Sotheby’s to auction history’s first NFT token
Source: Kevin McCoy
The NFT craze continues to rise, and Sotheby’s will auction the first-ever NFT token online from June 3 to 10 on this wave, “Quantum” from Kevin McCoy, which is bound to be exciting again. A huge wave rises. In the face of a large influx of good and bad works, as the first NFT token, it is undoubtedly one of the most important works in the NFT circle, both in terms of creativity and history. At the same time as the auction, many NFT works will be exhibited. Interested friends can go to Sotheby’s official website to view these works of art born in the new era.
Fifty-three digital artworks (NFTs), including “Bored Ape Yacht Club #8817” by Yuga Labs, will be auctioned at Sotheby’s Metaverse’s Native Digital 1.2 auction. As of 11 a.m. Thursday, the top bid for the work was $2.8 million. PHOTO CREDIT: SOTHEBY’S METAVERSE – YUGA LABS
Sotheby’s, the world’s largest art and luxury auction house, joined VCs including Future Perfect Ventures, Creative Artists Agency and NEA-owned Connect Ventures in a total sale to Delaware-based NFT studio Mojito. $20 million seed round, betting on the world of digital art.
The investment values Mojito at $100 million, and Future Perfect partner Jalak Jobanputra will join its board, according to a statement. Mojito plans to use the newly raised funds to grow its engineering team to continue building the Mojito platform and forge additional partnerships to launch brand-specific digital artwork (NFT) marketplaces that operate differently from today’s standards Amazon and ebay type of e-commerce platform.
As digital art continues to gain momentum, more and more traditional art dealers and collectors are beginning to incorporate NFTs into their operations. But Sotheby’s is taking its relationship with digital art a step further by investing in a cryptocurrency company, signaling its bullishness on the success and popularity of NFTs and other crypto assets as true market commodities.
Sotheby’s CEO Charles F. Stewart said: “We believe that blockchain can be used in the future to expand the scope of ownership of digital assets. There is huge interest and interest in NFTs. Most of our existing Clients and collectors are talking about these art categories, but we are also reaching out to a large new audience who are very concerned about this category. Sotheby’s is on a mission to promote access to and ownership of great art and luxury, so attention and It makes sense to develop this field.”
The century-old art auction house Sotheby’s said in its 2021 annual report that the total auction turnover in 2021 will reach 7.3 billion US dollars (about RMB 45.8 billion). It has set a historical record for more than two hundred years, and the auction turnover of NFT collectibles has reached as high as 100 million US dollars .
Although it is not much compared to the total turnover of 100 million US dollars, it is important to know that Sotheby’s first NFT auction started in April last year .
In addition, Sotheby’s said in the report that the launch of “Sotheby’s Metaverse” also attracted a lot of audiences. More than 78% of NFT bidders came to Sotheby’s for the first time, and more than half were under 40 . What did Sotheby’s do right by letting so many “young and promising” rich people participate in the auction?
Today, let us take stock of the story behind Sotheby’s “century-old brand” and its NFT auction road.
Sotheby’s Transformation under the Epidemic
Founded in 1744, Sotheby’s is a world-renowned art auction house and the first international auction house to enter the Chinese mainland market . At first, it mainly auctioned ancient books and books, and gradually expanded to jewelry, real estate, art and other categories. , has led the Asian modern and contemporary art market for seven consecutive years.
Affected by the epidemic in 2020, traditional auction houses such as Sotheby’s, which are highly dependent on offline activities, have been suspended. Like other industries, the auction industry has embarked on a road to seek transformation, that is, online auctions.
The first practice was Sotheby’s, which came up with a solution to use webcasting and cross-city auctions. Auctioneers only need to interact with bidders through live broadcasts, and buyers make bids by phone, online, or calligraphy and painting. Unexpectedly, the online bidding channel has been warmly praised and appreciated by customers and bidders, and has caused peers to follow suit .
Not only that, due to the move to online, auction houses have also begun to insert advertisements of various brands such as Bulgari and Samsung in the live broadcast, realizing additional income . In addition, just after the news that the annual turnover hit a record high, according to Bloomberg, the European telecom and media tycoon Patrick Drahi, who bought Sotheby’s for $3.7 billion in 2019, is considering letting Sotheby’s as soon as 2022. Listed in the United States for the third time .
