World-renowned auction house Sotheby’s plans to hold its first NFT art sale soon, according to its CEO.
Sotheby’s goes crypto
Sotheby’s, one of the world’s most famous auction houses, is set to hold its first-ever 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’s CEO Charles Stewart. In the interview, Stewart revealed that the auction house has been tracking the NFT space for “a while.”
He went on to say that while anonymity is common for artists in the art world, in the crypto world it’s “one of many new things that is different and potentially disruptive when compared 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 replied:
“It’s still very early days with crypto art in general, but there’s a lot here that’s really exciting and we think it has power.”
Charles Stewart – Chief Executive Officer – Sotheby’s
The sale will include both one-off Pak artworks 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 its NFT experience.
NFT-Mania is growing
Indeed, the news comes after Christie’s, another world-renowned auction house, held an auction featuring works by renowned artist NFT Beeple. This auction raised a record $69.3 million, all of which came from a single individual buyer.
The auction not only broke the record for the highest amount raised in a single NFT sale, but was also the first such sale held by a major auction house.
The auction collection itself is even more impressive. It marks the culmination of a 5,000-day art-making marathon by artist Mike Winkelmann (also known as Beeple), during which he created one NFT piece per day.
The collection includes each of those 5,000 pieces that Winkelmann began producing over 13 years ago on May 1, 2007.
More broadly, the NFT space is growing in popularity. To date, over $400 million worth of NFTs (excluding the Beeple Collection sale) have been sold, with Google searches for “NFT” topping “cryptocurrency” and “blockchain”.
The future of NFTs
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 A-list cryptocurrency supporters such as Mark Cuban and Elon Musk.
Additionally, NFTs are getting a warm reception from the music industry, with artists like Soulja Boy and Torey Lanez getting in on the action.
Interestingly, several experimental use cases for NFTs have emerged in the space, such as Genesis Shards, an idea to use NFTs to provide liquidity for the pre-IDO (Initial DEX Offering).
Only time will tell if this “NFT-mania” will continue in the long term. Right now, though, his momentum doesn’t seem to be stopping.
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