One of the world’s oldest auction houses, Sotheby’s, will auction digital artworks in the form of non-fungible tokens (NFT) in April, created by anonymous artist Pak.
Auction house Sotheby’s has announced that the collection of works by artist Pak “The Fungible” will be sold from April 12-14. Sotheby’s is organizing an auction at the Nifty Gateway marketplace. Pak has been in digital art for over two decades, and last December raised $ 1 million from an NFT piece. Pak’s Fungible Cubes will start at a starting price of $ 500. Buyers will receive an NFT with Pak Works.
The NFT industry is rapidly gaining popularity, with rare or coveted digital art being sold through auctions and marketplaces for millions of dollars. Last month, Beeple’s painting was sold as an NFT token for $ 69.3 million at Christie’s.
In March, Sotheby’s CEO Charles Stewart said that NFT “will stay with us for a long time.” The auction house decided to hold its first art sale in the form of an NFT with Pak because it wants to work with one of the “most influential artists” in the industry.
“I see this collection as the first digital reimagining of works presented to the world of traditional art through a global auction house. Given the scale, I expect it to play an important cultural role in conveying digital narrative to the traditional world in terms of defining environments and creating value, ”said Pak.
Many artists have been unable to resume activities due to the COVID-19 pandemic. This could be one of the reasons for the growing popularity of NFT in the arts, as non-fungible tokens create income opportunities for artists even during a pandemic.