The renowned auction house, Sotheby’s, presented a collection of 500 unique pieces of digital art called “generative art,” crafted by the artist Vera Molnár. The artwork was sold for an impressive $1.2 million.
The digital art sold in the auction was made unique through a process called “minting,” which prevented any copies from being made.
After the auction, the owners had the option to resell their digital art pieces in a secondary market. In just a few hours, the total value of these resales reached 400 ether, approximately $754,000 in real money.
This success is notable because it occurred during a time when sales of digital art known as NFTs were slowing down. Sotheby’s has proven its strength in the digital art market, including the sale of other digital works, like a collection previously owned by Three Arrows Capital, a hedge fund.
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The unique nature of digital art and its secondary market value showcased Sotheby’s prowess in the digital art world, even during a period when NFT sales were declining.
