On July 26, Sotheby’s will hold auctions for works by generative artists as part of the Gen Art Program, using blockchain technology.
Introducing the Sotheby’s Gen Art Program fueled by the innovative ArtBlocks Engine, kicking off with pioneering artist Vera Molnar. https://t.co/YzpNlW3uhB pic.twitter.com/KLbztLb6M2
— Sotheby’s Metaverse (@Sothebysverse) June 28, 2023
The first participant will be Vera Molnar. The auction of her works will take place online on the platform Sotheby’s Metaverse. The presented collection includes 500 generated images.
All prices are denominated in Ethereum — starting bids will begin at 20 ETH. The organisers described the initiative as ‘a nod to crypto collectors’.
The project uses an infrastructural solution to create non-fungible tokens based on generative images — Art Blocks Engine.
“Sotheby’s Gen Art is aimed at bringing some of the most talented and respected artists to the market. The program will be carefully curated. Organisers will focus on recruiting up to three participants per year to showcase generative works in an expanded form as a new medium,” the announcement says.
In 2022, Sotheby’s hired NFT specialist Brian Beccafico for the digital arts team.
Earlier in May 2023, the auction house began trading non-fungible tokens from the failed hedge fund Three Arrows Capital. The collection includes CryptoPunk #6649 in zombie style, Ringers #879 by Dmitry Chernyak, and Fidenza #216 by Tyler Hobbs.
Previously, Sotheby’s put up for sale the manuscript of Neal Stephenson’s cult novel ‘Snow Crash’, in which the term ‘metaverse’ is believed to have first appeared.