Expensive Pixel: Digital Artist Pak’s NFTs Auctioned For $ 16.8 Million | Arts and Culture News

Among the non-fungible tokens (NFTs) auctioned by Sotheby’s was a work called The Pixel, a single-pixel image that grossed $ 1.36 million after a 90-minute bidding war.

An online sale of non-fungible tokens (NFTs) by digital artist Pak brought in a total of $ 16.8 million at Sotheby’s, including a single-pixel image that sold for 1.36 million of dollars, the auction house announced Wednesday.

A non-fungible token is a form of blockchain-based digital asset that exploded in popularity in 2021, with prices skyrocketing as collectors and enthusiasts scramble to purchase items that only exist in the form. digital.

Last month, an NFT artwork sold for $ 69.3 million at Christie’s, at the very first sale by a major auction house of a work of art that does not exist in physical form.

Sotheby’s sale, called The Fungible ‘Collection, had a complex structure, comprising a series of digital cubes that collectors could purchase for $ 500 to $ 1,500 each, receiving a certain number of NFTs depending on the number of cubes they possess.

The artist is known only as Pak, with the Twitter handle @muratpak.

The sale also included four limited edition NFTs that were awarded to the winners of specific tasks, including paying the highest amount for a Pak artwork in the aftermarket and posting the #PakWasHere hashtag to the general public. social media.

An NFT called The Pixel – a single-pixel image – was also up for auction, grossing $ 1.36 million after a 90-minute bidding battle.

The NFTs in the collection are represented by animated images designed by Pak. These are three-dimensional white and gray shapes on a black background, except for the pixel, which is just a gray square.

In each case, no physical object changed hands – NFTs exist exclusively in digital form, with the blockchain acting as a public ledger to verify their ownership status.

Max Moore, a contemporary art specialist at Sotheby’s, said the sale was aimed at “crypto-native” collectors.

“These new crypto investors have a very different aesthetic and a very different taste profile than a traditional collector and therefore it is important to provide a mix and range of collectibles at Sotheby’s to attract a wide variety of public, ”he said.

The sale took place online Monday through Wednesday on Nifty Gateway, which is owned by Gemini. Gemini is the cryptocurrency exchange owned and operated by virtual currency entrepreneurs Cameron and Tyler Winklevoss.

Buyers could pay in Ether cryptocurrency, as well as by debit or credit card.

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