Digital artworks by an artist who goes by the name Pak fetched over $17 million in a three-day sale that ended Wednesday, the WSJ reported.
- The sale was capped by a marathon three-way bidding war for one piece that stretched over an hour.
- Bidding was conducted by digital platform Nifty Gateway and is the first foray of auction house Sotheby’s into nunfungible tokens (NFTs).
- Top prices were paid for works that showcased complexity which would be difficult to achieve with media such as a canvas or a sculpture.
- “The Switch” was sold to California cryptocurrency investor Damian Medina for $1.4 million. It is a digital image of a rotating geometric shape. It is designed to change for if its owner decides, but the change cannot be undone.
- “The Pixel” was sold to crypto-art collector Eric Young for $1.4 million. It’s medium-gray monochrome represents a single pixel or the building block of digital art.
- The “Equilibrium” shows a simple white orb which unpeels with different components.
- The piece is offered in an edition of four — “The Cryptographer_ sold to Dutch artist Mathijs Vissers, and “The Hunter” sold to whoever paid the most to buy an older Pak piece on a different site during the auction.