Anybody with enough DAI and 5% of the B20 tokens in their wallet, can trigger an auction to buyout the entire Beeple B20 bundle and the virtual museums that come with it. This feature will go live on March 12th. Project owner Metapurse emphasizes that this would only be the start of an auction, and there’s no instant sell button.
When triggered, the auction will take place through Whalestreet. This entire auction will last 48 epochs, which each epoch being 8 hours. During this time anybody can outbid the first bidder, which triggers an extension of another 9 epochs.
The minimum bid for the entire B20 collection would be 10 million times the average price of the B20 token over a period of 7 days. If the token value would be an average of $10, the minimum bid would be $100 million. The bid requires at least 5% of B20 and in addition a big bag of DAI, which is a dollar-pegged coin.
The community can also veto the bid. This requires 25% of the community to stake their B20 tokens into the smart contract. The auction will be reset and the minimum price will now be 8% higher from the previous bid.
B20 hit the market late January for $0.45. The token has seen incredible price movements as Beeple released more artworks. At this moment B20 is worth $26.26, which is more than 58 times the original pricing. Which would make the minimum bid for the entire collection 262 million dollars.
About B20 token
Metapurse shared ownership over their $2.2 million Beeple art collection and the virtual museums where they show the art through the B20 token. On Saturday January 23rd they organized a public sale for the B20 tokens. A total of 1.6 million tokens will sell for 36 cents a piece, which is 16 percent of the total supply.
The entire project had a value of 2.7 million dollars, according to the tokenomics of the project. Metapurse kept 59 percent of the tokens, while 11 percent went to collaborators like Metacast, GrowYourBase and Voxel Architects. Eight percent sold in a private sale, four percent went to stakeholders and two percent to Beeple. More about the initial B20 launch here.
What is crypto art?
Crypto art is a piece of digital art that is tokenized on the blockchain as a non-fungible token or NFT. That means that the owner of the token will always hold a proven and original copy of a piece of art. Just like physical art, there can be unlimited copies. But ultimately there can only be one Mona Lisa.
Mostly we value art for its aesthetics and cultural relevance, but above all on the ability to verify the creator and its proven rarity. With blockchain technology these last two features are part of the blockchain. Everybody can see and confirm who minted these original creations.
The concept of seeing a digital image as art, is one thing. However, for many people it will be a challenge to consider digital images as valuable. Consider this: The Mona Lisa is worth many millions of dollars. If I would paint the Mona Lisa in an exact copy, it would be worth only 50 dollars. Because we all know where the original version is.
Being able to verify the authenticity and rarity of a piece of art is crucial. In the end everything can be art. It doesn’t matter whether it’s a still image, moving image, video, music or a combination of everything.
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