Pixel

Crypto-artist Pak’s single grey pixel NFT sold for $1.36 million

ArtReview News 15 April 2021

Pak, The Pixel, 2021. Courtesy the artist and Sotheby’s

The online sale at Sotheby’s accrued a total of $16.8 million

A Sotheby’s sale of non-fungible tokens (NFTs) by the crypto-artist Pak brought in $16.8 million, including a single pixel artwork which went for $1.36 million.

The sale, titled ‘The Fungible Collection’ – hosted by the NFT platform Niftygateway – took on a non-traditional structure. It included digital cubes which collectors could purchase for $500-$1500 each, receiving a selection of NFTs depending on their number of cubes.

[…]

An NFT titled The Pixel – consisting of a single grey pixel – was auctioned for $1.36 milion, after triggering a 90-minute bidding war. Buyer Eric Young tweeted: ‘The Pixel occupied a great deal of my mind the past few days. How will history reflect on this time? How will this piece be remembered? How will I be remembered?’

Max Moore, contemporary art specialist at Sotheby’s, told Reuters: ‘These new crypto investors have a very different aesthetic and a very different taste profile than a traditional collector would and so it’s important to provide a mix and a range of collectibles at Sotheby’s to attract a wide variety of audience.’

‘The emergence of NFTs is a tale of late capitalism,’ J.J. Charlesworth wrote recently for ArtReview, in an exploration of the artworld’s love-hate relationship with non-fungible tokens: cryptocurrency, NFTs and visual art have suddenly converged at a moment when wages are dead, in an age when ‘there is no reason for most people to save for a future that seems utterly without promise’.

Read more @ ArtReview

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