OLYMPIA, WA—Revealing his identity as the winning bidder in the record-breaking Christie’s auction, local venture capitalist Ian Engel told reporters Friday that since spending $69.3 million on a collage by the digital artist known as Beeple, he had finally begun to understand what NFTs are. “Now that I’ve dipped my…
OLYMPIA, WA—Revealing his identity as the winning bidder in the record-breaking Christie’s auction, local venture capitalist Ian Engel told reporters Friday that since spending $69.3 million on a collage by the digital artist known as Beeple, he had finally begun to understand what NFTs are
. “Now that I’ve dipped my toes into the market with this first investment, I’m starting to get a handle on what nonfungible tokens—that’s what it stands for, it turns out—are all about,” said Engel, who, after hearing friends talking about how the emerging asset class might make a sophisticated addition to their portfolios, decided to look into NFTs by spending tens of millions of dollars on one that consisted of an image available for free online.
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