“There is so much money being printed right now. Everything is getting inflated, and it’s not like governments can take back the money they’ve put out. If anything, fiat currency is the bubble and crypto is the pin.” It’s a bold statement – and one only a handful of people are qualified to make. Enter Vignesh Sundaresan, better known as Metakovan – the nom de guerre under which he made history by paying US$69 million (S$92 million) for the Ethereumbased, non-fungible token (NFT) of digital artwork, ‘Everyday: The First 5,000 Days’ by American artist Beeple.
It’s the third-highest amount ever paid to a living artist – and a not-insignificant sum that has further raised the recent frenzy around cryptocurrency-based assets. After all, it’s easy to be seduced by the growth of blockchain-based assets like Bitcoin and Ethereum, both of which have grown by several orders of magnitude over the past decade. Whether it’s a bubble or not, cryptocurrencies have minted more millionaires than any other piece of technology in history.
“The dotcom boom created a few thousand rich people, but crypto has created hundreds of thousands. There are 2,600 billionaires in the world right now. If or when Bitcoin hits $1 million, the number of billionaires will almost double – there’ll be a massive wealth redistribution and it will be a different world for sure,” says 32-year-old Vignesh.
Esta historia es de la edición May 2021 de The PEAK Singapore.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 8500 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición May 2021 de The PEAK Singapore.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 8500 revistas y periódicos.
Ya eres suscriptor? Conectar
A Sophisticated Bachelor Pad
In this two-storey apartment belonging to a finance in professional, designer Jerry Tan of Joey Khu ID created distinct arez ork and play.
Fringe Modalities
Poet, frontwoman, and shamanic healer ArunDitha Emmanuel returns to Singapore with renewed vigour to push the state-enforced boundaries of art.
Taking On Decolonisation
The annual Per°Form Open Academy of Arts and Activations by T:> Works this year tackles the complex subject of decolonisation with a line-up of artists from the global south.
Japan at Half-speed
A walking tour through the Kunisaki Peninsula in Kyushu is an invitation to appreciate thé country’s beauty ata snail's pace.
Truffle Sabotage
In the heart of Chianti, dark tales of the truffle trade, bacchanalian feasts, and sun salutations await at Christina Ong's COMO Castello del Nero in Tuscany.
Is Barolo the Next Burgundy?
With Burgundy prices reaching starry heights, we find out why Barolo is the next frontier for oenophiles.
Hungry for Hansik
Hansik, or Korean food, is becoming more popular worldwide due to the proliferation of Korean pop culture. We explore two of the cuisine's stalwart elements.
Maxed Out
We explore the intricacies of high-performance tyre development inside Continental’s top-tier test facility in Germany and put its new MaxContact MC7 tyres to the test.
India Rising
From a culture whose glorious traditions have greatly influenced luxury jewellery today, young designers like Renu Oberoi are rewriting the narrative.
A Life Less Ordinary
Street culture pioneer-entrepreneur Feroze McLeod defies convention, even in his watch collection.