5000 days of work or 13 years. Let say Peeble put in 6 hours of work a day for each pic. That is 30.000 hours of work, he is basically charging 2.300 USD an hour. Thats relatively cheap. There are physical paintings that has gone for 100 millions and it has taken the artist less than 7 hours to make them. You make the math.
It's still just a jpeg. A real canvas can't be copied and will only be one original forever. This jpeg will be forgotten. I'll snap a pic and I'll keep it on my desktop. Why can't I copy it and upload it as my own nft and slightly change it. NFTs for art are bs. Scam of this decade.
@@bantyran I could quite easily get a photo of a famous painting and put in on wall. It would look the exact same but would have no value because it's not the original. Why can't digital art be that way as well?
@@bantyran Made you Look: Netflix , A true story about fake Art.
@@bantyran it's not just a jpeg cause u cant multiply the coding behind the original just like difference between real money and fake, or bitcoin or art etc u can make fakes but it won't be the original
what he didn’t tell you is that hes an authority node holder in vechain.
What does that mean?
Most likely this was a wash sale so the next guy thinks they are getting a deal at $100,000. They are not buying the jpeg, its just a link.
Imagine him bringing his friends over and saying "here on my computer screen is an image of a jpeg i paid 69 mil for it are you guys impressed?"
Impressed by the bigger picture not the on the screen
Where did he bought the nft?
Respect the picture of Hal Finney in the background!
Did he accidentally said $69... He is so rich that he feel he only invested $69 due to the high value in cryptocurrency...
He should be thanked for turning his back on south Asian art heritage. And turning his back and spitting on his community and culture. It’s good to see the British did such a good job so that he now has no appreciation of his identity. Just a good Rikki Tikki Tava. Sure if it was someone from his own community that did that he would immediately price gouge them.
Scam!!! He paid himself the money by having two wallets.
The creator of artwork was a guy named 'Beeple'. He claims that he got the money, so this is not a scam
His parents :
This aged well
Lads not daft! Get him on Joe Rogans podcast
He would pay that much because he is involved in selling worthless nfts and knew the result would drive up prices of his sales, he knew it would help profit off the con of the nfts
$69 😆
1,000,000x
Can you make a video for ECOMI-OMI?
Omi is for kids.
@@eromance12345 kids use mommys credit card
What was the last coin he listed?
what else can we buy with crpto???
Oh damn he got into Crypto 2 years after me. Nice to see fellow Crypto Punks finally starting to use the money. Though we still hodling till end of 2021. I wonder if he is one of punks that have been talking about creating Crypto space ships and Crypto space pirate ships. When Lambo when Rarri when moon.
Lol what are even trying to say?
I hope that NFT is worth $0 soon
They still don’t understand what is crypto lol
He used 42 thousand etherium to purchase jpeg for 69 million. If he had just kept that etherium it would have been worth 176 million now. i still dont believe in this nft hype. I get it its a ownership concept but no i believe in the blockchain technology but not the nft hype.
funny thing is you are just an owner of an hyper link which is stored in blockchain not an actual asset the image or jpeg is stored in google drive lmao its like buying a treasure map for a treasure
lol bought a screensaver for $69 million
who knows he bought its just a bluff to get people into buying and doing transactions in NFT and getting huge profits in transactions fees
Cool Hal Finney in the background
Um . . . Good luck brah, someone needs to finds more value than 69m for that piece. I honestly dont see this as a smart investment. You should have bought . . . Like anything else bahhahhaha I guess if you have so much money and you have investments all over and 69m is less than .1% then maybe in 100s of years this may be looked at as a genius buy. Time will tell. But its gonna take a long time for this to break even.
You're wrong, and probably not very well educated in terms of history, technology, philosophy and definitely art. Do you know what Picasso's go for? Do you know what an S curb adoption is? This man is going to 10X his investment in a matter of a few years. You have that fast money mentality, that gets you nowhere.
Beeples creates a final work of art every day. There's no other artist in the world currently that does the same thing. Brah grab a dictionary and look of the word scarce. Lol 😆 you won't find Vechain in there.
69 million nice
How do you butcher his name Vignesh sundaresan like that
🚀
Is that a picture of a young George Bush on the wall behind him?
Hal Finney...
If you don't know that guy you should learn about him and his contributions first, NFTs come in later
Indian heros
Indian rocks.. 🔥
He is Indian
Can a buyer resell nft?