Sotheby’s Sold Digital Artwork by Pak for $16.8 Million Along with a Single Pixel NFT for $1.36 Mln

Sotheby’s hosted its first digital art sale that fetched $16.8 million.

The non-fungible token (NFT) was created by anonymous digital artist Pak, the auction house said on Wednesday. It also sold an image of a single-pixel for $1.36 million.

The sale of the artwork was accepted in Ether (ETH) along with via debit or credit card.

Just a month back, rival Christie’s sold its NFT, “Everydays: The First 5,000 Days,” by digital artist Beeple for $69.3 million, which was all paid in Ether cryptocurrency. ETH -0.93% Ethereum / USD ETHUSD $ 1,228.98
Volume 13.18 b Change -$11.43 Open $1,228.98 Circulating 121.32 m Market Cap 149.1 b
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According to the site, $2 billion has changed hands through the NFT market in the first quarter of 2021 alone.

Called ‘The Fungible’ Collection,” the digital artwork sold by Sotheby’s includes a series of digital cubes which collectors could buy for $500 to $1,500 each, then receive NFTs based on the number of cubes they own.

The NFT of an image of a single pixel called “The Pixel” also fetched $1.36 million on the auction after 90-minute bidding.

This sale was particularly targeted toward “crypto-native collectors, said Max Moore, contemporary art specialist at Sotheby’s.

“These new crypto investors have a very different aesthetic and a very different taste profile than a traditional collector would, and so it’s important to provide a mix and a range of collectibles at Sotheby’s to attract a wide variety of audiences.”

The sale of the digital artwork took place on the crypto exchange Gemini owned Nifty Gateway.

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