Metakovan’s Metapurse to Display Beeple’s Artwork IRL for the First Time

After the hammer went down, marking the $69.3 NFT Sale of Beeple’s Artwork to Metapurse, one of the top questions is: what will the new owners do with the digital art? Now we have an answer, Everydays: The First 5000 Days will be displayed in IRL for the first time. The image’s owner, Metapurse, the crypto fund run by the pseudonymous investor Metokovan is leading this initiative.

The viewing is part of an NFT event in New York City in November. “Dreamverse New York” will be split into two parts. A gallery during the day showcasing the work of more than 150 artists with a twist. The organizers promise that it will be an “interactive digital art experience.” Then, at night there’ll be a party with Beeple’s artwork taking center stage.

Tickets are available in three tiers:

• $30 – Get this ticket if you just want to see the gallery.
• 150 – This ticket guarantees you entry to the party and the exclusive perk to see the first real-life display of Beeple’s artwork.
• $475 – This is for partygoers who don’t mind paying extra to get an NFT version of the ticket.

Is it Worth it? Should I come to see Metapurse’s Display of Beeple’s Artwork?

There’s an ongoing discussion on whether this event makes sense. After all, you can view and even download the artwork within seconds with just a few clicks. Then, you can transfer it across all devices and view it at will. 

So, what value does this event bring?

First, it’s worth rehashing that NFTs does not prevent the distribution of NFTs. Instead, its core function is to establish absolute authenticity backed up by a blockchain record. Thus, the ultimate value of this party and gallery display is that it will feature the first AUTHORIZED public projection of Everydays: The First 5000 Days. That means that Metakovan’s Metapurse is taking its one-and-only authentic copy of the image and using them to put this piece of artwork up for a night to a limited audience.

Take note as well that Beeple’s artwork is part of both NFT and Art History. It is the most expensive NFT Sale and 3rd most expensive art by a living artist after David Hockney and Jeff Koons.

The Controversy

Metapurse is widely respected in the NFT Community for its commitment to be at the forefront of this digital innovation. However, it’s also involved in  a bit of controversy because its B20 Project is “not doing well.” In December, Metapurse bought a suite of 20 Beeple NFTs collectively valued at around $2.2 Million. Then, it sold 10 Million tokens representing fractional ownership of the artworks.

B20 token was trading at about $2 a token back in Mid February. Then, the price action skyrocketed when the hammer went down, marking the sale of  Beeple’s Everydays: The First 5000 Days for $69.3 Million. The token recorded an all-time high price of $28. Based on CoinMarketCap, today’s rate is $0.902472. Moreover, prices have stayed in the one-dollar range since Mid May despite the overall rally in the NFT space. 

So naturally, the token holders are starting to ask questions about whether the coin will still bounce back? Of course, we can’t tell for sure, but peaks and valleys in thousands are not unheard of in the crypto space. Furthermore, despite the price action, the artworks are still in possession of Metapurse.