NFT Artwork Sells for $69 Million

Tech News Highlights: March 11, 2021

Significant developments occurred in the digital art world, with anticipation building for Twitter Spaces, and the nationwide launch of Seth Rogen’s cannabis venture. This summarizes the key events in today’s Daily Crunch.

NFT Market Surge

A landmark NFT sale took place as digital artist Beeple achieved a record-breaking $69 million for his artwork. This marks the first instance of Christie’s auction house selling a purely digital creation – “Everydays — The First 5000 Days,” a compilation of five thousand daily sketches by Mike Winkelmann, known professionally as Beeple.

The sale represents a notable event within the growing non-fungible token (NFT) space, attracting considerable attention over recent weeks. Bidding escalated dramatically in the final hours, rising from $14 million to $69 million.

This transaction is expected to significantly impact the art community, prompting consideration of digital art sales and the potential for NFTs to establish and verify ownership for all forms of art.

Tech Industry Updates

Twitter is preparing to publicly release Spaces, its audio-based social platform, next month. Development includes the possibility of tweets exclusively existing within Spaces.

Facebook is expanding its advertising capabilities to encompass shorter-form videos and Stories, providing creators with increased monetization opportunities, though potentially leading to a greater volume of advertisements for users.

Google is implementing an update to Google Pay in India, requesting users to actively consent to data sharing with the company for monetization purposes.

Startup Activity and Funding

Seth Rogen, alongside Evan Goldberg and other co-founders, is now offering products from their cannabis company, Houseplant, across the United States after nearly a decade of development.

Epidemic Sound secured $450 million in funding, achieving a valuation of $1.4 billion, to further develop its audio marketplace which currently boasts approximately 32,000 music tracks and 60,000 sound effects.

High Alpha Capital, based in Indianapolis, has launched a new $110 million fund focused on investing in B2B SaaS startups.

Expert Insights

Key observations from the Coursera IPO filing reveal the company remains unprofitable despite increased business and customer growth during the pandemic.

A discussion on venture capital investment strategies highlights the distinction between a well-defined investment thesis and a mere hypothesis, offering best practices for articulating these strategies.

Bessemer’s 2021 cloud report provides valuable context for the high valuations currently observed in the software startup sector, suggesting sustained growth rates for cloud-based companies.

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Additional News

Recaps of discussions and insights from TC Sessions: Justice are now available for those who were unable to attend the event.

A review of the 2021 Volkswagen ID. 4 indicates it meets most requirements, offering substantial range at a competitive price point.

The latest robotics roundup features advancements in surgical robots, food delivery systems, ocean mapping technology, and the re-emergence of a popular robotic companion.

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