Sotheby Sets a New World Record by Auctioning NFT for $11.8 Million

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It has been a few months since the Sotheby’s auction of the world’s most expensive art piece, The Black Cube by Jean-Michel Basquiat. As a result, the world’s most expensive piece of art has been put up for sale again. The buyer, believed to be a Chinese private collector, is expected to pay $11.8 million for this piece of art, which is more than 10% of the total Sotheby’s auction price.

The Sotheby’s International Realty (NYSE: BID ) is the world’s largest real estate company, offering services in property sales, investment, estate and brokerage. The firm is based in New York City and has other offices throughout the world.

Sotheby’s International Realty (SIRE) has entered into a multiyear agreement with ConsenSys to use the blockchain to improve consignment sales and auction management. The blockchain will be used to record all property consignments, including edits, alterations, joint ownership, and any consignment agreements. SIRE will also use the blockchain to record the status of properties including new and sold properties.

word-image-7881 Sotheby’s, the world’s largest broker of art, jewelry and real estate, has made history by auctioning off the art of the NFT for a record amount. Sotheby’s has successfully sold a rare piece of crypto-punk art. The elite auction house held a virtual auction from June 3 to 10. where 27 unique digital artworks were offered. The cryptopunk artwork, also known as Alien Covid, was sold on a London trading floor for nearly $11.8 million. CryptoPunk was released in June 2017 as one of the first non-functioning tokens on the Ethereum blockchain. These are 24*24 pixel art images created algorithmically. There are nearly 10,000 little 8-bit style punks, and they all have unique characteristics. The Covid Alien artwork that was sold was part of an auction called Natively Digital: At Curated NFT Sale, we saw an alien with blue-green skin and a medical mask. The work was allegedly bought by Israeli entrepreneur Shalom Mekeniz, the main shareholder of a digital sports company. Sotheby’s officials believe this sale is a record for a single cryptocurrency auction. Other NFTs sold at auction were Quantum by Kevin McCoy ($1.5 million) and iNFT by Robert Elis ($500,000).

The NFT is not dead, it is very much alive!

NFT got a big boost in the first quarter of 2021, when its first sale brought in $69.3 million. Sotheby’s first NFT auction also took place in April and sold an artwork called Pak for $16.8 million. Prior to Covid Alien’s $11.8 million sale, NFT was thought to be losing popularity worldwide, with sales falling 90% in the first week of June this year. Moreover, the number of active NFT portfolios also fell by almost 70%, from 12,000 per day to 3,900 per day. Since the study was conducted in the first week of June, it is estimated that the NFT bubble will last only the first four months of 2021 and eventually burst in May. However, the sale of CryptoPunk for 4,520 ETH proves that the NFT segment is here to stay. The NFT collector and former owner of the Alien Covid Sillytuna has also hinted that the money may be used to purchase another work of art. This suggests that interest in NFTs remains strong and will remain so for the foreseeable future.In a world first, Sotheby’s sold 1,000,000 Non-Fungible Tokens (NFTs) in a single auction.. Read more about nft def and let us know what you think.

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