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Sotheby’s NFT Auction With Artist Pak and Nifty Gateway Brings In $16.8M
Sotheby's first NFT auction fetched a total of $16,825,999.
Sotheby’s first non-fungible token (NFT) sale of works by pseudonymous artist Pak fetched $16.8 million over a three-day drop.
STORY CONTINUES BELOW
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Sotheby’s, established in 1744 in London, sold “The Fungible” collection by Pak on Nifty Gateway between April 12–14, allowing collectors to bid for limited-edition NFTs minted on the Ethereum blockchain.
The lofty $16.8 million sum is a far cry from the stunning $69.3 million that Beeple fetched at a Christie’s auction on March 11. Still, the Pak sale shows there appears to be some appetite left at the high end of the NFT market.
Notable pieces in the Pak collection included “The Pixel,” an NFT consisting of a single pixel that sold for $1.36 million
Another piece, dubbed “The Switch,” is scheduled to change form at a specific point in time only known to the artist. The piece sold for $1.44 million.
Sotheby’s reports there were 3,080 buyers of nearly 24,000 “Open Edition” cube units, raising $14 million.
“I believe we have placed a huge milestone for digital creatives,” Pak said in an emailed statement. “This drop validates many things. And finally, a single pixel that will hopefully have a charming page in future’s history.”
Read more: NFT Frenzy Shows Signs of Cooling but Don’t Call It a Market Crash
NFTs have become a craze, with millions of dollars being spent on anything from digital basketball cards to rare or desirable digital artworks.
Law firm Seward & Kissel advised Sotheby’s on the sale of Pak’s artwork, managing agreements with the artist and Nifty Gateway.
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
