In Brief:
- Ringers #879 is the most expensive Art Blocks piece on the market
- The buyer was Singapore based investment company Three Arrows Capital
A non-fungible token (NFT) artwork purchased for around $5.8 million has becomes the most expensive sale in the history of Art Blocks NFT Platform.
Ringers #879, created by the artist Dmitri Cherniak and minted on Art Blocks seven months ago. It has been purchased through secondary market transactions on OpenSea for 1800 ETH.
The buyer was a Singapore-based company investment firm, Three Arrows Capital. The company has purchased a massive amount of Art Blocks NFTs this year.
Soon after the purchase, Cherniak said in a tweet: “Good day at the jpeg factory.” The CEO of Three Arrows Capital, Zhu Su, also tweeted about the purchase.
The deal is the largest amount spent on an Art blocks piece to date. According to the record, the previous record stood at 1000 ether, around $2.6 million. In addition, it is also more than three times the price of the last big sale-500 ether ($1.6 million).
The Ringers’ features variations include peg count, sizing, layout wrap orientation, and few colourful flourishes for good measures. Each output from Ringers is derived from a unique transaction hash and generated in Javascript in the browser. Ringer #879 is an off-center, weave, yellow-coloured ringer with a white background.
Also Read: CryptoPunk sets New Record, as Visa Buys a Cryptopunk
The new record comes amid the boom in the NFT market. Art Blocks is taking advantage of market boom and is ahead of all other collections in terms of weekly trading volume.
