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    Strong storms move through Central Florida

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    ‘Accident’ hits Iran’s Natanz nuclear site, day after advanced centrifuges start

    ‘Accident’ hits Iran’s Natanz nuclear site, day after advanced centrifuges start

    One person killed, 5 wounded in Texas highway shooting

    One person killed, 5 wounded in Texas highway shooting

    China fines Alibaba record $2.75 billion for anti-monopoly violations

    China fines Alibaba record $2.75 billion for anti-monopoly violations

    Deadly deputy-involved shooting near Whitewater; I-10 closure causes massive traffic jam

    Deadly deputy-involved shooting near Whitewater; I-10 closure causes massive traffic jam

    George Floyd did not die from drug overdose, medical examiner says – CBS News

    India Covid-19 Crisis Deepened by Missteps and Complacency

    India Covid-19 Crisis Deepened by Missteps and Complacency

    Crews battle two fires at Ohiopyle State Park; more than 200 acres burned – WPXI

    Crews battle two fires at Ohiopyle State Park; more than 200 acres burned – WPXI

    Deputies find abandoned 4-month-old baby face down in woods

    Deputies find abandoned 4-month-old baby face down in woods

  • Business

    Economists See Few Monetary Policy Changes With Powell Leading Fed

    Indonesia’s Largest Fleet of Taxis Teams Up To Beat Ride-Hailing Apps

    Olivia Munn’s One-Piece Swimsuit Plunges Further Than You Thought Possible

    Hannah Donker talks being The Weeknd’s love interest in ‘Secrets’

    High Street Retailers Pin Hopes On Discount Splurge In Black Friday Fever

    Bitcoin Is ‘Definitely Not A Fraud,’ CEO of Mobile-Only Bank Revolut Says

  • Celebrity

    BIZZLINE: A STUDIO FOR PHOTOGRAPHERS SET TO OPEN

    THE DAY I LEARNED TO STOP HATING LAPTOP DJS

    HOW MALE MODELS GET SUPER RICH IN A FEMALE-DOMINATED INDUSTRY

    WHAT IS LIKE TO WORK AS A SUPER MODEL

    HOW TAYLOR SWIFT HELPED ME LOSE 425 LBS

    LIFETIME UNVEILS FIRST LOOK OF FULLHOUSE MOVIE

  • Fashion
    • All
    • Y2K Outfits
    The Coach Pillow Tabby Shoulder Bag Is Going Viral on TikTok

    The Coach Pillow Tabby Shoulder Bag Is Going Viral on TikTok

    The Iconic Early-2000s Trend Everyone Is Excited to Bring Back for Spring

    The Iconic Early-2000s Trend Everyone Is Excited to Bring Back for Spring

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    Skinny Jeans Are Dead: Denim Trends-of-Old Are Taking Over – L'Officiel – L'Officiel

    Best Crop For Women – Shop – Hollywood Life

    Best Crop For Women – Shop – Hollywood Life

    These 10 Treats from Lickee’s & Chewy’s Belong in my Belly

    These 10 Treats from Lickee’s & Chewy’s Belong in my Belly

    How Changing Fashion Trends Affect Our Self-Worth – The Oberlin Review

    How Changing Fashion Trends Affect Our Self-Worth – The Oberlin Review

    5 TikTok-approved summer dresses that you can snag on Amazon

    5 TikTok-approved summer dresses that you can snag on Amazon

    Vivendii is the punk fashion collective taking Lagos’ spirit global

    Vivendii is the punk fashion collective taking Lagos’ spirit global

    5 fashion influencers to follow for inspiration

    5 fashion influencers to follow for inspiration

  • Design
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    • Indian Living Rooms
    • Indoor Water Fountains
    • Scrunchies
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    Global Scrunchies Market 2021 by Manufacturers, Regions, Type and Application, Forecast to 2026 – The Bisouv Network

    Scrunchies Market Analysis, Size, Regional Outlook, Competitive Strategies And Forecasts To 2027 – The Courier

    Scrunchies Market Analysis, Size, Regional Outlook, Competitive Strategies And Forecasts To 2027 – The Courier

    Monday Motivation: Scrunchies for Ginny

    Monday Motivation: Scrunchies for Ginny

    Two Kildare schoolgirl sisters build business selling masks, scrunchies, make-up bags and more

    Two Kildare schoolgirl sisters build business selling masks, scrunchies, make-up bags and more

    Jesinta Campbell is glowing as she spruiks sustainable scrunchies in a flowy aqua gown

    Jesinta Campbell is glowing as she spruiks sustainable scrunchies in a flowy aqua gown

    Simply Scrunch, a Stow business, features scrunchies, soy candles

    Simply Scrunch, a Stow business, features scrunchies, soy candles

    Dunkin’, Charli D’Amelio release scrunchies, onesie in new merch line

    Dunkin’, Charli D’Amelio release scrunchies, onesie in new merch line

    Are scrunchies back? Where can I buy scrunchies online?

