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Crypto Bandit King or Patron of the Metaverse
So Beeple’s Everydays: The First 5,000 Days sold on Christie’s for $69,346,250 (including fees) to a mysterious buyer who calls himself Metakovan.
In the Good Times interview with Metakovan on Clubhouse, Metakovan reveals that his pseudonym represents “King of Meta(verse)” and that he is a cryptonative. In other words, he made all of his money in cryptocurrencies and exists outside of the fiat world. It seems that his intention is that he’s a patron of the Meta Arts and buying Beeple’s Opus was just the latest investment that he’s made into Beeple artwork.
Back on January 23, Metakovan, through his company Metapurse, announced the B.20 token and the Metapalooza, an NFT art event in the Metaverse. Essentially, he offered fractional ownership of the art project, but not the assets themselves. So it’s a security token, except not a security token, because they are ownership of a project, not of assets, but anchored by twenty 1/1 Beeple artworks that were acquired for $2.2 million, and now, this $60 million collection of pixels.
A few days ago, Amy Castor wrote an article about Metakovan, guessing his identity to be crypto entrepreneur Vignesh Sundaresan. The B.20 Chart looks a bit like a pump and dump, and while the idea of a crypto patron of the arts sounds great in theory, it is hard to not be suspicious of this “marketing stunt” when one begins to dig into the story.
It seems that there is a tangible cognitive split between the cryptonatives and the traditional world. As the price of Bitcoin rises, we could potentially reach a Billionaire Flippening where there will be more crypto billionaires than fiat billionaires.
We’re in the Great Game now, and the Great Game is terrifying.