Why did two Indians spend $ 69 million to “own” JPG

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Metapurse, a crypto-exclusive fund, recently bought “Everydays – The First 5000 Days” – a jpeg file – from an artist nicknamed Beeple for $ 69.3 million (approximately Rs. 503 crore). Metapurse was created by Metakovan – also a pseudonym – and its partner Twobadour. Metapurse has now shared a blog post explaining the story behind their fund and their appreciation for NFT or inflexible tokens. The post also reveals the first names of two investors such as Vinesh (Metakovan) and Anand (Dvubadur), who are both immigrants to Singapore, from Tamil Nadu.

Metapurse spent $ 69.3 million in the first auction of its kind at Christie’s to buy jpeg file, a virtual mosaic that is a collage of works of art created by artist Mike Winkelman (Beeple), who creates a new digital painting every day since 2007. the third most expensive work of art in the world it was once bought under a pseudonym by investors, who then revealed themselves in the Clubhouse before writing a detailed post on Substack and about it.

Although the artwork is a simple jpeg file that can be downloaded by anyone, it is actually rightfully owned by Metapurse thanks to blockchain authentication. IN blog post, Metakovan and Twobadour explained how they used their nicknames and that Indians and people of color could also become patrons through cryptocurrency and NFT.

To find out what NFT is and how it works, see ours explainer.

According to the blog, Vinesh and Anand coined these aliases to protect their true identities and create characters who “don’t have to be one person or have only one goal.” Metakovan opened a crypto in early 2013 and began offering escrow services, which became an exchange called Coins-e. Metakovan sold Coins in May 2014 and continued to create BitAccess and install Bitcoin ATMs. Vignesh sells first BTM (Bitcoin ATM) of Anthony Di Yorio, co – founder of Ethereum.

“Ethereum’s ICO allowed me, unknown, to invest in it. This investment will turn into a large amount of money over time. And I didn’t stop there, “explains the Metapurse post.

Metakovan uses crypto as an opportunity to build wealth and launch Metapurse with NFT investments ranging from gaming assets to art, including the Beeple 5000. In 2017, Metakovan worked with Twobadour at the Lendroid Foundation – a limited liability company (CLG) – in Singapore. Then in 2020, during the lock, the duo opened NFT.

Metapurse identifies projects in their early stages in blockchain, finance, art, unique collectibles and virtual real estate. The blog explains: “Digital decentralization allows for cultural decentralization. Everyone can create NFT art, everyone can buy it, everyone can see it and everyone can be inspired by it. Dominant cultures tend to imperize, to centralize. We see the global Metaverse as an antidote to this trend. “Metapurse is Metakovan’s collection of NFT and investments. He previously purchased 20 works of art from Beeple for $ 2.2 million (approximately Rs. 15.96 crore). He dared to engage in virtual real estate and more recently bought a Beeple 5000 worth $ 69.3 million.

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