We all know: @beeple sold an #NFT for $69M
What we don’t know: Who bought it?
A journalist may have uncovered the identity of the buyer.
Get this: It’s not their first time paying 7-figures for an NFT
And there's a virtual museum involved.
Full Story 👇
What we don’t know: Who bought it?
A journalist may have uncovered the identity of the buyer.
Get this: It’s not their first time paying 7-figures for an NFT
And there's a virtual museum involved.
Full Story 👇
1/Everydays for $69M
Last week, Beeple sold his artwork “Everydays” for $69M during an auction.
The top bidder paid in ETH, and outbid the BitTorrent CEO @justinsuntron by $250k at the last minute.
The bidder’s name: @MetaKovan
Last week, Beeple sold his artwork “Everydays” for $69M during an auction.
The top bidder paid in ETH, and outbid the BitTorrent CEO @justinsuntron by $250k at the last minute.
The bidder’s name: @MetaKovan
2/Who is MetaKovan?
First, in crypto circles aliases are a thing. MetaKovan is one
@ahcastor, an independent journalist covering crypto, was the first find evidence of MetaKovan's identity
The serial cryptoprenuer: Vignesh Sundaresan
Src: amycastor.com/2021/03/14/met…
First, in crypto circles aliases are a thing. MetaKovan is one
@ahcastor, an independent journalist covering crypto, was the first find evidence of MetaKovan's identity
The serial cryptoprenuer: Vignesh Sundaresan
Src: amycastor.com/2021/03/14/met…
3/About Sundaresan
Background:
- Co- Founded BitAccess, putting 1000 BTC ATMS in 18 countries
- Early Investor in ETH, says he was “in the same room” as the founder
- Founded Coins-E, a defunct crypto exchange
- YC alum 2013
Background:
- Co- Founded BitAccess, putting 1000 BTC ATMS in 18 countries
- Early Investor in ETH, says he was “in the same room” as the founder
- Founded Coins-E, a defunct crypto exchange
- YC alum 2013
4/The evidence linking the two
Castor uses 2 audio recordings from both Sundaresan and MetaKovan.
Both share similar bios in interviews and sound identical.
I listened and agree, plus both MetaKovan and Vignesh list YC-alum in bios.
Admittedly, there's some speculation.
Castor uses 2 audio recordings from both Sundaresan and MetaKovan.
Both share similar bios in interviews and sound identical.
I listened and agree, plus both MetaKovan and Vignesh list YC-alum in bios.
Admittedly, there's some speculation.
5/Back to MetaKovan
MetaKovan’s purchase of Everydays NFT was not their first.
MetaKovan is the founder of the crypto investment firm Metapurse.
They run the firm with a “steward” named @twobadour (ALIAS’s people).
MetaKovan’s purchase of Everydays NFT was not their first.
MetaKovan is the founder of the crypto investment firm Metapurse.
They run the firm with a “steward” named @twobadour (ALIAS’s people).
6/What’s Metapurse?
According to their site, it’s a “crypto-based fund” focused on collecting NFTs
In Dec, the fund purchased another Beeple NFT “Everydays: 20 Collection” for $2.2m.
Here’s where the story gets interesting…
According to their site, it’s a “crypto-based fund” focused on collecting NFTs
In Dec, the fund purchased another Beeple NFT “Everydays: 20 Collection” for $2.2m.
Here’s where the story gets interesting…
7/B.20 Tokens
A few weeks after announcing the December acquisition, Metapurse announced the creation of a B.20 token.
The tokens represented digital “keys” to Metapurse’s NFT portfolio and access to 3 virtual museums.
Src: metapurser.substack.com/p/announcing-b…
A few weeks after announcing the December acquisition, Metapurse announced the creation of a B.20 token.
The tokens represented digital “keys” to Metapurse’s NFT portfolio and access to 3 virtual museums.
Src: metapurser.substack.com/p/announcing-b…
8/Why tokens?
On the surface, Metapurse is issuing the tokens as pseudo ownership of the underlying NFTs the firm collects.
As Metapurse collects more valuable NFTs, the tokens value presumably goes up.
It's to "democratize" NFTs.
On the surface, Metapurse is issuing the tokens as pseudo ownership of the underlying NFTs the firm collects.
As Metapurse collects more valuable NFTs, the tokens value presumably goes up.
It's to "democratize" NFTs.
9/Here’s the rub
Metapurse owns 59% of the total B.20 token supply
Even Beeple owns 2%
Only 16% of the supply was sold during the public sale.
(📷 @ahcastor)
Metapurse owns 59% of the total B.20 token supply
Even Beeple owns 2%
Only 16% of the supply was sold during the public sale.
(📷 @ahcastor)
10/The price?
B.20 tokens were sold for $0.36/token during the public sale
When news of the $69m Everydays purchase broke, the token price shot up to $25.80.
Now it's hovering around $12.
Today's Total market cap = $124M
B.20 tokens were sold for $0.36/token during the public sale
When news of the $69m Everydays purchase broke, the token price shot up to $25.80.
Now it's hovering around $12.
Today's Total market cap = $124M
11/What’s next
Now MetaKovan’s Metapurse has an NFT with a value of $69m…
You could imagine the B.20 tokens are simply tickets to a museum to view the art. It's just virtual.
According to Metapurse, if the NFTs are sold, token holders will share the proceeds proportionally.
Now MetaKovan’s Metapurse has an NFT with a value of $69m…
You could imagine the B.20 tokens are simply tickets to a museum to view the art. It's just virtual.
According to Metapurse, if the NFTs are sold, token holders will share the proceeds proportionally.
12/But they're also assets.
Metapurse has publicly set a minimum price for the B.20 collection at $12M.
As of now, the B.20 token is worth $125m
By tokenizing the NFT they've 50X the original $2.2m investment.
Metapurse has publicly set a minimum price for the B.20 collection at $12M.
As of now, the B.20 token is worth $125m
By tokenizing the NFT they've 50X the original $2.2m investment.
13/Now enter "Everydays"
Metapurse now has an NFT valued at $69m.
Do they bundle it with the existing B.20 Collection?
Or issue a new Everydays token?
Either way, fungibling the un-fungible is big $$$ for Metapurse.
Hang on, the rabbit hole keeps going...
Metapurse now has an NFT valued at $69m.
Do they bundle it with the existing B.20 Collection?
Or issue a new Everydays token?
Either way, fungibling the un-fungible is big $$$ for Metapurse.
Hang on, the rabbit hole keeps going...
14/New buyout clause
Recently, Metapurse announced a B.20 buyout clause.
The clause allows anyone with 5% of the B.20 token supply to initiate an auction of the NFTs.
If 25% of B.20 token holders object it's vetoed.
(See the pie chart above).
Src: metapurser.substack.com/p/all-you-need…
Recently, Metapurse announced a B.20 buyout clause.
The clause allows anyone with 5% of the B.20 token supply to initiate an auction of the NFTs.
If 25% of B.20 token holders object it's vetoed.
(See the pie chart above).
Src: metapurser.substack.com/p/all-you-need…
15/ What's all this mean?
If you're head is spinning, mine too.
It reminds me of some ICO pitches I read back in 2017. It's all for some grander future, but feels like a crypto shell game.
I'll be watching this to see how it plays out.
Follow for updates: @HatchKolby
If you're head is spinning, mine too.
It reminds me of some ICO pitches I read back in 2017. It's all for some grander future, but feels like a crypto shell game.
I'll be watching this to see how it plays out.
Follow for updates: @HatchKolby
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