Beeple chose fiat over profits in ETH, and it may have cost him millions

In March, the digital artist known as Beeple made headlines across the world. In an auction at prestigious art auction house Christie’s, Beeple’s work sold for $69 million. Brought by MetaKovan,‘ EVERYDAYS – ‘THE FIRST 500 stunned the art world, and NFT art enthusiasts declared a new era. Christie’s named Beeple “Amongst the top three most valuable living artists”. One thing, however, raised a few eyebrows in the NFT community. Beeple chose fiat over profits in ETH for his work. This decision cost him millions.

There are many reasons why Beeple chose fiat currency. Until October 2020, the most Beeple had ever received for one of his digital prints was $100. For that reason alone, most people would do the same if they were in the same position.

In an interview with The New Yorker, Beepled discusses why he chose Fiat, “I’m not remotely a crypto-purist. I was making digital art long before any of this, and if all this NFT stuff went away tomorrow, I would still be making digital art.”

While Beeple has enjoyed a good year, that doesn’t mean that he has chanced upon success. The ‘EVERYDAYS’ project is now in its 14th year, meaning Beeple has produced a piece of art for over 5000 consecutive days. Hardly an overnight success. 

The question remains. How much would Beeple have made if he chose ETH profits over fiat in payment for his artwork? Well, there is now a Twitter tracker that keeps the amount up to date. Significantly, if Beeple had chosen to stick with ETH over Fiat, he would have made a staggering $152 million.