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    PHOTO REPORT: Universal Orlando Resort 3/29/21 (Parks Reach Capacity, Lunch at the Hard Rock Hotel, Hogwarts House Scrunchies, New Universal Studios Store Signs Lit, and More)

    PHOTO REPORT: Universal Orlando Resort 3/29/21 (Parks Reach Capacity, Lunch at the Hard Rock Hotel, Hogwarts House Scrunchies, New Universal Studios Store Signs Lit, and More)

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Indian Crypto Investors Metapurse Explain Why They Spent $69 Million on an NFT

Editorial Team by Editorial Team
March 19, 2021
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Indian Crypto Investors Metapurse Explain Why They Spent $69 Million on an NFT
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Metapurse, a crypto-exclusive fund, recently bought ‘Everydays – The First 5000 Days’ – a jpeg file – by an artist who goes by the pseudonym Beeple for $69.3 million (roughly Rs. 503 crores). Metapurse was created by Metakovan – also a pseudonym – and his partner Twobadour. Now, Metapurse has shared a blog post explaining the story behind their fund and their appreciation for NFTs or Non Fungible Tokens. The post also reveals the first names of the two investors as Vignesh (Metakovan) and Anand (Twobadour), who are both immigrants to Singapore, from Tamil Nadu.

Metapurse spent $69.3 million in a first of its kind auction at Christie’s to purchase a jpeg file, a virtual mosaic which is a collage of artworks created by artist Mike Winkelmann (Beeple), who has been creating a new digital picture every single day since 2007. This became the third costliest artwork in the world ever and was purchased pseudonymously by the investors, who then revealed themselves on Clubhouse, before writing a detailed Substack post about it as well.

Even though the artwork is a simple jpeg file that can be downloaded by anyone, it is actually rightfully owned by Metapurse thanks to blockchain authentication. In the blog post, Metakovan and Twobadour explained how they used their pseudonyms, and that Indians and people of colour could also become patrons through cryptocurrency and NFTs.

To understand what NFTs are and how they work, check out our explainer.

We could have remained pseudonymous, but we decided to drop a few hints with Christie’s, and a few more in Clubhouse. Now here’s the story of how crypto gave two Indians the chance to take part in the largest #NFT sale in history. https://t.co/cQ4LdovRzO

— Metapurse.eth (@metapurse) March 18, 2021

As per the blog, Vignesh and Anand came up with these pseudonyms to protect their real identities and create personas that “need not be one person or have just one purpose.” Metakovan discovered crypto in early 2013 and started offering escrow services which turned into an exchange called Coins-e. Metakovan sold Coins-e in May 2014 and went on to co-found BitAccess and install Bitcoin ATMs. Vignesh sold the first BTM (Bitcoin ATM) to Anthony Di Iorio, a co-founder of Ethereum.

“The Ethereum ICO allowed me, an unknown, to invest in it. This investment would turn out to become a large sum of money in due course. And I didn’t stop there,” the post by Metapurse explained.

Metakovan used crypto as an opportunity to build wealth and start Metapurse with investments in NFTs  that range from gaming assets to art, including the Beeple 5000. In 2017, Metakovan worked with Twobadour on the Lendroid Foundation – a company limited by guarantee (CLG) – in Singapore. Then in 2020 during the lockdown, the duo discovered NFTs.

Metapurse identifies projects in their early-stages across blockchain, finance, art, unique collectibles, and virtual estate. The blog explains, “Digital decentralisation enables cultural decentralisation. Anyone can create NFT art, anyone can buy it, anyone can see it, and anyone can be inspired by it. Dominant cultures have a tendency to imperialize, to centralize. We see the global Metaverse as an antidote to this tendency.” Metapurse represents Metakovan’s collection of NFTs and investments. It previously purchased 20 single edition art pieces by Beeple for $2.2 million (roughly Rs. 15.96 crores). It the ventured into virtual real estate, and most recently, bought the Beeple 5000 worth $69.3 million.


Has the Redmi Note 10 Series raised the bar in the budget phone market in India? We discussed this on Orbital, our weekly technology podcast, which you can subscribe to via Apple Podcasts, Google Podcasts, or RSS, download the episode, or just hit the play button below.

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