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MetaKovan Discloses Reason behind $69.3M Purchase of Beeple’s NFT

UTC by Bhushan Akolkar · 3 min read
MetaKovan Discloses Reason behind $69.3M Purchase of Beeple’s NFT
Photo: beeple / Twitter

MetaKovan seems to be quite fascinated with the developments in the NFT market and is planning to build monuments in the virtual world.

Last week, popular digital artist Beeple sold his digital artwork NFT for a massive $69 billion to MetaKovan, the founder of the Singapore-based NFT fund Metapurse. Speaking at CoinDesk TV’s “First Mover” on Tuesday, March 16, MetaKovan also revealed the reason behind this purchase.

MetaKovan said that they are willing to “build monuments in the virtual world” by digital artist Beeple. “It’s like a bridge between the traditional world and the virtual world and I think it’s more appropriate that a guy from crypto bought this,” said MetaKovan.

Although MetaKovan remains as a pseudonymous identity, he confirmed that he’s of Indian descent. MetaKovan won the bid for Beeple’s digital artwork NFT beating Tron‘s Justin Sun in the last hour bid. “I had no idea who I was bidding against,” MetaKovan told CoinDesk.

Interestingly, soon as MetaKovan’s purchase came to the limelight, there have been some rumors floating around. There have been speculations that MetaKovan is a crypto “whale” or a large holder involved in insider trading. “You should ignore those kinds of comments. It’s not something I spend my time on,” he said.

Last December, MetaKovan purchased another watch from Beeple. Later, Metapurse offered it to the public in the fractionalized form via the B20 token sales. “We spent around $2.2 million plus 30% for the cost of sale, and sold 23% of it for not a lot of premium. I took back around $1.3-1.4 million,” he said.

MetaKovan says that it still 50% of the tokens for this piece. He further added that he doesn’t plan to sell it “anytime soon”.

MetaKovan Is Building a Virtual Museum

MetaKovan is now looking to capitalize on its $69 million purchase of Beeple’s digital artwork NFT. MetaKovan is planning to build virtual museum housing the Beeple masterpiece – Everydays: The First 5,000 Days (2021). Speaking to The Arts Newspaper, Twobadour Paanar, the steward of Metapurse said:

“We hope to work with some of the best architects on the planet to design something truly worthy of this masterpiece, and to build it in the metaverse over a vast virtual estate.”

MetaKovan has said that the virtual museum shall be open to all. Thus, users worldwide can visit it through any ordinary browser. MetaKovan said that it will also bring “really immersive experiences” that would be accessible via Virtual Reality (VR) headsets. Twobadour added:

“The beauty of this piece is that it can be experienced wherever you are in the world. Unlike the Mona Lisa that’s in physical space, this is purely digital. So we intend to create a monument that this particular piece deserves, which can exist only in the metaverse.”

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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