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NFTs ‘ten times better’ than traditional art, says Beeple’s $69M NFT buyer

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Nonfungible tokens are “ten times better than their physical counterparts”, in line with digital artwork collector MetaKovan.

The pseudonymous artwork patron, who was just lately revealed to be blockchain entrepreneur Vingaresh Sundaresan, purchased the NFT of Beeple’s “EVERYDAYS: THE FIRST 5000 DAYS” for $69 million {dollars} earlier this yr.

Explaining the motives behind his buy in an unique interview with Cointelegraph, MetaKovan identified that NFTs have a number of benefits over traditional artworks: they’re straightforward to switch, they don’t have any storage prices, and their possession might be shared. Additionally, they’ll democratize the artwork world by making it extra simply accessible to digital artists all around the world, no matter their nationality and social background.

MetaKovan even stated that NFTs will deliver crypto into the mainstream. 

“Lots of people are going to get launched to crypto by NFTs”, he defined. 

The artwork patron dismissed considerations in regards to the potential dangers of a speculative bubble rising within the NFT market. He thinks the frenzy round NFTs serves the aim of accelerating adoption.

“If there is speculation, that’s ok, because we are making everything fast”, he stated.

Based on MetaKovan,  the NFT market will finally affect the value of enormous cryptocurrencies similar to Bitcoin and Ethereum.

That might occur “in a year or so, when a lot more people will be using NFTs”, MetaKovan stated.

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