Next month, anonymous digital artist PAK will be auctioning some of his creations through the Sotheby’s auction house, according to CNBC Squawk Box. This will be the first first fully tokenized art to be sold at Sotheby’s.
The announcement follows the tremendous success of the sale of a digital art piece at Christie’s auction house last week. The piece was designed by digital artist Beeple and represented a collection of 5000 images that the artist has been publishing over the last thirteen years. The nonfungible token (NFT) sold for a total of $69 million.
The purpose of implementing NFTs when selling digital art is that blockchain technology gives the purchaser certainty that the piece is authentic and provides ownership.
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