Sotheby’s NFT Auction With Artist Pak and Nifty Gateway Brings In $16.8M

Sotheby’s first non-fungible token (NFT) sale of works by pseudonymous artist Pak fetched $16.8 million over a three-day drop.

Sotheby’s, established in 1744 in London, sold “The Fungible” collection by Pak on Nifty Gateway between April 12–14, allowing collectors to bid for limited-edition NFTs minted on the Ethereum blockchain.

The lofty $16.8 million sum is a far cry from the stunning $69.3 million that Beeple fetched at a Christie’s auction on March 11. Still, the Pak sale shows there appears to be some appetite left at the high end of the NFT market.

Notable pieces in the Pak collection included “The Pixel,” an NFT consisting of a single pixel that sold for $1.36 million

Another piece, dubbed “The Switch,” is scheduled to change form at a specific point in time only known to the artist. The piece sold for $1.44 million.

Sotheby’s reports there were 3,080 buyers of nearly 24,000 “Open Edition” cube units, raising $14 million.

“I believe we have placed a huge milestone for digital creatives,” Pak said in an emailed statement. “This drop validates many things. And finally, a single pixel that will hopefully have a charming page in future’s history.”

Read more: NFT Frenzy Shows Signs of Cooling but Don’t Call It a Market Crash

NFTs have become a craze, with millions of dollars being spent on anything from digital basketball cards to rare or desirable digital artworks.

Law firm Seward & Kissel advised Sotheby’s on the sale of Pak’s artwork, managing agreements with the artist and Nifty Gateway.