Don't miss the latest stories
NFT Collectibles Fetch Nearly $10 Million In The First 15 Minutes Of Sale
By Alexa Heah, 15 Apr 2021
Image via Sotheby’s / Pak
It looks like non-fungible token (NFT) artworks aren’t going away anytime soon.
A collaboration between digital artist Pak and auction house Sotheby’s, entitled The Fungible Collection, saw six NFT collectibles being put up for sale, alongside an open-edition series called The Cube, priced at about US$1,500 apiece.
The main collection consists of six distinct digital artworks, of which two of them – The Switch and The Pixel – received bids over US$1 million. As for The Cube, an open-edition unit with an infinite set of NFTs that can be bought by collectors during the sale period, over 23,000 units have been sold.
In total, the sale achieved nearly US$10 million in 15 minutes on the first day, and concluded the three-day sale with US$16.8 million achieved.
Pak also set a new single-day record for open editions sold on leading NFT platform Nifty Gateway.
As per Robb Report, adding to the intrigue is Pak’s supposedly secret identity. He’s become one of the world’s most famous digital creators, and was the first NFT artist to earn US$1 million with his work.
“I see this collection as the first digitally native mindset of works that’s presented to the traditional art world through a global auction house,” Pak said in a statement.
While The Fungible Collection is Sotheby’s first foray into NFTs, other major auction houses have also embraced this new art form. Back in March, an NFT sold at Christie’s for a staggering US$69 million. It looks like you’ll be seeing more NFT collections up for sale in time to come.
[via Robb Report, images via Sotheby’s / Pak]
More related news
Also check out these recent news