Nov 18, 2023 1:03 am
NFT Painting of Ethereum Co-Founder Vitalik Buterin Sells for 200 ETH
According to Decrypt, an NFT painting of Ethereum co-founder Vitalik Buterin dressed as a jester, titled 'EthBoy,' has sold for 200 ETH, equivalent to $392,308 at the time of sale, on the secondary market. The digital painting, created by crypto artists Trevor Jones and the late, pseudonymous Alotta Money, initially broke records when it sold at auction in November 2020 for 260 ETH, making it the most expensive NFT artwork ever sold at the time. The value of the original sale, approximately $140,000, is significantly lower than this week's resale due to fluctuations in the price of ETH.
When 'EthBoy' was first minted, it entered an NFT ecosystem that prioritized creator royalties, fees typically between 2.5% and 10% that were added to any secondary sales of an NFT and given to the piece's creator. However, in the last year, creator fees have become optional at major platforms like OpenSea, which have struggled to attract customers and maintain revenue amidst the current bear market. Despite this, the new owner of 'EthBoy' chose to pay the 10% creator royalty of 20 ETH, equivalent to a $39,230 tip, to Async Art, the platform that coordinated the piece's creation.