Sarah Meyohas’s Pioneering Bitchcoin NFT Is Entering the Centre Pompidou’s Collection in a Landmark Acquisition of Digital Works
It will join 17 other NFTs in the French national collection. In 2015, five months before the emergence of Ethereum, Sarah Meyohas minted her first 200 Bitchcoins. The blockchain-verified tokens were intended to operate as art as much as digital currency, which collectors could hold, sell, or trade for art by Meyohas—a conceptual transaction that tied the speculative worth of cryptocurrency with the subjective value of art. The young artist (and Wharton Business School grad) launched Bitchcoin at a gallery show where visitors could drop Bitchcoin for her photographic works, with a press release that cheekily trumpeted: “Investing in Bitchcoin is investing in Meyohas.”
In 2021, interest in NFTs increased. Blockchains such as Ethereum, Flow, and Tezos established specific standards to ensure that the digital item represented are authentically one-of-a-kind. NFTs are now being used to commodify digital assets in art, music, sports, and other popular entertainment, with most NFTs part of the Ethereum blockchain, while other blockchains can implement their own versions of NFTs. A number of high-profile sales were made just in the first few months of the year. In February 2021, the musician Grimes sold around $6 million worth of tokens representing digital art on Nifty Gateway. Later that month, an NFT representing the meme animation Nyan Cat was sold in an Internet marketplace for just under $600,000. On February 28, 2021, electronic dance musician 3LAU sold a collection of 33 NFTs for a total of $11.7 million to commemorate the three-year anniversary of his Ultraviolet album. On March 5, 2021, the band Kings of Leon became the first to sell a newly released album, When You See Yourself, in the form of an NFT, generating a reported $2 million in sales. On March 11, 2021, American digital artist Beeple's work Everydays: The First 5000 Days became the first NFT artwork to be listed at prominent auction house Christie's and sold for $69.3 million. On March 22, 2021, Jack Dorsey, founder of Twitter and Square, sold an NFT representing his first tweet for over $2.5 million.
The speculative market for NFTs has led more investors to trade at greater volumes and rates. The buying surge of NFTs was called an economic bubble by experts, who also compared it to the Dot-com bubble. By mid-April 2021, demand appeared to have substantially subsided, causing prices to fall significantly; early buyers were reported to have "done supremely well" by Bloomberg Businessweek. An NFT of the source code of the World Wide Web, credited to internet inventor computer scientist Sir Tim Berners-Lee, was auctioned in June 2021 by Sotheby’s in London, and was sold for US$5.4 million. nft trade broker become an nft broker.