Christie’s did not reveal the identity of the winning bidder.

The landmark auction is just the newest development in the burgeoning NFT market, where anything from tweets to trading cards sell for millions of dollars in a matter of minutes. Miami-based collector Pablo Rodriguez-Fraile, for example, recently pocketed over $6 million for reselling a 10-second video clip he acquired for $67,000 last October. Experts predict that cryptoart values will eventually decline because most bidders aren’t art patrons per se, but merely seeking a profit.

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