metakovan metapurse 69m nfttarmybloomberg

MetaKovan, the pseudonymous founder of MetaPurse, is the buyer behind the $69 million winning bid for a Beeple NFT at Christie’s yesterday. It was the third-highest sale price ever for a work from a living artist.

“When you think of high-valued NFTs, this one is going to be pretty hard to beat,” MetaKovan said in a statement published by Christie’s. “And here’s why — it represents 13 years of everyday work. Techniques are replicable and skill is surpassable, but the only thing you can’t hack digitally is time. This is the crown jewel, the most valuable piece of art for this generation. It is worth $1 billion.”

What’s an NFT?

NFTs allow you to buy and sell ownership of unique digital items and keep track of who owns them using the blockchain.

Beeple didn’t respond to requests for comment.

“Something new”

Sundaresan was born in 1988 in the Indian city of Chennai. He has said his family expected him to find a stable job and follow the example of his father, a mechanical engineer. “Society had a plan for me,” he said in a podcast in 2020.

He took up coding at high school and, after class, he and a friend built websites for local companies. They earned $20 per job – “big money” they spent on computer parts, his school friend, Neela Muhil Vannan, recalled to Reuters.

The youngsters poured over articles about Apple Inc co-founder Steve Jobs and questioned why India wasn’t producing tech entrepreneurs of similar “rock star” status, Muhil Vannan said.

Sundaresan has said he drew inspiration from the book “Ignited Minds” by India’s then president, A.P.J.


In the recent Good Time Show interview, MetaKovan said he got into crypto in 2013, lived in Canada for a while, and moved to Singapore in 2017 as crypto regulations in North America were “very unclear,” which Castor says is Sundaresan’s story as well.

The latter, she said, is the co-founder of Canadian bitcoin (BTC) ATM company BitAccess, as well as founder of Singapore-based Lendroid Foundation, consulting firm Portkey Technologies, and defunct Canadian crypto exchange Coins-e which was accused by some users as being a potential scam.

“This is about pumping [Metapurse’s token] B20,” claims Castor, “so holders and Metapurse can benefit when they go to sell the token—i.e., get more ETH, buy more NFTs, rinse, repeat.”

B20’s total supply is 10m, and Metapurse owns 59% of it.

He’s quoted as saying that this NFT is “going to be pretty hard to beat,” that it’s “the most valuable piece of art for this generation” and is worth a USD 1bn, and that “the only thing you can’t hack digitally is time.”

A year ago, when I was contemplating the pseudonym life, this piece which became my avatar spoke to me. https://t.co/2k6Vbs3Jkl

Thank you @silviovieiraart, I am going to hold on to this one!

— MetaKovan (@MetaKovan) March 15, 2021

Per the information provided by the announcement on Metapurse, it’s an NFT production studio, as well as the world’s “largest NFT fund,” financed by MetaKovan and operated jointly with Twobadour. Besides the latest Beeple’s piece, the fund also contains the complete set of the 20 first-edition Beeple Everydays: The 2020 Collection, bought in a December 2020 auction for USD 2.2m.


That September, at age 25, he enrolled in a technology innovation master’s program at Ottawa’s Carleton University. His focus, however, remained on Coins-E, which was gaining thousands of customers. During evening classes for the master’s, instead of listening to lecturers, he worked on improving the site’s interface, said a classmate, Adeleye Afolabi.

Coins-E was drawing attention for other reasons.

In early 2014, around 50 traders posted on a bitcoin public forum complaining that Coins-E had not returned deposited funds worth tens of thousands of dollars, despite their repeated requests.
Sundaresan, using an account called “coins-e support,” responded that he would resolve the issue. Four traders interviewed by Reuters and other traders who posted again in the public forum said their money never was returned.


Some artists and collectors see them as the future of digital art by finally offering a way for buyers to acquire works that lack a physical component. Prices of NFTs from major artists have exploded in recent weeks, with Grimes selling $6 million worth of NFTs and Steve Aoki selling a single video for $888,888.88.

Winkelmann told The Verge on Monday that he expects to work with the buyer to find ways to physically display the collage. “Do you want it on a TV in your house? We can do that … want to do it at Art Basel? Let’s project it on the side of a fucking building,” Winkelmann said. “It doesn’t have to be one way.

