The digital artist known only as Pak has reportedly sold a single pixel as a part of a collection of non-fungible tokens (NFT) for a total of $1.4 million; the entire collection sold for $17 million.
The Wall Street Journal reports that a single pixel was sold as part of an NFT art collection by the digital artist Pak, known only as @MuratPak on Twitter, for around $1.4 million worth of Ethereum cryptocurrency. The auction was facilitated by the famed auction house Sotheby’s.
The entire collection of NFT art sold for an estimated $17 million worth of Ether. The piece titled “The Pixel” has been singled out as the most interesting as it was simply an image of a single grey block. Three bidders reportedly spent about an hour fighting for the chance to own the NFT.
The sale would appear to indicate that the NFT art craze has not yet died down despite average values for the art pieces dropping over the last month. The trend saw a huge surge in popularity earlier this year, with the digital artist Beeple selling a collection of art for $69 million.
But since then, NFT prices have crashed by almost 70 percent according to a recent report by NonFungible.com.
When examined with a wider scope, NFT tokens still made huge gains this year, surging by almost ten times their value in just six months, according to NonFungible’s analysis. Whether the current prices represent a dip or a steady decline remains to be seen.
However, NonFungible concluded in its report: “The trend seems more to show a stabilization on a high plateau following a speculative peak.”
Cubes (FOE)➡️ NFTs
"Thousand Cubes" (3)
"Five Hundred Cubes" (4)
"Hundred Cubes" (34)
"Fifty Cubes" (38)
"Twenty Cubes" (120)
"Ten Cubes" (247)
"Five Cubes" (569)
"A Cube" (5135)
26 Cubes and above is in top 100.
Top 100 will receive "Complexity". pic.twitter.com/e3Xvw0cHVn
— Pak (@muratpak) April 16, 2021
Sotheby’s broke one of its own rules as part of the auction, selling an “open edition” during this week’s sale of Pak’s artwork. This meant that an endless supply of a single artwork could be sold during a predetermined time slot. Almost 20,000 “Cubes” sold for $500 per piece within 15 minutes.
Lucas Nolan is a reporter for Breitbart News covering issues of free speech and online censorship. Follow him on Twitter @LucasNolan or contact via secure email at the address firstname.lastname@example.org