Non-fungible tokens (NFTs) continue to increase in popularity amongst many crypto users, who are now seemingly interested in the unique non-physical digital assets. Despite the space being a relatively small section of the cryptocurrency market, the sector’s revenue does not agree with that assertion. The market has also allowed many creatives to earn from their work after its conversion to NFTs. However, following in the footsteps of Christies- the auction house that has just sold the most expensive NFT in history, Sotheby has announced that they would also be auctioning the famous crypto artist’s works, Pak.
Sotheby CEO believes the NFT space is too attractive to ignore
Sotheby is one of the largest and trusted marketplaces for artworks and luxury, and their involvement in the NFT space is not a mistake. The firm’s CEO, Charles Stewart, believes that the excitement and the craze around the NFT market make it an ideal place for them to explore. Stewart believes that the digital innovation behind the NFT space makes it a perfect destination for Sotheby to generate more revenue.
Coincidentally, Stewart is correct, as the NFT space has generated almost $400 million in revenue since the beginning of the year. According to Stewart, Pak is one of the most successful NFT creatives. Hence, his work will be one of the first few ones they would be auctioned next month. Pak became an instant sensation in the NFT market when he became the first crypto artist to earn more than $1 million for his work last December.
However, the recent sale of the most expensive NFT by Beeple for $69.25 million last week has thwarted all the records of Pak. When quizzed about how he feels, in a recent interview, Pak expressed his delight that the NFT space is growing, and he believes that the world at large has started to appreciate the genius works of the space.
Sotheby has been a long-time admirer of PAK
According to Stewart, the audition set to host next month will feature PAK works alone, as it will allow many NFT creatives to showcase their works. The Executive promises that the event will be packed with many surprises for many of the audience and creatives who will be auctioning their work. When quizzed about PAK’s anonymity, Stewart confirmed that his organization does not have a problem with the artist’s decision to be anonymous. Pak is a well-known artist who has spent the last 25 years creating artworks of variant forms.
The anonymous individual is the founder and lead designer of Archillect and Undream studios, both of which are world-renowned art-themed platforms. In his interview, Stewart confirmed that while the build-up to the event is exciting, Sotheby will likely not be a household name like Christies, as their involvement in auctioning NFTs will be occasional. However, the Executive confirmed that this would not be the only time they will be that they would be auctioning NFTs.