Sotheby’s will offer The Fungible Collection by the digital artist Pak, its first sale of NFT works, over a three-day period from 12 to 14 April 2021, held in collaboration with Sotheby’s and exclusively on the Nifty Gateway platform.
Pak is an anonymous designer who has worked in digital art for more than two decades and is the creator of Archillect, an artificial-intelligence tool built to discover and share visual media. In December 2020, Pak became the first NFT artist to earn one million dollars for their work.
The collection is built on non-fungible tokens, unique digital assets that record verifiable ownership of an artwork. At its core are the Open Editions, a set of NFTs that can be bought in unlimited quantity during the sale, a structure the artist uses to question the relationship between scarcity and value.
The first component, Fungible Open Editions, goes on sale at 1PM ET on 12 April with a starting price of 500 dollars per cube. Collectors may buy as many cubes as they wish, and the number owned determines the NFTs delivered, ranging from “A Cube” for a single purchase up to “ Thousand Cubes”. A buyer of six cubes, for example, receives two NFTs, “ Five Cubes” and “A Cube”. In the days before the sale, Pak will reveal six further works, including “one-of-one” NFTs.
Nifty Gateway, founded by Duncan and Griffin Cock Foster in 2018 and acquired by Gemini in 2019, said it had sold more than 100 million dollars of digital art since beginning operations in March 2020.
(Press Release)
