Among the NFT tokens auctioned by Sotheby’s is a piece called The Pixel, an image of a single pixel that earned $ 1.36 million after the fight. Bid lasts 90 minutes.
The auction house said on Wednesday the auction house said an online sale of irreplaceable tokens (NFT) by digital artist Pak raised a total of $ 16.8 million at Sotheby’s. , includes an image of a pixel that sold for $ 1.36 million.
The irreplaceable token is a form of blockchain-based digital asset that exploded in popularity in 2021, with prices skyrocketing as collectors and enthusiasts flocked to buy items that only existed. in digital form.
Last month, an NFT artwork sold for $ 69.3 million at Christie’s, in the first sale of a large auction house of a work of art that does not exist in physical form.
The sale of Sotheby’s, known as The Fungible ‘Collection, has an intricate structure, consisting of a series of digital cubes that collectors can buy for $ 500 to $ 1,500 each, receiving an NFT number. based on the number of cubes they own.
The artist is only known as Pak, with her Twitter account @muratpak.
– Sotheby’s (@Sothebys) April 14, 2021
This sale also includes 4 limited edition NFTs awarded to winners of specific missions, including paying the highest amount for a Pak artwork on the secondary market and posting hashtag #PakWasHere for the largest social media audience.
An NFT called The Pixel – an image of a pixel – was also auctioned, raking in $ 1.36 million after a 90-minute bidding battle.
The NFTs in the collection are represented by animations designed by Pak. They are white and gray three-dimensional shapes on a black background, apart from pixels just a gray square.
In each case, no physical objects can be changed hands – NFTs exist only in digital form, with the blockchain acting as a public ledger to verify their ownership status.
Max Moore, contemporary art expert at Sotheby’s, said the purchase was targeted at “cryptocurrency” collectors.
“These new crypto investors have very different tastes and preferences that are very different from that of a traditional collector and so it is important to provide the combination and variety of collectibles at Sotheby’s to attract more audience, ”he said.
The purchases happen online Monday through Wednesday on the Nifty Gateway, owned by Gemini. Gemini is a cryptocurrency exchange owned and operated by crypto entrepreneurs Cameron and Tyler Winklevoss.
Buyers were able to pay with Ether, as well as via debit or credit cards.