Entitled Every day's the 1st 5000 Days, its starting price was just $100 but a record 22 million people watched online as it reached its astonishing price, making people one of the top three most valuable living artists.

Here's Will Gompertz.

So here it is the $69 million artwork, which doesn't actually exist in the real world.

It lives virtually online, authenticated as unique by a digital certificate known as a non fungible token or a N F.

T, the ownership of which caused a bidding frenzy to acquire this collage by Mike Winkelman, otherwise known as people who is now a very rich man.

The money is crazy and awesome, and I think it's gonna, you know, do a lot of good and I'm gonna, you know, do as much good for the world with this money to How would you describe the cystic look, the style well again like now it's kind of like weird gross sci fi like stuff like it's some of them are kind of a bit nasty if I'm being honest.

And how easy is it to make an N F T.

It's honestly not that hard.

It's It's, you know, there's a bunch of sites out there where you can make them quite easy.

It's sort of what that n F t represents.

It's kind of like I look at it, kind of almost like, you know, really, All it is is a proof of ownership.

It's really proving you own some digital file so it can be attached to anything.

Christie's began the bidding at a modest $100 before witnessing the price go up in $1 million increments.

The kind of excitements, um, in our bidding pool, right?

It was amazing to behold.

This is the future.

We are boldly stepping into it.

I think that this past year, more than any year of my life, um, really did break down that kind of membrane between the virtual life and the real life N F T s are the new kid on the auction block.

The price paid today certainly surprised this art market expert.

I think it's completely insane, quite frankly, absolutely bananas.

That being said, you know, people wanted to buy it.

It's people who is extremely well known.

Um, in in that particular field, there's an absolute frenzy about Cryptocurrencies at the moment.

Encrypted digital art is today's investment craze.

It might be tomorrow's burst bubble or the beginning of a new story in the history of art.

If it is, this collage will appear on Page one.

Will Gompertz BBC News.