--- title: "The Guy Who Sold a $69 Million NFT Thinks NFTs Are Pretty Dumb" description: "Digital artist Beeple, otherwise known as Mike Winkelmann, decided to sell his share of $53 million in ether he got for selling an NFT." date: "2021-03-25" modified: "2021-03-25" authors: - name: "Victor Tangermann" job_title: "Senior Editor" link: "https://futurism.com/authors/victor" url: "https://futurism.com/the-byte/beeple-sold-69-million-nft-dumb" categories: - "Blockchain" - "Cryptocurrency" - "Future Society" - "NFTs" tags: - "cryptocurrencies" - "cryptocurrency" - "ether" - "ethereum" - "nft" - "nfts" - "the digest" --- # The Guy Who Sold a $69 Million NFT Thinks NFTs Are Pretty Dumb ![Digital artist Beeple, otherwise known as Mike Winkelmann, decided to sell his share of $53 million in ether he got for selling an NFT.]() *\Image: Cryptokitties\* ## Selling Out? It was meant to be a watershed moment for cryptocurrencies. Digital artist Beeple, otherwise known as Mike Winkelmann, sold his digital artwork "The First 5000 Days" as a non-fungible token (NFT) through the auctionhouse Christie's for a [record-breaking $69 million](). His share: $53 million worth of ether. But rather than HODL-ing, which is crypto-slang for holding a cryptocurrency rather than selling it, Winkelmann decided to sell out immediately. In other words, he exchanged his ether for tens of millions in cold hard cash. Other artists who make and sell NFTs usually tend to save at least some of their gains in cryptocurrencies, as [*Coindesk* reports](), and only occasionally splurging while largely cashing in to keep up with costs of living. Holding on to cryptocurrencies comes with plenty of highs and plenty of lows. They tend to fluctuate dramatically, even over time periods as short as a few hours. They are also largely unregulated, painting a target on Winkelmann's back. ## Crypto-Purist Overall, it sounds like Winkelmann doesn't want much to do with the crypto world. "I’m not remotely a crypto-purist," he [told the *New Yorker*]() this week. "I was making digital art long before any of this shit, and if all this fucking NFT stuff went away tomorrow I would still be making digital art." In fact, he went as far as to [tell *Coindesk*]() earlier this month that NFTs are "a bubble." "If it’s not a bubble now, I do believe it probably will be a bubble at some point because there’s just so many people rushing into this space," he added, caveating that he was "really all-in since October" and acknowledging that it "has such a huge potential to be a very transformative technology." **READ MORE:** [The Node: Beeple Sold Out. So What?]() \[*Coindesk*\] **More on Beeple:** *[An NFT Painting Just Sold For $69 Million]()* ## Author I've been at Futurism since 2017, where my role has evolved to encompass design, writing, and increasingly editing. I've always been fascinated by space exploration and advanced transportation, which I've leaned into by interviewing luminaries in those fields while closely following the dimensions of policy and regulation that allow next-generation projects to succeed -- or, sometimes, to fail. I'm also keenly interested in the effects of generative AI on society, policies, and democratic institutions, as well as clean energy, physics and biology, and the vagaries of tech leadership. My work for Futurism has been cited by publications including Ars Technica, Gizmodo, PC Magazine, Jalopnik, Fox News, and the New York Post. I spent my childhood living in locations including Manila, the Philippines, and Geneva, Switzerland, attended McGill University, and now live in Toronto, Canada. Before Futurism I worked at AskMen and a small photography studio. In my free time, I'm an avid gardener, foodie, and craft beer lover, as well as a maker of artisanal hot pepper sauces. I have a magnificent dog named Freida. ### Author social links [Bluesky]()