- 4 days ago
Stani Kulechov sells ‘Yiled’ NFT for $1.5 million in what he describes as a “social and economical experiment.”
Aave founder Stani Kulechov, sold his NFT for $1.5 million (350 ETH) on September 10, to an unknown bidder.
The auction lasted one day and included a bid from a well known NFT artist, pplpleasr. The artist sold his Fortune’s crypto cover as NFTs for $1.3 million last month.
NFT sale with a twist
This NFT sale is no regular one however. The bidder is undergoing a social experiment and must choose whether to hold onto the NFT, to see whether it will rise in value, or return it to Kulechov by October 31. If the bidder decides to return the artwork to Kuchelov, he will receive all funds back. In addition, he will earn 10% of the value of the NFT or 10 ETH ($33,000), whichever is cheaper.
Kuchelov describes this NFT sale as a “social and economical experiment.
The purpose of this experiment is to explore what the real driving force is behind purchasing NFTs. If the highest bidder chooses not to return the artwork, it perhaps suggests that he or she values the actual art more than the transaction.
Kuchelov finds this experiment fascinating and states that he is eager to see whether the winner of the auction will decide to trade the artwork on secondary markets and how it will be priced. He adds, “Essentially, it’s an NFT, it’s an art piece and it’s just an interesting experiment.”
The ‘Yield’ NFT
The artwork itself is a video clip displaying the word “YIELD” in balloon-like letters. The letters expand and then contract. The background of the artwork shows images of Kuchelov himself in silver like versions.
An NFT artist ,Sven Eberwein created the artwork, along with 48 other artworks on SuperRare.