• Tue. Oct 26th, 2021

Love is in the Air by Banksy sold for 13 million dollars in the first auction also in cryptocurrencies


May 13, 2021

That art is biting into the great adventure of NFTs, tokens encrypted and authenticated through blockchain technology that allow the buyer to be sure of being the owner of a digital asset, specifically created or derived from a physical work, it is not an absolute novelty. But a few hours ago a work by Bansky, Love is in the Air, valued between 3 and 5 million dollars, was auctioned at Sotheby’s in New York for 13 million dollars and, for the first time , it was also possible to make raises in cryptocurrency. Even though offers and counter offers came mostly in dollars and over the phone, the old fashioned way. In early March, auction house Christie’s sold Everydays: The First 5000 Days by digital artist Beeple for $ 69.3 million, a work that exists only in JPEG format. By return of post, Sotheby’s went further, with the auction / performance of Pak, an anonymous digital artist. The Fungible Collection was held from 12 to 14 April last and marked Sotheby’s entry into the NFT world. The sale, on the Nifty Gateway online marketplace, raised a total of 16.8 million dollars, and played, unlike traditional auctions, not on the uniqueness and numbering of the object (physical or virtual) to be awarded but on the possibility to buy them endlessly. “Cubes” (animated cubes created by Pak) were offered for sale in unlimited quantities, embracing the artist’s idea of ​​questioning the notions of value and rarity of the work of art. Over 3,000 collectors have bought at least one cube, and a total of 23,598 have been purchased.Christie’s is preparing, in response, to CryptoPunks, auctioned on May 13 in the “21st Century evening sale”, with a base of 9 million dollars for the 9 rarest and most famous cryptopunks. The Cryptopunk project consists of ten thousand pixelart portraits with a punk aesthetic and spirit considered the first NFTs in history. Christie’s announced the auction with an article on its website, launching the challenge to collectors: “Can a few lines of code translate into a real feeling of ownership?” Evidently yes, given that just over a month ago Cryptopunk # 7804 sold for over $ 7 million, while the collection boasts an overall market of $ 280 million, but NFT auctions also integrate with the goods market. physical. This is the case of Lykan HyperSport, the four-wheeled star of Fast and Furious 7, a Lebanese supercar produced in 10 copies for the film. The one at auction these days is the only one who survived the shooting. The offers (also in cryptocurrency), which will close on May 14, started at 100 thousand dollars (at the moment on the virtual auction site RubiX they have reached 525 thousand dollars) and the winner will win not only the car, but also a video exclusive and a high definition rendering, unique and guaranteed through NFT. In practice, both real and virtual ownership of the supercar.