The creation and sale of non-exchangeable tokens, or NFTs, has become a revolution that is increasingly difficult to ignore. On March 16, Sotheby’s, the British-American auction house, announced that it would also enter this growing ecosystem by selling only symbolic art from an innovator known as “Buck”.
“We’ve been following NFT Square for a while now, and we’re excited this morning to announce an upcoming sale next month with an artist known as Buck,” Charles Stewart, Sotheby’s CEO, told CNBC on Tuesday. …
Park’s anonymity has led to some controversy over whether they are a single entity or a group of several artists working under the same name. A September 2020 article from The Control indicated that Pak could be an AI software or robot. However, according to Stewart, the artist is no stranger to the digital art world and boasts “decades” of experience.
Although NFTs made their debut in 2017, they have gained great popularity in the cryptocurrency industry over the past year. These tokens are clearly unique and thus can represent individual items of material value. If there are two related origins, then people can exchange with each other without losing faith. For example, making a copy of a document on your computer produces an exact copy of the file data down to the byte. Both the original file and its copy will be interchangeable and therefore interchangeable. In contrast, non-exchangeable stored data is clearly unique and thus scarce. Non-instinctive tokens give each asset a traceable asset, which works just like a signature or certificate of authenticity.
“Needless to say, it’s still too early to talk about the art of coding in general,” Stewart told CNBC when asked how many digital artists Sotheby’s will be hosting. He said, “This is new for all of us, but there is a lot that is very interesting and we think we have persistence.”
Stewart explained that Sotheby’s decided to work on a celebrity on his first dive into the field. This led them to Buck. “We will sell one of the artworks and the so-called open source versions in the world of NFT, where many people can buy tokens for the same work,” he said, pointing to more unspecified “surprises” that will come in the near future. Weeks. …
“I think this is the beginning of what you see often,” he explained. “It has the potential to bypass many of the traditional gatekeepers and control operations in the physical art world.”
NFT has made several headlines in recent months, with some artwork selling for tens of millions of dollars.