Abdul Kalam, born a poor Tamil Muslim.

In 2006, Sundaresan began a mechanical engineering degree at a university in Dubai. Back in Chennai, while researching how to design code to automate bank transfers, he stumbled across bitcoin in 2012.

“This was something new,” he told another interviewer. At the time, a single bitcoin cost around $10, compared with around $60,000 today.

In May 2013, Sundaresan quit his job as a developer at a newspaper and launched an online crypto exchange called Coins-E, which enabled customers to buy and sell cryptocurrencies.
At meet-ups in a Chennai cafe, he taught other students how the blockchain functioned. He told them crypto would give them the freedom to do whatever they wanted, one participant, Akhilesh Arora, now a developer in the Netherlands, told Reuters.

Sundaresan left India to pursue his ambitions.

He thanked the crowd for attending a “historic event,” according to a recording. Attendees could buy a digital token called B20 to get a stake in MetaKovan’s Beeple collection. “Art belongs to everyone,” read a billboard at the party. A website for the tokens described them as “keys” to “unlock the financial upside” of the artworks.

Metapurse issued 10 million B20 tokens, with 25% allocated for public sale, initially priced at 36 cents each.

Metapurse received payment in DAI, a cryptocurrency pegged to the dollar. Overall, half of the tokens were held by MetaKovan and half were split between the public and some of MetaKovan’s friends and business partners.

Then, in mid-February, Christie’s announced the auction of Beeple’s “Everydays: The First 5000 Days.” Marketers predicted the sale’s publicity would boost B20’s price.

National Basketball Association Top Shot platform, enthusiasts can buy collectible NFTs in the form of video highlights of moments from games.

While these highlights can be seen for free on other platforms such as YouTube, people are buying the status as the owner of a particular NFT, which is unique due to the digital signature.

NFTs can also be patches of land in virtual world environments, digital clothing, or exclusive use of a cryptocurrency wallet name.

The first tweet from Twitter boss Jack Dorsey – “just setting up my twttr” – sold for $2.9 million as an NFT in March.

HOW MUCH HAS THE MARKET GROWN?

Traded since around 2017, NFTs surged in popularity in early 2021, then had another explosive jump around August.

Sales volumes surged to $10.7 billion in the third quarter of 2021, according to data from market tracker DappRadar.

The price is up by 1,594% in a month.

B20 price chart:

Source: coingecko.com

As reported, Beeple’s artwork was auctioned at famous British auction house Christie’s, thus becoming the most expensive NFT ever sold, after works by Jeff Koons and David Hockney, thus positioning the author among the top three most valuable living artists. Christie’s is also the first major auction house to offer a unique NFT minted exclusively for it and to accept cryptocurrency for it.

Initially, it seemed that Tron (TRX)’s Justin Sun won the bidding war that had erupted in the last twenty minutes of the auction, but it was soon clarified that he had been outbid at the last minute by MetaKovan.

He is not a trader, so he isn’t subject to short-term capital gains taxes.

  • Metakovan doesn’t own fiat currency in his fund (although he has a personal bank account). He pays for expenses using a card like crypto.com.
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    How & Why he bought the NFT for $69M

    • MetaKovan decided this piece was was going to be the first important piece and captures this moment in the evolution of the medium.

    The grant will offer $100,000 to five storytellers – writers, producers, content makers, spread across 12 monthly stipends.

    “Metapurse captures the zeitgeist of the NFT renaissance,” the blog said adding that Metapurse was the “largest NFT fund in the world” representing Metakovan’s (Sundaresan’s) collection of NFTs, and his investments in key projects in the space.

    The investments detailed included art platforms Async.Art and Superrare, blockchains like Flow which hosts NBA Top Shots (an online marketplace for officially licensed digital collectibles from the NBA), lifestyle NFT platforms like Grow Your Base among others.

    Sundaresan added that Metapurse also flagged off a high profile open auction of NFTs where 20 single edition art pieces by Beeple were purchased for $2.2M. The NFT pieces were then bundled and tokenized into B20 tokens.

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