Sotheby’s is going to host a new auction featuring generative art in the form of non-fungible tokens (NFTs). The upcoming auction — which is set to occur between April 18-24 — will include artworks covering the broad history of generative art, starting in the 1960s through present day, the auction house said in an announcement.
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The sale will particularly feature works from three "historically important" pioneering digital artists: Vera Molnar, Chuck Csuri and Roman Verostko. Other generative artists, including contemporary ones, will also be featured in the auction. The auction house will also accept cryptocurrencies as a payment method for the NFTs minted on the Ethereum blockchain.
For Sotheby's, NFT sales are quite profitable ones given that the auction house made $100 million from NFTs in 2021. The British auction house particularly made a whopping $24.4 million from selling a bundle of NFTs Bored Ape Yacht Club. It also said its NFT marketplace called Sotheby's Metaverse brought new audience with 78% of NFT bidders at auction being new to Sotheby's.
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