The First Art Newspaper on the Net   Established in 1996 Monday, August 2, 2021


Sotheby's sells first NFT that sparked a craze
An NFT titled 'Quantum' by Kevin McCoy is on display during a press preview of the upcoming Natively Digital: A Curated NFT Sale at Sotheby's on June 04, 2021 in New York City. 2 Cindy Ord/Getty Images/AFP.



NEW YORK, NY (AFP).- The first non-fungible token (NFT) ever created, the origin of a craze that is sweeping the art market, has gone on sale at Sotheby's.

"Quantum" is an octagon-shaped animation by New York artist Kevin McCoy.

It became the first work to be associated with a NFT-type certificate of ownership in May 2014, three years before the term NFT was coined.

An NFT is a digital object such as a drawing, animation, piece of music, photo, or video with a certificate of authenticity created by blockchain technology. It cannot be forged or otherwise manipulated.

Sotheby's has no pre-sale estimate for "Quantum", which had already reached $140,000 on Friday, a day after it went on sale. The sale ends on June 10.

"In 10 years looking back, if in fact these are to grow, this piece can represent and symbolize the start of something that is quite revolutionary and very impactful," said Max Moore, vice president of contemporary art at Sotheby's in New York.

NFT exchanges happen in cryptocurrencies such as Bitcoin on specialist sites. Traditional auction houses are seeking to capitalize on the new phenomenon.

"I fell in love with Bitcoin in early 2013 and just got really interested in that world," said McCoy, a 54-year-old multimedia artist.




He is a pioneer of NFTs that currently generate several hundred million dollars in transactions every month.

McCoy even helped design his own platform for the exchange of certified digital objects: Monograph, which is no longer active.

"There was a lot of misunderstanding at the time," McCoy recalled, saying the mainstream art world struggled to understand the cryptocurrency world, which had itself had little appreciation of art.

He says the craze is only just beginning, but refuses to consider how huge it may become.

"The Sotheby's thing is... a big test to see what happens as far as that goes. Honestly, I don't have any expectations," McCoy added.

The NFT boom is being fueled by early investors in cryptocurrencies who became millionaires.

In March, Christie's sold an NFT for $69.3 million.

Sotheby's held its first NFT auction in April. During the "Quantum" sale it is also selling a virtual character called Alice who will be able to interact with her future owner using artificial intelligence.


© Agence France-Presse










Today's News

June 5, 2021

Far from Paris, the Pompidou plans an outpost in Jersey City

The Georgia Museum of Art book wins national award

Takashi Murakami helps present art fair's 'Super-Rough' in SoHo

Two immersive sculpture installations by Leonardo Drew on view at the Wadsworth

Sotheby's sells first NFT that sparked a craze

The Morgan Library & Museum acquires Ashley Bryan's 'Sail Away'

The Met announces gift from the Diamonstein-Spielvogel Foundation to support five fellowships

'Maritime Masterpieces': The salty sea air of harbour life across six centuries

David Zwirner now representing Portia Zvavahera

Pace opens concurrent exhibitions of JR's work in London and New York

Exhibition at Eye Filmmuseum marks 50 years of International Film Festival Rotterdam

The Indian who took the Beatles home for tea

Art Gallery of New South Wales announces winners of Archibald, Wynne, and Sulman prizes

Charleston presents a new series of work by Lisa Brice

Two artist films reveal the dreams, concerns and activism of young Londoners

Mauritshuis The Hague reopens its doors to the public 5 June with 'Fleeting' exhibition

Fondation Henri Cartier-Bresson opens an exhibition of works by Eugène Atget

Saatchi Yates open a solo show of new paintings by Tesfaye Urgessa

Select Design auction features 11 works by George Nakashima

Patricia Leite presents new paintings inspired by São Paulo's landscapes at Thomas Dane Gallery

Solo exhibition of new paintings by Simon English opens at Cooke Latham Gallery

A choreographer finds his way, getting lost in the stars

It's outside, but Shakespeare in the Park still plans social distancing

Fotografiska Stockholm opens the most extensive exhibition of work ever shown by artist Frank Ockenfels

'Big Crown' Rolex Submariner hits $125K to rule Heritage Auctions' timepieces event

Modern & Contemporary Art auction achieves $3.8 million at Heritage Auctions

Top 5 Places to Visit in Dubai




Museums, Exhibits, Artists, Milestones, Digital Art, Architecture, Photography,
Photographers, Special Photos, Special Reports, Featured Stories, Auctions, Art Fairs,
Anecdotes, Art Quiz, Education, Mythology, 3D Images, Last Week, .

 



Founder:
Ignacio Villarreal
(1941 - 2019)
Editor & Publisher: Jose Villarreal
Art Director: Juan José Sepúlveda Ramírez

sa gaming free credit

Royalville Communications, Inc
produces:

ignaciovillarreal.org avemariasound.org juncodelavega.com facundocabral-elfinal.org
Founder's Site. The most varied versions
of this beautiful prayer.
Hommage
to a Mexican poet.
Hommage
       

The First Art Newspaper on the Net. The Best Versions Of Ave Maria Song Junco de la Vega Site Ignacio Villarreal Site
Tell a Friend
Dear User, please complete the form below in order to recommend the Artdaily newsletter to someone you know.
Please complete all fields marked *.
Sending Mail
Sending Successful