Sotheby’s is entering the non-fungible token craze through collaboration with digital artist Pak, according to The Wall Street Journal. The auction house is also considering an option to allow collectors to pay, and potentially get paid, using digital currencies.  

  • Sotheby’s move occurs only a week after Christie’s sold a Beeple JPEG collage to an investor who paid $69 million in cryptocurrency. 
  • Sotheby’s CEO Charles Stewart pointed out that they have been following the NFT space for some time, noting the acceleration in everything digital that is now going into art.
  • Critics have warned of the ascent of NFTs, which has coincided with a massive crypto rally and have dismissed them as a fad whose values will fall over time. 
  • NFT enthusiasts such as ARK Invest expect them to “unlock more value for content creators than any platform in history.”

A move to accept digital currencies for physical works or NFTs could potentially fuel sales if crypto millionaires start bidding on high-end art.