Test the water NFT to open the world of digital art
On March 12 last year, an NFT work by crypto artist Beeple fetched a sky-high price of $69.34 million at Christie’s, making Beeple the highest-priced living artist after Jeff Koons and David Hockney, and made NFT popular overnight. Sweeping the field of art and leaping into the mainstream vision, it has become a hot topic in society .
Tingle Tangle Mingle Mangle, on view at “endearingly absurd” in Los Angeles, 2019
Noah Davis, Art Specialist at Christie’s, said: “Never before at Christie’s has ever auctioned such a large and significant new media artwork, Beeple’s work presents collectors with a unique opportunity to have masterpieces created by leading digital artists using blockchain technology . ”
Misha Kahn presents 15 designs at Nomad (2018)
Karl Lagerfeld Morocco House
On June 30, the inventor of the World Wide Web, Tim Berners-Lee, completed the auction of the source code for the WWW NFT at Sotheby’s for $5.4 million .
Then, in November, 101 NFT works from the collection of the Bored Ape Yacht Club were sold for a record price of $24.4 million at Sotheby’s in the UK, the largest ever transaction in the NFT field. This work is a collection of 10,000 cartoon apes, and it is also one of the top three NFT projects on the Ethereum NFT market OpenSea .
“More and more traditional art buyers are turning to NFTs,” said Michael Bhana, Sotheby’s contemporary art expert. In mid-to-late November, Sotheby’s two-week sale in New York came to an end, with a total sale of more than $2.3 billion. In this auction, in addition to the sky-high prices for artworks, NFT digital art also sold for extraordinary prices, and the auction volume increased significantly .
Ten lots in “Misha Kahn: Furniture Unhinged”
It can be said that the auction of digital artworks such as NFT has since set foot on the ship of the auction house and has become more and more popular.
After Christie’s raised NFT creator Beeple to the top with a $69 million deal, Sotheby’s picked an artist named Pak.
But it is clear that the story of Christie’s and Beeple is almost known on the Internet, and Sotheby’s and Pak seem to have no voice at all.
Unlike the previous Christie’s auction, no one seemed to care about the second NFT auction of the top auction house, and even the news of the completion of the auction was not publicized. You know, Pak’s auction turnover at Sotheby’s exceeded $16 million, which is not a small number.
Why are the same top auction houses and the same crypto artists, the market sentiment is so different?
After Beeple, Pak, the second crypto artist who landed in the world’s top auction house, has not been praised by people. In the eyes of many people, Pak’s works are just simple models preset with C4D (3D modeling software). pieced together.
Indeed, Pak’s works look too simple, unlike Beeple and other artists with diverse elements and rich colors. In the eyes of many people, Pak’s works can be done by anyone and are worthless.
But is it really so? If it’s worthless, why did Pak become the first crypto artist with a total turnover of over $1 million? Why did the world’s top auction houses choose his works?
On April 12th, Pak’s work was officially unveiled at Sotheby’s, the world’s top auction house, and sure enough, once his work was announced, it brought him to the forefront.
This isn’t the first time that Pak’s work has been questioned.
In fact, Pak’s recent releases have been controversial, with some saying he was perfunctory, while others said his work was conceptually unparalleled.
Small cubes auctioned at Sotheby’s
Let’s take a look at what works he has prepared for Sotheby’s auctions.
The first is the Open Editions work Fungible.
Yes, a small cube, the price will change over time, from $500 on the first day to $1500 on the third day.
However, on this basis, Pak adds a gameplay that has never been seen before. Users buy different numbers of small cubes, and they will get corresponding special forms of NFT. There are 8 special forms, and the corresponding number of blocks is 1 block, 5 Blocks, 10 blocks, 20 blocks, 50 blocks, 100 blocks, 500 blocks and 1000 blocks.
Storage for Light, Emotions, and Transient Thoughts
a glass and aluminum sculpture that outlines abstract shapes in its bunker
For example, a user who buys one block will receive an NFT consisting of one block; a user who buys six blocks will receive two NFTs, one consisting of one block and the other consisting of five blocks Composition; users who purchase twenty-six blocks will receive three NFTs, one made of one block, one made of five blocks, and one made of twenty blocks.
Check out the limited edition works.
