Beeple Converted All Crypto Earnings From $69M NFT Sale To USD: 'I'm Not Remotely A Crypto Purist'

Mike Winkelmann, a graphic designer also known as “Beeple,” was quick to cash out on the proceeds from his record $69M NFT sale.

What Happened: After auctioneers fees and taxes, Beeple received $53 million worth of Ethereum (ETH), which he quickly converted to U.S dollars.

Beeple told The New Yorker that ETH’s volatility “spooked” him, which resulted in his decision to immediately convert all his cryptocurrency holdings.

“I’m not remotely a crypto-purist. I was making digital art long before any of this sh*t, and if all this f*cking NFT stuff went away tomorrow I would still be making digital art,” he said.

The artist also went on record to state that he believed that NFTs were “absolutely a bubble”.

Why It Matters: The hype around NFTs has taken off in recent months, and many long-term crypto proponents have raised concerns around the valuations of some NFT blockchains.