July 24, 2021

Sotheby’s auction house is getting into the NFT game

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The creation and sale of nonfungible tokens, or NFTs, has become a revolution that is increasingly difficult to ignore. On March 16, British-American auction house Sotheby’s announced that they too would be entering this burgeoning ecosystem with the sale of tokenized art by a creator known only as “Pak.”

“We’ve been following the NFT space for some time and we’re excited this morning to be announcing an upcoming sale next month with an artist who is known as Pak,” Charles Stewart, the CEO of Sotheby’s, said on Tuesday during an interview with CNBC.

Pak’s anonymity has led to some discourse over whether they are a single entity, or a collective of multiple artists all operating under a single mononym. A September 2020 article from The Control noted that Pak might even be an artificial intelligence program or bot. Whatever the case, the artist is no stranger to the digital art space, boasting “decades” of experience according to Stewart.

Though NFTs first appeared in 2017, they have gained significant traction in the cryptocurrency industry over the past year. These tokens are provably unique, and therefore capable of representing individual items of tangible value.Title: Sotheby’s auction house is getting into the NFT game
Sourced From: cointelegraph.com/news/sotheby-s-auction-house-is-getting-into-the-nft-game
Published Date: Tue, 16 Mar 2021 17:18:34 +0000