Auction house Phillips sells its first NFT for $4.1 million
Art in the form of nonfungible tokens (NFTs) is gaining recognition globally. Several auction houses are now displaying and selling them to their customers. Phillips is the latest auction house to sell an NFT, joining the likes of Christie’s and Sotheby’s as early adopters in the industry.
Auction house Phillips enters the crypto space
Auction house Phillips announced that it had sold its first NFT. The leading auction house revealed that it sold the NFT for $4.1 million, joining the likes of Christie’s in venturing into the digital art space.The NFT, titled “REPLICATOR,” was minted by digital artist Michah Dowbak, popularly known as Mad Dog Jones. The artist, in a blog post, said, “REPLICATOR is the story of a machine through time. It is a reflection on forms of past groundbreaking innovation and serves as a metaphor for modern technology’s continuum. I’m interested to see how collectors will respond as the work evolves and the NFTs in their possession continue to create new generations.”
In fact, this NFT is unique because it is different from previous versions auctioned in the past. That is, REPLICATOR is a digital image of a photocopier located in a downtown Los Angeles office space. The piece depicts the photocopier as a once-cutting-edge technology that is now slowly becoming obsolete.
In the statement, Phillips explained that “Dowbak utilizes the mechanics of the smart contract imbedded in the NFT to create a self-generating Genesis piece which will continue to create new, discrete NFTs over the course of approximately one year.”
Thus, the image tells a story of Dowbak’s complex narrative that combines medium, form and function. He achieved this through the use of the recent technological innovation of the Nonfungible Token or NFT, Phillips added.
The REPLICATOR, which sold for $4.1 million, was developed using a custom smart contract on the Ethereum blockchain built under the ERC-721 standard. The digital art is poised to create new and unique NFTs over the coming year.
NFTs gaining popularity amongst auction houses
Auction houses were previously known for auctioning and selling traditional forms of art. However, the narrative is changing. More of them are now displaying and selling NFTs. In particular, Christie’s set the dice rolling after selling the Beeple NFT for roughly $70 million.The auction house is also set to display nine CryptoPunk NFTs in its 1st Century Evening Sale this May in New York. As well, Sotheby’s recently sold an NFT for $17 million.
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