# Beeple NFT Buyer Confirmed in Settlement, Market Down 90%

**Published:** 2026-07-04T17:00:58.195Z  
**Topic:** Nft%5C  
**Sentiment:** neutral  
**Publisher:** TrendWatcher — https://www.trendwatcher.in/article/4cebbf7e-07bb-467f-88ba-262a40b5b3ac

Vignesh Sundaresan confirmed as the sole buyer of Beeple's $69.3 million NFT in a recent settlement, as the broader NFT market sees a 90% decline.

Vignesh Sundaresan has been legally confirmed as the exclusive purchaser of Beeple's "Everydays: The First 5000 Days" NFT, which sold for $69.3 million at Christie's in March 2021 [1, 2]. This confirmation comes from a settlement in a 2023 lawsuit filed by Sundaresan and his company, Portkey Technologies, against former independent contractor Anand Venkateswaran, clarifying ownership amid a significant downturn in the broader NFT market [1].

| At a glance | |
|---|---|
| Beeple NFT Sale Price | $69.3 million [1] |
| NFT Market Decline | ~90% from 2023 highs [1] |
| Sale Date | March 2021 [1] |
| Catalyst | Lawsuit settlement confirms sole buyer [1] |

## Beeple NFT Ownership Confirmed
The settlement, reached in late January, compels Anand Venkateswaran to concede he was not responsible for the Beeple purchase and had no decision-making or management authority over Portkey or Metapurse NFT acquisitions [1]. Venkateswaran, who had previously emerged with Sundaresan under the pseudonyms Twobadour and Metakovan to claim credit for the purchase, is now forbidden from using various descriptors linking him to the entities or the artwork [1]. He is also required to issue a public statement clarifying his role and request amendments from nearly 50 third-party websites [1]. Sundaresan, then 32, purchased the NFT for $69,346,250 using 42,329 Ether, which would be worth over $98 million at current exchange rates [2]. The sale marked the first major auction to accept cryptocurrency as payment [2].

The "Everydays" NFT remains the third-highest sum ever paid for a living artist's work at auction, behind Jeff Koons' $91.1 million "Rabbit" and David Hockney's $90.3 million painting [2]. Sundaresan, who operates an experimental art and technology space in Singapore, stated he has no intention of selling the artwork, preferring to "let it be" [1, 2].

## NFT Market Contraction
The resolution of the lawsuit occurs as the NFT market has experienced a dramatic contraction. The market has dropped approximately 90% from its 2023 highs [1]. Monthly trading volumes for NFTs fell by 97% between January and September 2022 [2]. Research into around 73,000 NFT collections estimated that over 95% of them were essentially worthless [2]. Christie's, which pioneered the acceptance of crypto for the Beeple sale, quietly closed its digital art department last year [2].

Sundaresan, an early investor in Ethereum, Polkadot, and Flow, noted that "Every company has gone bankrupt in NFTs," reflecting the widespread challenges in the sector [2]. Despite the market downturn, Sundaresan maintains a long-term view, having opened an art and technology space in Singapore that recently featured a VR experience minted as an NFT [1, 2].

## What to watch
*   **Future NFT market stability:** Monitor broader NFT trading volumes and new project launches for signs of sustained recovery or further contraction.
*   **Sundaresan's new ventures:** Observe developments from Sundaresan's experimental art and technology space in Singapore, particularly any new NFT-related initiatives.
*   **Venkateswaran's compliance:** Track Venkateswaran's social media and third-party website updates to ensure adherence to the settlement terms regarding his past role.

The settlement definitively clarifies the ownership of a landmark digital art sale, even as the broader NFT market navigates a period of significant revaluation and consolidation.

## Sources
1. Artnet — [Lawsuit Settles Who Really Bought Beeple’s $69 Million NFT](https://news.artnet.com/art-world/metakovan-twobadour-beeple-lawsuit-2755041)
2. CNN — [He spent $69 million on an NFT. Five years on, he believes in digital art more than ever](https://www.cnn.com/2026/03/17/style/singapore-nft-vignesh-sundaresan-beeple-everydays)

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Cite as: TrendWatcher, "Beeple NFT Buyer Confirmed in Settlement, Market Down 90%", https://www.trendwatcher.in/article/4cebbf7e-07bb-467f-88ba-262a40b5b3ac