Digital Artist Pak’s NFTs Fetch Total $16.8M in Auction
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Digital Artist Pak’s NFTs Fetch Total $16.8M in Auction

April 15, 2021      Deepshikha Gupta

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. 

The Explosive Popularity of Digital Artist Pak and his Art in the form of NFTs

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 NFT Collection by Pak 

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; 

“These new crypto investors have a very different aesthetic and a very different taste profile than a traditional collector would and so it’s important to provide a mix and a range of collectibles at Sotheby’s to attract a wide variety of audience.” 

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#@muratpak #$1.36 million #$16.8 million #Non-Fungible Token (NFTs)
Deepshikha Gupta
Deepshikha Gupta

A student from a technical background, Deepshikha found Bitcoin in 2020 and has been an evangelist ever since. A B.Tech turned into a full-time crypto-writer, she tries to bridge the gap that currently exists between the crypto world and people from non-technical backgrounds, through her simplistic yet effective form of writing. She finds that her writing for cryptocurrencies can redefine the way the audience interacts with the crypto space.