The First NFT Art Sale: How Kevin McCoy Sold 'Monetized Graphics' for $4 in 2014
On May 3, 2014, at the New Museum in New York, during the fifth edition of the Seven on Seven conference, artist Kevin McCoy and entrepreneur Anil Dash executed the first-ever sale of an NFT artwork. The conference pairs leaders from art and technology for creative collaborations. McCoy and Dash presented 'Monetized Graphics,' a project that used blockchain technology to verify ownership and authenticity of digital art. They demonstrated the platform Monegraph, and when an audience member asked if they could buy a piece, Dash purchased a GIF animation from McCoy for $4. The transaction was recorded on the blockchain, marking the birth of the NFT market. McCoy joked it was the saddest day of his art sales, unaware of the historic significance. The event highlighted the potential for blockchain to create value for digital art, bridging the gap between digital artists and cryptocurrency developers.
Key facts
- The first NFT sale occurred on May 3, 2014, at the New Museum in New York.
- The sale took place during the fifth edition of the Seven on Seven conference.
- Artist Kevin McCoy and entrepreneur Anil Dash were the participants.
- The artwork sold was a GIF animation titled 'Monetized Graphics.'
- The sale price was $4.
- The transaction used the Monegraph platform, which authenticated the artwork via Twitter and blockchain.
- The event was the last presentation of the day, after six hours of panels.
- The sale demonstrated the use of blockchain to verify uniqueness and provenance of digital art.
Entities
Artists
- Kevin McCoy
- Anil Dash
Institutions
- New Museum
- Seven on Seven
- Monegraph
Locations
- New York
- United States