Sotheby’s to host NFT art sale by anonymous artist Pak

World-renowned auction house Sotheby’s plans to hold its first NFT art sale in the near future, according to its CEO.

Sotheby’s goes crypto

Sotheby’s, one of the world’s most famous auction houses, is preparing to hold its very first non-fungible token (NFT) sale. The planned sale, which features popular anonymous digital artist Pak, will take place next month.

The news was revealed during a CNBC interview with Sotherby Chief Executive Officer (CEO) Charles Stewart. In the interview, Stewart revealed that the auction house has been tracking the NFT space for “some time.”

He went on to say that while anonymity is common for artists in the art world, in the crypto world, it is “one of the many new things that are different and potentially disruptive when you compare it to the world of traditional art “.

When asked if this sale could be the start of the auction house’s permanent entry into the digital art space, Stewart responded:

“It’s still very early days with crypto art in general, but there are a lot of things here that are really exciting and we think they have power.”

Charles Stewart – Chairman and CEO – Sotheby’s

The sale will feature both unique Pak artwork and open editions, allowing multiple people to own the same piece. Steward also hinted at the many surprises the auction house has in store for their NFT experience.

NFT-Mania is growing

Indeed, the news comes after Christie’s, another world-famous auction house, staged in an auction featuring works by famous artist NFT Beeple. This auction raised a record $ 69.3 million, all from a single buyer.

The auction not only broke the record for the highest amount raised in a single NFT sale, but was the first such sale to be hosted by a major auction house.

Even more impressive is the auction collection itself. It marks the culmination of a 5,000-day artistic creation marathon by artist Mike Winkelmann (also known as Beeple), in which he created one NFT piece per day.

The collection includes each of these 5,000 pieces that Winkelmann began producing more than 13 years ago on May 1, 2007.

More broadly, the NFT space is growing in popularity. To date, more than $ 400 million worth of NFT (excluding the sale of the Beeple Collection) has been sold, with Google searches for “NFT” overtaking “cryptocurrency” and “blockchain.”

The future of TVN

As this popularity continues to grow, the future looks bright for this niche, at least in the short term. The NFT space continues to attract the A list of cryptocurrency supporters such as Mark Cuban and Elon Musk.

Additionally, the NFTs receive a warm welcome from the music industry, with artists such as Soulja Boy and Torey Lanez jumping into the action.

Interestingly, several experimental use cases for NFTs have popped up in space, such as Genesis Shards, an idea of ​​using NFTs to provide liquidity for pre-IDO (Initial DEX Offering).

Only time will tell if this “NFT-mania” will continue in the long term. At present, however, its momentum does not seem to be stopping.

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Laura J. Boyer