Beeple’s latest crypto art just sold for $6 million to the same tech executive who was outbid at the last minute for the record-breaking $69 million auction

Beeple’s latest crypto art just sold for $6 million to the same tech executive who was outbid at the last minute for the record-breaking $69 million auction

Justin Sun, the founder and CEO of the cryptocurrency platform Tron, bought a Beeple crypto art piece for $6 million on Monday night.

The sale was Mike Winkelmann's first crypto art drop since he shattered digital-art records earlier this month with his $69.3 million sale. Sun bid on Winkelmann's previous piece, "Everydays: The First 5,000 Days" but was outbid at the last second by pseudonymous crypto investor @MetaKovan.

Sun's latest purchase came down to the very last minute, as he vied against two anonymous bidders identified as @3fmusic and @babybeluga. The sale quickly climbed from $2.5 million to $6 million.

Sales of nonfungible tokens or NFTs “” items that operate as unique digita assets“” have boomed in the past few months. Artists like Grimes and 3LAU have also made millions on NFT drops like Beeple's.

The auction took place on Nifty Gateway and was a part of a three-day Carbon Drop initiative presented by Social Alpha Foundation. It was a project designed to offset the environmental costs of crypto-art by donating 100% of the profits to the Open Earth Foundation.

NFTs are minted, bought, and sold on the blockchain, most commonly Ethereum. As a result, NFTs can create a significant carbon footprint due to the