{"id":20385,"date":"2021-04-15T10:47:14","date_gmt":"2021-04-15T10:47:14","guid":{"rendered":"https:\/\/migrate1.artrights.me\/?p=20385"},"modified":"2021-04-22T08:23:10","modified_gmt":"2021-04-22T08:23:10","slug":"sothebys-and-nft-the-sale-of-paks-works-with-nifty-gateway","status":"publish","type":"post","link":"https:\/\/artrights.me\/en\/sothebys-and-nft-the-sale-of-paks-works-with-nifty-gateway\/","title":{"rendered":"Sotheby’s and NFT: the sale of PAK’s works with Nifty Gateway"},"content":{"rendered":"\n

Sotheby’s and NFT: the sale of PAK’s works with Nifty Gateway<\/strong><\/h3>\n\n\n\n

\u00a0Digital artist Pak sells NFT works for $ 17 million at Sotheby’s<\/strong><\/p>\n\n\n\n

After the success of the auction held by Christie\u2019s<\/strong><\/a> which saw the work of the digital artist Beeple<\/strong><\/a> reach over 69 million dollars, Sotheby’s debuted in the Crypto Art<\/strong><\/a> market in collaboration with Pak<\/strong><\/a> and Nifty Gateway<\/strong><\/a>, raising 16.8 million dollars. <\/p>\n\n\n\n

For the first time in the history of art, a crypto artist, an auction house and a marketplace specialized in NFT have collaborated for the sale of works of art in NFT<\/strong>: unlike the sale of Beeple at Christie’s which took place on the auction house website, this time the sale took place directly on the Nifty Gateway<\/a><\/strong> platform.<\/p>\n\n\n\n

But who is Pak?<\/strong><\/h3>\n\n\n\n

Pak is the Crypto Artist who has recently gained everyone’s attention thanks to the sale of the abstract NFT work Metarift<\/strong><\/a>, sold for 904,413.47 million dollars on the MakersPlace<\/a><\/strong> platform.<\/p>\n\n\n\n

Faceless artist, Pak is known for being the creator of Archillect<\/strong><\/a>, a latest generation art curator, an artificial intelligence that publishes visual content on social media based on an algorithm.<\/p>\n\n\n\n

How did the sale take place on Nifty Gateway in collaboration with Sotheby’s?<\/strong><\/h3>\n\n\n\n

The \u201cThe Fungible<\/em>\u201d<\/strong><\/a> collection consisting of the “Fungible Open Editions”<\/strong> collection, a set of NFT cubes that can potentially be bought indefinitely between 12 and 14 April<\/strong>, were auctioned starting from a fixed price of 500 dollars for the first day<\/strong>, and then grow to $ 1,000 in the second and $ 1,500 in the third.<\/p>\n\n\n\n

With this collection, the artist wanted to reflect on the meaning of the value of a work, playing with the concept of “uniqueness”<\/strong> that Blockchain technology is able to transfer to every single NFT.<\/p>\n\n\n\n

The first day reserved for the sale of \u201cThe Fungible Open Edition\u201d<\/strong> ended with 19,880 cubes<\/strong> sold in 15 minutes with a yield of 9.87 million dollars.<\/strong><\/p>\n\n\n\n

On the second day,<\/strong> another 3,268 cubes<\/strong> were sold for a total of $ 3.3 million<\/strong> over the same time period.<\/p>\n\n\n\n

On the third day, 593 sales were recorded: in total there were 3,080 buyers who spent about 14 million dollars for 23,598 cubes.<\/strong><\/p>\n\n\n\n

To these awards must be added those of two NFTs for sale as unique works<\/strong>.<\/p>\n\n\n\n

“The Switch” was sold to Californian cryptocurrency investor Damian Medina for $ 1,444,444 million, while another work, “The Pixel”, sold for $ 1,355.555 million to crypto collector Eric Young, after a hour and a half of advanced offers from the best NFT art collectors.<\/em><\/strong><\/p>\n\n\n\n

In a Clubhouse room hosted by Sotheby’s during the final minutes of the sale, an attendee claimed that the stretched offer was itself an act of “performance art”.<\/strong><\/p>\n\n\n\n

While no record figures have been achieved, the large number of attendees coupled with the results of over a million dollars for digital art are useful signs that the demand for NFT is still present and constantly evolving.<\/p>\n\n\n\n

And you, are you ready to collect NFTs?<\/em><\/strong><\/h3>\n","protected":false},"excerpt":{"rendered":"

After the success of Christie’s, Sotheby’s debuted in the Crypto Art market in collaboration with Pak and Nifty Gateway<\/p>\n","protected":false},"author":4,"featured_media":20383,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6941],"tags":[361],"class_list":{"0":"post-20385","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-drop-nft-crypto-art-en","8":"tag-sothebys-en"},"yoast_head":"\nSotheby's Sells Pak's NFT Works with Nifty Gateway | Digital Art Rights<\/title>\n<meta name=\"description\" content=\"After the success of Christie's, Sotheby's debuted in the Crypto Art market in collaboration with Pak and Nifty Gateway\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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