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 5.97%
Ethereum / USD
ETHUSD
$ 2,492.63
$148.81
5.97%
Volume 32.13 b
Change $148.81
Open $2,492.63
Circulating 115.48 m
Market Cap 287.86 b
41 min
European Banking Giant, Société Générale, Issues Security Token On Tezos Blockchain
1 h
Gitcoin Spins Out of ConsenSys After Raising Over $11M in a ‘Strategic’ Capital Move
1 h
Bitcoin Payment Network, BitPay, Joins Square-Led Crypto Open Patent Alliance (COPA)
According to the site NonFungible.com, $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.
The post Sotheby’s Sold Digital Artwork by Pak for .8 Million Along with a Single Pixel NFT for .36 Mln first appeared on BitcoinExchangeGuide.
