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NFT Artist XCOPY Raises $24 Million in Minutes From Latest Drop
NFT artist XCOPY released an open edition art piece last week, raising US$24 million in a matter of minutes. As part of the drop, several other auctions of more limited XCOPY artwork ran alongside.
Most of the funds came from mints of his Max Pain piece, sold as an open edition, but a series of ranked auctions also brought in a generous amount of money.
Max Pain Sells For a Painful Price
XCOPY has again proven that high-value NFT artwork is not going anywhere fast. The London-based NFT artist launched his ‘Max Pain and Frens’ NFT drop via Nifty Gateway. The total amount raised from the drop sits at a comfortable US$24.4 million, with over US$23 million of that coming from the headline act.
The sale for Max Pain opened at 22:30 UTC, with patrons having a window of just 10 minutes to mint an NFT, with no maximum limit on the amount that could be minted. In total, 7,394 NFTs were minted at a hefty US$3,108 each.
Along with Max Pain, two auctions for more limited XCOPY pieces went ahead. The first, entitled Waster, was launched in an edition of six and used a ranked auction system. The top six bids, ranging from US$101,000 down to $91,000, received NFTs.
Along with Max Pain and Waster, another limited edition piece named Damager Luxe used the same auction system, with a winning bid of US$79,999.
Fans who held five NFTs supported on Nifty Gateway’s marketplace could also enter a raffle to purchase one of 24 Gourmet Spicy pieces for US$1.
Also, in a follow-up to XCOPY’s last open edition drop, Afterburn holders could burn either one or two of their NFTs to receive a selection of other previously unreleased works. Afterburn was released in March 2021 for US$999 in a five-minute open edition with two other NFTs.
NFTs Fetch Exorbitant Prices
Last year, two transactions caught the attention of the NFT community for the masses of money involved. An Axie Infinity land plot sold for US$2.5 million, a record for the game. Beeple, another NFT artist known for the inflated amounts his artworks sell for, sold programmable artwork for a whopping US$29 million. Those two cases only add to the amazing feats XCOPY has achieved.
Author
Jana Serfontein
Jana has keen interest in what cryptocurrencies have to offer in regards to NGO’s, governments and the financial system. And is also intrigued with the psychological effect that cryptocurrencies have on society.
