History was made on Thursday as Crypto artist Beeple sold his NFT collection of digital art for $69.3 million. The collection, called EVERYDAYS: THE FIRST 5000 DAYS, became the third most expensive artwork auctioned by a living artist.
But there was an interesting revelation about the bidding war before the sale. Founder of cryptocurrency platform TRON (TRX), Justin Sun, revealed he missed out on the winning bid narrowly. According to him, Christie’s refused to accept his bid even when there were 30 seconds left before the close of the bidding process, and he says he’s not happy about it.
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The 30-year old entrepreneur became famous when he paid $4.6 million to have lunch with Warren Buffett.
Sun’s $70 million last-minute bid was not accepted
Sun, who is also the founder of the file-sharing network BitTorrent (BTT), offered $60 million. But another bid came in at $60.25 million ($69.3 million with fees).
But Sun would have outbid the eventual winner if there was still time to consider his augmented bid. According to him, the auction platform didn’t allow his $70 million bid to go through.
“We wanted to make a bid for $70 million during the last 30 seconds of the extension but the system didn’t allow us to execute without explanation,” he explained.
Christie’s responded and stated that the system couldn’t register Sun’s $70m bid before the bidding session ended.
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Blockchain could be incorporated into subsequent options
Christie’s apologized for the omission and suggested how to make the future bidding process more effective. The auction portal stated that all bids need to utilize blockchain technology to make sure things run smoothly and more effectively. This way, all bidders will have an equal opportunity while they get to see all the transactions transmitted.
Sun replied by offering his own support to Christie’s whenever the auction house is ready to integrate blockchain technology into its options.
Although it’s not clear whether such a type of auction will happen again, the sale alerted a greater number of audiences about crypto art.
It proves once again that the NTF industry is rapidly expanding, and blockchain technology can be used to make it more appealing and efficient.
