NFT Frenzy Shows Staying Power With $16.8 Million Sotheby’s Sale

Bloomberg - In an NFT auction that was devoid of drama until its final hour, two artworks by the anonymous digital artist Pak sold for $2.8 million on Wednesday on the online marketplace Nifty Gateway. The works were part of a multifaceted sale in partnership with the auction house Sotheby’s, which drew $16.8 million in total.

NFTs, or non-fungible tokens, are commonly described as smart contracts and are built on blockchain technology to serve as a digital form of authentication. A digital artwork can be replicated an infinite number of times; an NFT attached to one means there’s an official version, and everything else is a copy.