Sotheby’s becomes the latest auction house to auction NFTs

Non-fungible tokens have become a major craze these days. Every major auction house is planning to test the waters after Cristie’s auctioned an art piece “Everyday- the first 5000 days” by Beeple for $69 million. The latest Auction house to test the waters is Sotheby’s. The auction house expects to appeal to crypto and blockchain enthusiasts with this move.

There are many artworks that will be sold off in the auction. One of the art pieces on the market is “Creation of My Metaverse” by Sewah Attafuah created in 2021. Other is “Quantum” by Kevin McCoy. For each sale, NFT will be digitally handed over to the buyer and the rights of the artwork will be transferred to the owner on the blockchain.

Image Credits: Economic Times

Bidding for the artworks will begin at $100 and go up to any amount. The buyer can buy the artwork in normal money or in any one of the two cryptocurrencies Bitcoin or Ether. This will be Sotheby’s second auction of NFT. The first auction sold works by artist “Pak” and all artworks were sold off for $16.8 million.

People have been investing in NFTs as many people believe them to be novel investment assets that can have immense value in the future. Investors have been comparing NFT on blockchain like the early days of the internet.

NFTs have been generating millions and have a base of collectors who are active in contemporary art that are intrigued by the concept of blockchain and its applications. NFTs can be issued for the digital ownership of images, videos, sound, even land in a virtual world like Dencentraland’s Genesis city.