Beeple’s NFT ‘Ocean Front’ Sells for $6M, Proceed to Be Donated to Charity

UTC by Godfrey Benjamin · 3 min read
Beeple’s NFT ‘Ocean Front’ Sells for $6M, Proceed to Be Donated to Charity
Photo: beeple / Twitter

The beneficiary of the Ocean Front NFT sale will be The Open Earth Foundation.

Graphic designer and Non-Fungible Token (NFT) artist Mike Winkelmann also known as Beeple has sold yet another artwork for $6million. The work that was as an NFT is dubbed “Ocean Front” and aims to speak to the current earth’s climate change challenge, and it features a tree sitting on an image of trailers and shipping containers sitting atop a platform on an ocean floor.

The artwork which was reportedly part of Beeple’s “Everydays” series had the caption, “together we can solve this” and was auctioned on the Nifty Gateway marketplace. The auction received successive bids from three distinctive bidders including Twitter users @3fmusic, @BabyBelugaNFT, and Justin Sun, the Founder and Chief Executive Officer of the Tron Foundation.

The bid started out at $2.77 million and Justin Sun eventually threw in the winning bid at exactly $6 million. Beeple announced the winner on his Twitter handle, noting his commitment to donate the proceeds to charity.

The beneficiary of the Ocean Front NFT sale will be The Open Earth Foundation, a non-profit organization that is “raising funds to develop innovative open digital infrastructure for improved management of planet Earth — helping track transparently the global progress on the Paris Agreement to avoid the existential risk of climate change.”

Beeple’s meteoric rise as one of the world’s most celebrated artists per market valuation was capped when he sold his biggest work “Everydays: The First 5,000 Days” for more than $69 million according to an earlier report by Coinspeaker.

Beeple Says NFT Prices Are in a Bubble

Despite benefitting immensely from the burgeoning NFT pricing, Beeple says the Non-Fungible Token prices are currently in a bubble.

“I absolutely think it’s a bubble, to be quite honest. I go back to the analogy of the beginning of the Internet. There was a bubble. And the bubble burst. And it wiped out a lot of crap. But it didn’t wipe out the Internet. And so the technology itself is strong enough where I think it’s going to outlive that,” Beeple said, speaking with Fox News on Sunday.

The high pricing of NFTs particularly in 2021 has stirred the question of whether the tempo can be sustained for a long time. While many including Mark Cuban has acknowledged the overpricing of these blockchain-backed digital assets, there is a known fact that the technology powering the NFT surge has a long way before it is fully explored, integrated, and adopted.

“The tech is real,” Cuban says. “The impact is real and permanent.”

Beyond its embrace by digital artists, NFTs are also used to power crypto-collectibles and blockchain gaming amongst other use cases.

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