NFT collectors will be able to buy an unlimited amount of this image by the pseudonymous artist Pak ... [+] for $500 at a Sotheby's auction next week. An upcoming multi-day sale at Sotheby’s will only add to his mystique—while simultaneously testing the strength of the frenzied market for non-fungible tokens, or NFTs. Their work has focused on monochromatic geometric shapes, and back in December, Pak was the first artist to sell an NFT for $1 million, an early watershed moment for the market. The success—or failure—of the Pak auction at Sotheby’s will offer collectors and artists a meaningful way to judge whether the craze will continue. At least one of the Pak NFTs is a one-for-one original, meaning, there isn’t another like it.

Source: Forbes April 06, 2021 13:00 UTC