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 2.09% Ethereum / USD ETHUSD $ 2,322.08
$48.532.09% Volume 15.98 b Change $48.53 Open $2,322.08 Circulating 116.89 m Market Cap 271.43 b 47 min Bitcoin Chills Around $40k as USD Slides After Fed Says It Has A Ways to Go Before Tapering Ends; GDP Rises Slightly, Better than Q1 1 h Paypal Reports “Strong Adoption & Trading Of Crypto” In Q2; Currently Working On Allowing Transfers To Third-party Wallets 1 d Big Institutions Are Buying ETH for the First Time, Over 25% of Supply Already Used in Smart Contracts
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.