Sotheby's sees RM69.31mil in first NFT sale


Auction house Sotheby's joins the NFT bandwagon, selling a series of digital illustrations by artist Pak for $16.8 mil (RM69.31mil). — Sotheby's & Pak/Handout via Reuters

Sotheby's hosted its first sale of art supported by NFTs, the trendy authentication technology, by artist Pak, with the works bringing in $16.8 mil (RM69.31mil), the auction house said Wednesday.

The Sotheby's foray into NFT selling comes just a little more than one month after the sale of the NFT of the work "Everydays: The First 5,000 Days" by digital artist Beeple for US$69.3mil (RM285.88mil) at rival Christie's.

NFT stands for non-fungible token, an authentication certificate meant to ensure that ownership of a digital work — animations, videos, photos or music, for example — cannot be forged or otherwise manipulated.

Sotheby's first NFT sale featured an entirely different format than the video sale hosted by Christie's.

An unlimited number of animated illustration files created by Pak, called "Cube," were listed on the specialized platform Nifty Gateway as part of "The Fungible" collection.

Some 23,598 of these animations -- which rotate to appear to show a 360-degree view of a translucent and white cube on a black background -- were purchased over a three-day period beginning Monday for a total of US$14mil (RM57.75mil).

The artist wanted to question ideas of value and rarity by not limiting sales of the cube art files, and according to Sotheby's some 3,080 collectors have already purchased their own versions.

Pak also sold two unique works, including one made up by a single pixel, which was bought for US$1.36mil (RM5.61mil) by digital collector Eric Young. The other was another rotating geometric shape which sold for US$1.44mil (RM5.94mil).

The person who purchased the most of the unlimited "Cube" works would also receive a ownership of a unique piece called "The Cube" — a more detailed animated illustration of a rotating six-sided shape — as a bonus.

The sales offer a peek into the strength of the NFT market, which generates more than US$10mil (RM41.25mil) worth of sales every day on digital platforms such as Nifty Gateway or OpenSea.

According to the site NonFungible.com, US$2bil (RM8.25bil) has already changed hands through the NFT market in the first part of 2021 alone. – AFP

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
   

Next In Tech News

Singapore bloggers turn to crowdfunding to pay defamation bills
Google ties up with 30 publishers to start news platform in COVID-ravaged India
Report: Asia streaming habits swing to on-demand and larger screens
Rugby uses eye-tracking technology to tackle concussion
Vodafone misses market expectations with 1.2% drop in earnings
Tesla says working with China to probe crash involving policemen
Russian spy chief denies SolarWinds attack - BBC
Tesla boss Musk slips in the rankings on list of the super-rich
Scrutiny increases of Gates after Microsoft affair surfaces
Apple faces continued iPad Pro delays due to next-gen displays

Stories You'll Enjoy


Vouchers