Auction houses began taking an interest in nonfungible tokens (NFTs) when Christie’s sold the Beeple NFT for nearly $70 million. Sotheby’s has now joined the club after selling the Pak NFT for roughly $17 million.
Sotheby’s sells NFT for $17 million
Luxury auction house Sotheby’s revealed that it has auctioned off a nonfungible token (NFT) for roughly $17 million. The NFT art piece titled “The Fungible” is the work of Pak, an anonymous digital artist.
The NFT was auctioned off in a two-day sale on NFT marketplace Nifty Gateway. Thus, the auction house raised a total of $16,825,999 for the entire collection. According to Sotheby’s, the collection included NFTs in the form of digital “cubes.”
Sotheby’s revealed that the individual NFTs in the collection include “A Cube (1), Five Cubes (5), Ten Cubes (10), Twenty Cubes (20), Fifty Cubes (50), Hundred Cubes (100), Five Hundred Cubes (500), and Thousand Cubes (1,000).”
Although the total sales from the Pak NFT collection are pale compared to the amount Christie’s auction house raised for the Beeple NFT, it still indicates that traditional auction houses are showing great interest in NFTs.
The Pak auction encountered a few technical issues, but Sotheby’s was able to resolve them. NFT platform Nifty Gateway experienced technical issues with processing credit card payments, but the issue was handled almost immediately.
Sotheby’s tweeted, “This was an incredible journey with you all. Thank you. Now, we keep building.” Pak’s identity remains unknown but has been active in the world of digital art for nearly two decades.
NFTs becoming popular in the art world
More artists are open to the idea of creating their art in the digital form and selling it as NFTs. Thanks to blockchain technology, NFTs make it tough to duplicate art pieces and ensure that the artists get full credit and compensation for their work.
The rise of NFTs has seen more artists, content creators, and media houses enter the market and look to creating genuine art pieces and digital content.