Sotheby’s to auction first-ever minted NFT in June

  • Recently, auction houses have been warming up to the concept of crypto
  • Earlier this week, Sotheby’s had said that it would accept bitcoin and ethereum as payment for Banksy’s iconic artwork Love is in the Air

Leading broker of fine and decorative art as well as collectibles, Sotheby’s, has said that it will sell the world’s first non-fungible token (NFT) — Quantum — in an online auction during 3-10 June.

Apart from the first-ever NFT, the digital media auction titled, Natively Digital: A Curated NFT Sale, will showcase both commissioned and existing NFTs from a variety of digital artists.

Sotheby’s has so far listed three NFTs that will be put up for sale, including CryptoPunk #7523, which was created in 2017 by artist studio Larva Labs and The Shell Record, created by artist and researcher Anna Ridler. The auction house will add to the collections in the coming weeks. The items on sale will have a base price of $100.

“Together, the sale demonstrates the breadth of mediums, creativity, and artistic expression made possible by NFTs,” the auction house said.

Universally regarded as the first NFT ever created, Quantum is timestamped 05-03-2014 09:27:34. According to the company’s website, in 2014, during a Rhizome conference, McCoy created what he and his collaborator, Anil Dash, called at the time ‘monetized graphics’ – or monegraphs — by codifying provenance into an original digital work using blockchain technology.

“Quantum was the first work minted in this way. Reflecting the immutability of the blockchain timestamp, Quantum offers an unrivalled opportunity to acquire the very genesis of the NFT space. Generatively built entirely by code, Quantum prefigures the explosion of digital creativity through NFTs and will be available as the seminal work in Digitally Native,” it added.

Natively Digital will feature NFTs across six categories: early NFTs, digital pop/futurists, generative, conceptual, and emerging NFT artists, and community elected. A portion of the sale proceeds will go to the Mint Fund and Sevens Foundation, to help artists from across the world join this new paradigm.

Recently, auction houses have been warming up to the concept of crypto. Earlier this week, Sotheby’s had said that it would accept bitcoin and ethereum as payment for Banksy’s iconic artwork Love is in the Air.

Moreover, digital artist Michael Joseph Winkelmann, who is professionally known as Beeple, in March had sold a piece called “Everydays: the First 5,000 Days” at auction house Christie’s for nearly $70 million by using an NFT.

A non-fungible token (NFT) is a cryptographic token that represents something unique and has an individual characteristic that set them apart. Owning an NFT is like owning a one-of-a-kind work of art or a collectible antique. NFTs are unique tokens or digital assets that generate value because of their uniqueness.

PUBLISHED BY– livemint

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