Tuesday, January 18

Thousands of investors buy Pak’s work divided into NFT for $ 92 million


Fragmentation of artwork in NFT enabled Pak to make the largest sale ever for a piece of artwork by a living artist. Pak raised nearly $ 92 million from thousands of collectors / investors, who joined in the sell-off of his work NFT Merge”. The artwork was broken up into thousands of parts, which were put up for sale as shares through the Nifty Gateway platform. It was the first sale under this new model of fragmented art in non-fungible tokens for Nifty Gateway.

Pak and the value of fragmented art as NFT

In total, the artwork “Merge” It was divided into 295,417 parts, which were purchased by 28,938 collectors, who contributed 91.8 million dollars for the work. Every part of Merge” It was negotiated between $ 299, which was the initial price for each part of the work, up to $ 575.

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The sale was made from Thursday 2 to Saturday 4 December, so in just 48 hours Pak managed to raise this extraordinary figure. With this sale, this anonymous crypto artist broke the sales record set by sculptor and entrepreneur Jeff Koons in 2019, who auctioned his sculpture Rabbit for $ 91.1 million at Christie’s in New York.

Merge

Pak said through his Twitter account that “Merge” is a unique artwork spread across many tokens, making it clear that it is not a collection of digital artwork. Pak compared this new model of fragmented art to a book, noting that just as a book can have many pages, a work of art can also have many parts.

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Mass and fusion

“Merge” It is one of Pak’s most complex works of art. Nifty Gateway explained that the parts that make up the work are called “mass”. Collectors and interested parties were able to purchase as many units of mass as they wanted during the 48 hours that the sale lasted. Additionally, the 5 and 100 largest mass accumulators received a special edition NFT. Also, 50 randomly selected collectors will receive a special NFT. The highest ranked collector will receive a class NFT Alpha.

During the sale, the NFT platform showed an anonymous classification table, showing the amount of mass acquired by collectors, without revealing their names. The market also explained that collectors can increase their mass from secondary markets; merging your new acquisitions with those you already have.

The global NFT cryptocurrency market moved $ 26.9 billion in 2021

Particle

The idea of ​​fragmenting works of art through NFTs is also used by the blockchain Particle community museum. It is a community-focused proposal that allows fragmenting the ownership of high-value works of art for distribution in NFTs.

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