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Sotheby’s Banks Over $16.8 million in Their First NFT Auction

Sotheby’s, a British Founded Corporation and the worlds largest brokers of fine art, jewellery, decorative items, collectibles and real estate. They recently conducted their first auction of NFT’s made by a digital artist named Pak.

The NFT’s were basically animated illustrations created by Pak named as “Cube”. According to Hype Beast, an unlimited number of illustrations were released and they were all listed on the Nifty Gateway NFT Marketplace. The auction house banked $16.8 million USD is sales over a three-day auction and a total of 23,598 animated illustration files were purchased by buyers.

The animated illustrations were basically translucent white cubes on a black background that would rotate over and over again in 360 Degree circles. Sotheby’s entered into the NFT game, just after a month of Beeple selling his art piece “Everydays: First 5000 Days” for a whooping $69.3 Million Dollars.

According to Pak, he wanted to go against the idea of Rarity and Value, that’s currently trending in most of the NFT marketplaces. As most of the artists making their pieces exclusive, rare and extremely scarce and hard to find. What Pak wanted was to just do the opposite. Therefore, he released an unlimited number of them and no doubt, it did go very well for him.

Pak also sold two unique pieces, the first one was created using a single pixel which was bought for $1.36 million USD by a digital art collector named Eric Young. The second one was rotating geometric shape that sold for $1.44 million dollars USD.

However, Pak did something very different and unique. Although, he made the availability of his pieces to be unlimited. He rewarded the collector who bought most number of pieces with a unique exclusive piece called “The Cube”. This piece was much more detailed, and it was better looking and exclusive.

Next on NFT News: Topps Will Be Releasing Their Official NFT Baseball Cards This April 20th

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