An Ethereum-based digital painting of Vitalik Buterin, co-founder of Ethereum, styled as a jester and known as “EthBoy,” was sold for 200 ETH, equivalent to $392,308. This sale reflects not only the continued interest in unique digital assets but also the evolving dynamics of the NFT market.
Record-breaking sale and market evolution
Originally created by crypto artists Trevor Jones and the late Alotta Money, “EthBoy” first made headlines in November 2020 when it broke records by selling for 260 ETH, around $140,000 at that time. This week’s resale significantly surpassed the initial amount, showcasing the fluctuating yet potent value of NFTs.
When “EthBoy” was minted, it entered an NFT ecosystem vastly different from today’s landscape. In its early days, the crypto art and PFP (profile picture) NFTs were shattering sales records, climaxing in the 2021 NFT bull run. Artists like Jones, with traditional backgrounds, were drawn to NFTs for the embedded creator royalties – a fee ranging between 2.5% to 10% added to secondary sales and paid to the original creator.
Creator fees and new owner’s gesture
The recent sale of “EthBoy” via the OpenSea marketplace highlights a key shift in the NFT world. Although creator fees have become optional on major platforms like OpenSea, the new owner of “EthBoy” chose to honor the 10% creator royalty, amounting to 20 ETH or approximately $39,230. This gesture underlines a continuing respect for creator rights, despite the bearish trends in the broader crypto market.
Moreover, “EthBoy” was structured to share a third of its creator fees with its first owner, MaxStealth, in perpetuity. The recent transaction will thus benefit MaxStealth, who stands to receive over $13,000 in ETH as their share of the creator fee, in addition to the base revenue from the sale.
Source: https://www.cryptopolitan.com/ethereums-ethboy-nft-makes-history-again-with-over-390k-sale/