Monday, July 4

Artist made more than USD 90 million in 48 hours with his work NFT

Key facts:
  • Nifty Gateway, organizers of the auction, said the amount raised is a world record.

  • About 29,000 collectors bought the NFTs that make up the “Merge” work.

The anonymous digital artist, known as Pak, became the living artist who has made the most money from a single publicly auctioned artwork. This was stated by the digital market Nifty Gateway, organizers of the auction of the composition in NFT format.

According to a note press release of the digital art trading platform, the NFT work “Merge, created by Pak, raised USD 91.8 million, beating the previous record of $ 91.1 million achieved in 2019 for a Jeff Koons sculpture.

Pak’s digital art was auctioned through a new bidding model, which allowed collectors to purchase parts of the creation. The sale took place from December 2 to 4, a period in which buyers were able to purchase as many pieces as they wanted. Closed the process, they would receive dynamic NFT, made up of the pieces acquired during the auction.

Buyers can also turn to the secondary market to purchase more parts and merge them with those they already own, increasing the ‘mass’ of their NFT. The mechanism seeks to reduce the amount of tokens of the work «Merge» available in the market and that the supply remains fixed, increasing its marketing value.

A total of 312,686 parts were purchased by 28,983 collectors during the 48-hour auction. The original listing price was $ 299 for each piece of the NFT. As it was known, the pieces were sold for up to USD 575.

Pak said on his Twitter account that “Merge it is a unique work of art spread over many tokens, not a collection of works of art, “as the parts alone” do not convey a narrative. ” For the artist, the value of the work lies in the fusion of the pieces to give it a complete meaning.

“Merge is meant to be inclusive to attract new collectors. So I wanted to add an extra layer of value to what they already have, to show that NFTs are more than ‘just jpegs,’ “Pak said in a Tweet.

Interactive NFTs will coalesce into one “mass” as collectors acquire more parts of the “Merge by Pak” work. Source: Pak /

On his feat, the author of «Merge”Highlighted the fact that the“ first time in history that such an achievement has been achieved ”was done through a web3 technology company. Currently, it is called web3 or web3.jvs, the set of client applications or web pages that allow interaction with a chain of blocks, in this case, that of Ethereum.

NFT Art Sales Are Setting Milestones

It seems that NFTs’ foray into the art world is constantly setting new milestones. Recently, CriptoNoticias reported that Sotheby’s, another well-known auction house, made an offer for the first time where the bid increments were made directly in ether, the Ethereum cryptocurrency.

Several traditional auction houses have been partnering with digital artists, and even platforms marketplace of digital art, to join the trend of NFTs. This is the case of Christie’s, a prestigious auction house that announced last month its association with OpenSea, NFT’s trading platform.

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