Sotheby’s to stage first NFT auctions

Founded in 1744, Sotheby’s will stage in April the sale of works by digital artist Murat Pak in the form of non-fungible tokens (NFTs).

New this morning: @Sotheby‘s announces upcoming sale with anonymous digital artist PAK

«It’s still very early with crypto art in general,» says CEO Charles Stewart on #NFTs. «This has the potential to bypass a lot of the traditional gatekeepers.» pic.twitter.com/D0F4pppkmT

— Squawk Box (@SquawkCNBC) March 16, 2021

“It’s still too early to talk about cryptographic art in general. But NFT is taking hold. We believe the technology has potential.”, — said Charles Stewart, CEO of the platform, in an interview with CNBC.

The artist, who goes by the pseudonym Murat Pak, has become one of the most prominent figures in the digital art space thanks to his distinctive monochrome style.

Murat Pak’s collection will include both series of editions and one-off pieces such as Beeple’s “Everydays: The First 5000 Days.” In February, it sold at Christie’s for almost $70 million.

The organizers also promise “some other surprises”. Auctions will run for several weeks. Details will be announced later.

Earlier this year, Beeple’s NFT token featuring Trump resold for $6.6 million. In December 2020, the artist earned $582,000 for “Crossroad”.

An NFT copy of Banksy’s burned painting titled “Morons” sold for 228.69 ETH.

What is NFT?

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