An online sale of the NFTs is up for auction by a digital artist Pak fetched a total of $16.8 million at Sotheby’s. The auction also includes a single-pixel image that fetched $1.36 million after one and half hours of bidding.
The Sotheby's sale, known as The Fungible’ Collection, consists of a complex structure. This includes a series of digital cubes that collectors can purchase in the range of $500 to $1,500 each. The number of cubes investors own determines the number of NFTs received.
A non-fungible token is a form of a blockchain-based digital asset that has exploded in popularity in 2021. With prices of NFTs touching skies as collectors and enthusiasts rush to buy the items which only exist in digital form.
In March, an NFT artwork sold for $69.3m at Christie’s. This was the first sale ever by a major auction house of a piece of art that does not exist in physical form. The artist is known only as Pak, with the Twitter handle @muratpak.
The sale also has four limited-edition NFTs which were specifically kept for the winners who performed specific tasks. The winner will be the one who pays the highest amount for a Pak artwork on the secondary market, following the posting of the hashtag #PakWasHere to the biggest social media audience.
The NFTs collection, designed by Pak, is represented by the animated images. There exist three-dimensional images, i.e; white and grey shapes on a black background, apart from the pixel, which is just a grey square. In each case, there will be no physical object changing hands. As NFTs exist exclusively in the digital form and the blockchain will act as a verifier of the owner on the public ledger.
A statement from Max Moore, the contemporary art specialist at Sotheby’s, reads;