Sotheby's, the famed auction house headquartered in New York City, plans to make its first-ever sale of a non-fungible token (NFT) next month. An NFT is a one-of-a-kind digital asset that exists on a blockchain and can be anything from a work of fine art to a popular tweet.
In this case, the token is a piece of digital art from the anonymous artist known simply as "Pak," who is recognized for exploring concepts of value and ownership in past works.
"This is something we've been considering for some time," Charles Stewart, CEO of Sotheby's, told Cheddar. "First of all, NFTs have come into our collective consciousness over the last several weeks, but really they've been around for years, and certainly digital art and digital artists have been around for even longer than NFTs."
Sotheby's announcement came just days after British auction house Christie's sold a piece by digital artist Beeple for nearly $70 million — the highest-profile sale of an NFT yet. (Sotheby's is owned by Patrick Drahi who is also the Chairman of Cheddar's parent company Altice USA.)
Stewart said NFTs present an opportunity for the auction house to engage a new audience with a new digital aesthetic that was born and bred online. "It's really been impressive and fascinating to observe just how engaged and focused and large this community is," he said.
He added that the trend is a sign that "digital native art" is finally getting its due.
As others have noted, the NFT craze tracks closely with the ballooning value of cryptocurrencies such as Bitcoin, which Stewart said is "part of what makes this really interesting." He noted that the future of NFTs is likely tied to the growth of cryptocurrencies.
The embrace of NFTs could also signal a new willingness to buy and own non-physical works, Stewart explained, which presents a challenge and an opportunity to Sotheby's.
"This NFT platform or concept has the potential to be disruptive and potentially to bypass a lot of the traditional gatekeepers and vetting processes," he said.
In some cases, he added, NFTs could be used to prove the "ownership and provenance" of physical artworks as well.
Where will these newly purchased digital artworks be displayed?
Stewart said the transition to digital will increasingly make buyers more comfortable owning something in "purely digital form." He noted, however, that questions remain over what it means to own a token for a work that may already be widely available online.
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