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NFT

Auction house Sotheby’s to host its first NFT sale in April

  • Auction house Sotheby will host its first NFT sale next month
  • The work will be of a prominent and well-known artist
  • NFT is now ahead of cryptocurrency and blockchain in terms of Google search

Luxury auction house Sotheby is set to host its first NFT sale next month. It will be the next big auction house to enter the NFT market following Christie’s sale of the Beeple NFT last week. Furthermore, the search for NFTs on Google is ahead of terms such as ‘cryptocurrency’ and ‘blockchain.’

Sotheby to host an NFT sale next month

High-end auction house Sotheby revealed earlier today it would be hosting its first NFT sale next month. The auction would feature the sale of a work by PAK, an anonymous digital artist. However, Sotheby didn’t state the exact date the auction would commence.

In an interview with CNBC’s Squawk Box, CEO Charles Stewart said Sotheby wants its first NFT sale to be the work of a popular and well-known artist. He said, “It’s still very early with crypto art in general. This has the potential to bypass a lot of the traditional gatekeepers.”

Nonfungible tokens are turning heads in the art world as artists are now open to digitalizing their work. They provide blockchain-backed “proof of ownership” on an item like art. Hence, ensuring that the artists have a special way of claiming ownership and collect compensation for their digital works.

NFT’s Google search surpasses cryptocurrency and blockchain

Google search for the term NFT has surged since the start of the year. Interest in NFTs is on the rise, and so is the Google search as more people are curious about them and what they represent. According to Google Trend, NFT, DeFi, blockchain, and cryptocurrency have all recorded massive gains in terms of Google search since January.

However, NFT is ahead of the others, soaring over the past month. As of March 7-13, NFT has a Google Trend result of 100. In second place is ‘cryptocurrency’ with 39, while ‘blockchain’ and ‘DeFi’ have 22 and 5 respectively.

NFT’s growth over the past three months is astonishing as interest was almost non-existent last year. NFT surpassed DeFi and blockchain last month but had a tough time dislodging cryptocurrency until March.

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