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He paid $69.3 million for an NFT so you can download it for free

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Vignesh Sundaresan, also known as MetaKovan, spent $ 69.3 million on a non-expendable token from Beeple earlier this year, but is not very possessive about it.
The beauty of an NFT is that everyone can enjoy it, the Indian cryptocurrency entrepreneur and investor said in an interview with Bloomberg News. In fact, I’d be happy if everyone downloaded a copy of “Every Day: The First 5000 Days.”
The blockbuster price it paid helped draw attention to the burgeoning NFT market, which has exploded in popularity since then. It has drawn attention to the potential of technology, as well as the many brands and celebrities that are accumulating. However, it has also been the subject of questions about trading scandals, valuations, and what an NFT purchase actually brings the buyer.
Sundaresan spoke to Bloomberg about his thoughts on NFT’s property rights and what he’s seeing next. The highlights of the interview are shown below, edited for length and clarity.
What do you think about property rights over NFTs?
At the end of the day, the information wants to be free. You try to have paywalls, you try to do so many things. But even those methods of having information or data within walled gardens of any kind of security, have not worked very well on the Internet.
If someone releases music, it might be pirated. All of these problems seem to be very native to the Internet. If you try to fight it, I don’t think it’s helpful at all.
What the NFTs do, instead of giving importance to that copy of the file, it gives importance to something bigger. The idea that some person supported an artist at some point and this was the memory.
If you have an NFT, I think everyone can enjoy it. But it is not necessary for everyone to pay for it. There may be some people who pay for this production, and they get a credit for being part of this production. And that is.
It’s okay to download it. Glad someone downloaded Beeple – The 5000 Days – for everyone in the world.
Are you involved with any big name series like CryptoPunks?
Personally, I am not involved in CryptoPunks or Bored Ape Yacht Club.
I did not understand what this was or what it would become reality. Still, it’s not for me. I don’t want to be part of something very exclusive. In a way, we are trying to do something very inclusive.
I want to discover other ways to scale the number of connections we have on the Internet. These projects will have to find out why they are limited to so many numbers and what effect that will have on what they can do in the world.
What tokens do you like?
Today the most exciting area for me is parachutes, which are part of Polkadot. Polkadot is just a skeleton and there can be so many chains that stick to the skeleton and can climb on their own.
You can participate in the parachain auction, where you close your DOT for a couple of years, you get your DOT back. And for that, you will be rewarded with some of these parachain tokens. For me, it’s a great way to think about capital allocation right now. I’ve been in Polkadot for a while and I don’t want to change positions.
What do you think of decentralized autonomous organizations (DAO)?
I am closely watching DAOs, which are emerging in all parts of the world. Traditionally, there would have been an art collective, of artists together doing some work. Now they try to be DAO.
I think Wyoming has led the way – they’ve discovered a lot of things they can offer and people are going to find out how they can allow people to host DAOs in their home country. That will be the next phase, because I feel like it will have a real impact on the world.
What are you working on now?
Working with artists has been enjoyable, and in the next four or five months we will see a lot more of this.
We released something on Instacart. It is a programmable piece of music but it was made by artists in India; 40 artists participated. They figured out how to get it on track: For every sale, the payment is filtered out to everyone. I think it’s a great model to see how we connect cultures from around the world and present them in a global marketplace.

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