Metakovan explained on an Unchained podcast, why he paid almost $70 million for the Beeple NFT artwork so let’s have a look at our latest crypto news today.

Vignesh Sundaresan who is known as Metakovan explained his fascination with the NFTs which was the main reason he paid $69 million for Beeple’s digital artwork. He commented during his time at the Unchained podcast:

 “I was saying NFTs are, you know, 10X better than the physical counterpart. One of the things which I really like about NFTs is the fact that it’s composable.”

Laura Shin posted on Twitter saying:

“On the latest episode of the  @Unchained_pod, I asked @MetaKovan why exactly he spent $69 million on a @beeple NFT… since anyone can just see it on their computer. His response —> NFTs are “10x” better than physical art. What do you think — is he right, or is that absurd?”

On the latest episode of the @Unchained_pod, I asked @MetaKovan why exactly he spent $69 million on a @beeple NFT… since anyone can just see it on their computer.

His response —> NFTs are “10x” better than physical art.

What do you think — is he right, or is that absurd? pic.twitter.com/Si6z6Bfecv

— Laura Shin (@laurashin) March 20, 2021

NFTs is the latest craze in the crypto community and unlike traditional cryptocurrencies, these tokens allow embedding ID info within them. Being non-interchangeable and unique, some collectors pay huge prices for them lately. Sundaresan purchased an NFT artwork which was created by Mike Winklemann or known as Beeple for a price of $69 million. This made the piece the fourth most expensive artwork sold by a living artist. Speaking to Sundaresan, NFTs are seemingly changing the way our economy works:

 “We should understand that it’s very similar to another like DeFi protocols are awesome because they are composable, right. And in the same way, NFTs just on the Ethereum blockchai. We can do hundreds of things with them.”

In his opinion, one piece of physical art can be owned by about four people and it has “that feeling of being owned by one person and kept in one location.” At the same time, while most people in the world hasn’t seen Mona Lisa but they can recognize it because  the images have been replicated:

 “Most people don’t believe they own it, right. Like, it does not destroy the value of the physical piece itself just because I have a copy of Mona Lise on my computer or it’s plastered all over the Internet, right?”

He added:

 “If it’s this piece, it backs the fact that Beeple worked on this for 13 years, it backs the fact that Beeple actually minted this on this time. And it backs the fact that we actually bought it at this time.”

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Source: https://www.dcforecasts.com/altcoin-news/metakovan-explained-why-he-paid-almost-70m-for-beeples-nft/