Metapurse, a cryptocurrency fund, was recently purchased by a painter under his pseudonym Beeple for US$69.3 million (approximately Rs 50.3 billion) for “Everydays-The First 5000 Days” (a jpeg file). Metapurse was created by Metakovan (also a pseudonym) and his partner Twobadour. Now, Metapurse has shared a blog post explaining the story behind their fund and their appreciation for NFT or Non Fungible Tokens. The post also revealed the names of two investors, namely Vignesh (Metakovan) and Anand (Twobadour), who immigrated to Singapore from Tegnadu.

Metapurse held its first auction at Christie’s auction and spent US$69.3 million to purchase jpeg files. This is a virtual collage of artworks created by artist Mike Winkelmann (Beeple). Since 2007, he New digital photos are being made every day. This is the third most expensive artwork in the world ever, and it was purchased anonymously by investors, then they showed themselves on the Clubhouse and then wrote a detailed Substack post.

Even though the artwork is a simple jpeg file that anyone can download, it is actually owned by Metapurse due to blockchain authentication. In a blog post, Metakovan and Twobadour explained how they use pseudonyms. Indians and people of color can also become patrons through cryptocurrency and NFT.

To understand what NFTs are and how they work, check out our explainer.

According to the blog, Vignesh and Anand came up with these pseudonyms to protect their true identities and create roles that “do not require a person or have only one purpose”. Metakovan discovered cryptocurrency in early 2013 and began to provide custodial services, which later evolved into an exchange called Coins-e. Metakovan sold Coins-e in May 2014, then co-founded BitAccess with others and installed Bitcoin ATM. Vignesh sold the first BTM (Bitcoin ATM) to the co-founder of Ethereum, Anthony Di Iorio.

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“The Ethereum ICO allowed me (an unknown number) to invest. In due course, this investment will become a huge sum of money. I didn’t stop there.” Metapurse’s post explained.

Metakovan used cryptocurrency as an opportunity to build wealth and launched Metapurse by investing in NFTs ranging from game assets to artworks (including Beeple 5000). In 2017, Metakovan partnered with Twobadour to establish the Lendroid Foundation-a company limited by guarantee (CLG)-in Singapore. Then during the lockdown in 2020, the two discovered the NFT.

Metapurse can identify early-stage projects that involve blockchain, finance, art, unique collectibles, and virtual real estate. The blog explained: “Digital decentralization can achieve cultural decentralization. Anyone can create NFT art, anyone can buy it, anyone can see it, and anyone can be inspired by it. Domination The culture tends to be imperialized and centralized. We see the global Metaverse as the antidote to this trend.” Metapurse represents Metakovan’s NFT and portfolio. It previously purchased 20 single-page works of Beeple for US$2.2 million (approximately Rs 159.6 crore). It ventured into virtual real estate and recently purchased the $69.3 million Beeple 5000.


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