The cryptocurrency market is booming, and so is the NFT market that is directly or indirectly pegged to it. Just a week back, an NFT was sold for a whopping $69 million. This NFT was a mega collage of the first 5000 digital arts posted by beeple on social media. And this also made his sale the third-largest by any person alive. At the same time, this was a great accomplishment for the NFT market and now something cool has happened again. The world’s fourth oldest auction house has now joined the NFT market with an anonymous artist.
Sotheby’s Auction house
Sotheby’s is the world’s fourth oldest auction house and is a multinational company too. And recently, after the growing hype of NFTs, the auction house also decided to enter the NFT market. As they entered the market, the digital artist Sotheby’s is working with is nicknamed “Pak”. But we still don’t have the real identity of the individual. The Sotheby’s have been around for centuries now, and them entering the crypto market is going to be a huge boon for the entire audience. It does seem that the kind of money beeple’s NFT sale bought in will most likely attract a lot more auction houses.
After the house made the announcement for the NFT sale, they didn’t disclose any details on the same. Neither they revealed the NFT, going on sale nor the details of the artist. But by their words, we can understand that the artist they are working with has been around for quite some time now. The auction house also plans to bring in more artists into the digital art space and dive into the NFT market completely. Also, by stepping into the NFTs market, the company will also be entering the crypto market. And they will also receive crypto payments from their auction sales.
Pak, whose art is going to be on sale in the Sotheby’s auction house, has made millions of dollars in 2020. Reports suggest that his total sale were about $350 million in 2020, and he even became the first person to sell his art for over a million. The individual could be considered the best but was outperformed by beeple. But with this new collaboration, we can again expect Pak to cross beeple by making huge sales and raise large sums of money for his arts. After all, he has been in the market for many years now and knows how things work here.
Very soon, we are going to be in a space where digital art will be as valuable as physical art. And critics that like to call it a bubble today will be bidding for the next best art piece tomorrow. What are your thoughts on the same? And will you be interested in digital art? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.