“Complexity”, limited to 100 pieces, will be given to the 100 users who purchased the largest number of small cubes in the open version;
“The Cube”, limited to 1 piece, will be given to the user who purchased the most number of small cubes in the open version;
Equilibrium, limited to 4 pieces, will be given away through 4 mini-games:
The first will go to the user who solves the riddle Pak tweeted;
Mutant Ape Yacht Club
The second piece will be given to the user who bought Pak’s works in the primary market and sold the highest price in the secondary market;
The third will go to the user who posted the content under the #PakWasHere hashtag on social media and received the most views;
The fourth will go to the user with the most accurate estimate of total sales before the auction starts on April 12.
“The Builder”, limited to 30 pieces, will be given to 30 artists, ecological founders, and creators who paved the way for Pak and other NFT artists. The recipients will be decided by Pak.
Finally, there are two exclusive works that participated in the auction.
“The Switch,” starting at $1.
“The Switch” is an interactive programming artwork. From the outside, this work is interspersed with two hollowed-out cuboids. According to reports, it symbolizes the evolution of artworks in the digital field. The possession of this NFT The user can use it and have some kind of irreversible effect, which has not been disclosed.
Launched the Metaverse platform to build an ecosystem
On October 15th, Sotheby’s launched its own NFT trading platform, which will allow visitors to view digital artworks in auctions and learn about the collectors and artists behind NFTs, and also allow individuals to use ETH , BTC , USDC Or buy NFTs with fiat currency , a platform carefully curated by Sotheby’s.
“Trash from the sea”, 2017
Installation view of Misha Kahn at Friedman Benda/New York
In addition, a special page “Sotheby’s Metaverse” was launched on the official website, indicating that a new industry ecosystem will be built around “Sotheby’s Metaverse” , and Sotheby’s will be able to participate in some important NFT industry activities in the future. Won the C position in China, and has the ability to include dynamic auctions and casting works of art.
Regarding the layout of NFTs and the Metaverse, Sebastian Fahey, Managing Director of Sotheby’s Europe, said that NFTs are currently one of the most basic and exciting market innovations , although Sotheby’s has only scratched the surface of NFTs. But the future will push Sotheby’s to apply expertise and curation to the emerging art world of digital natives.
The transformation of NFT value from hype to implementation
Sotheby’s layout of NFT is expected. After all, since the beginning of last year, the NFT wind has been blowing at home and abroad, Facebook, Nvidia, Tencent, ByteDance and other domestic and foreign manufacturers, as well as basketball player LaMelo Ball, famous singer Celebrities such as Lin Junjie are gradually participating .
At the same time, NFT is constantly breaking through the circles of art, film, and entertainment. For example, recently Wong Kar-wai cast unpublished clips from the first day of the movie “In the Mood for Love” into NFT, and SM, the “giant” of the Korean idol industry, announced its entry into NFT.
In addition, the outbreak of the concept of chain games and metaverse has further contributed to the fuel, making NFT gradually become an important circulating commodity and payment method. Taking Decentraland as an example , each land in the game corresponds to an NFT, and the owner of each NFT represents that he owns it. ownership of this land.
“Decentraland” is an open virtual world, similar to games like “The Sims” or “Second Life”
From the beginning of the year to the present, NFTs have also become more and more mature in the hype, and recently even considered as an important building block for the construction of Web3 and the Metaverse .
According to statistics, the total weekly transaction volume of NFT for the three major brands Nike, Adidas and Pepsi has exceeded 200 million US dollars, and the online auction volume of artworks is also rising steadily, and the market value has reached about 10.3 billion US dollars so far .
Image source: nftgo
Recently, director Wong Kar-wai realized the popularity of NFTs by making a 91-second video, an unpublished clip from the movie In the Mood for Love (2000). It will be auctioned as an NFT on October 9th, which is also the first Asian movie NFT to be offered at the auction.
Following Jay Chou’s collaboration with Sotheby’s earlier this year, the film director will be at the center of a second major sale on Oct. 10.
“If I have an extra ticket, will you go with me?”
But despite this, for many ordinary people, it should be noted that the risk of buying NFTs is still very high . It is very likely that some works will be smashed in their hands after they are bought, and they need to be treated rationally.
Taking auction houses as an example, although many auction house experts understand art, they have limited understanding of the blockchain and crypto markets. We must not only have the courage to try, but also be patient enough to wait .
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