NFT Art by Pak Nears $100 Million in Massive Sale: 259,000 'Shares' Sold, Full Details of 'The Merge'

NFT Art by Pak Nears $100 Million in Massive Sale: 259,000 'Shares' Sold, Full Details of 'The Merge'
Digital artist, Pak, recently sold 266,445 NFT shares for $91.8 million on Nifty Gateway, for his NFT art, The Merge. The selling made Pak’s NFT art more expensive than Jeff Koons. Nearly 30,000 people purchased the NFT artwork, which can be combined into one NFT art. Photo : Cindy Ord/ Getty Images

Digital Artist Pak, launched NFT artwork The Merge. 

The new digit collection sold 266,445 NFT shares for $91.8 million on Nifty Gateway.

The selling made Pak's NFT art more expensive than Jeff Koons. Nearly 30,000 people purchased pieces off the NFT artwork, which might theoretically be combined into a single NFT.

 

The Merge of Pak NFT Art

According to Art News, Pak became the most valuable living artist after an NFT sale, knocking Jeff Koons off the top spot.

As pwr the report, 28,000 customers bought 266,445 units of a Pak artwork in the $91.8 million sales, which could theoretically be united into a single NFT held by a single buyer worth the eye-popping, multimillion-dollar sum.

As the sale and merge, as Pak called it, is broken down, the complexities get more intricate.

On December 2, bidders were invited to purchase stakes in the work, which may subsequently be combined into a larger "mass."

For those who already possessed Pak's work, the price started at $299. After the sale was opened to the public, the price surged to $575 per share and continued to rise at a rate of $25 every hour until the auction ended.

NFT Art Marketplace: Nifty Gateway

Nifty Gateway offers discounts on volume purchases: buy ten, get one free; buy 1,000, get 300 free.

Until the sale concluded on December 4, sales were tracked on a leaderboard that showed who had collected the most "mass."

Over the next several days, NFTs were created, each worth the entire number of shares purchased by any single customer. The alpha is the NFT with the most "mass," which could increase if its owner purchases more shares from another collector on the secondary market.

Read Also: Making and Selling NFT: How to Start Your Own Collection and Earn Crypto

Another wrinkle is that if any portion is transferred to a buyer alongside other portions, the associated NFTs are destroyed and amassed into the new, larger work, which could potentially increase in value.

According to Artnet, if all 266,445 units are united into one work, the new, single NFT would be more expensive than Jeff Koons' Rabbit (1986), which sold for $91 million at Christie's New York in 2019.

In October, Nifty Gateway made headlines for yet another reason: one enraged bidder sued the platform after being forced to pay $650,000 for Beeple work on a failed offer.

NFT Art Finance

Pak is an artist that enjoys utilizing NFTs to their best capacity.

The artist's "Fungible Open Editions" collection, which was auctioned at Sotheby's in April, likewise played with the idea of transformational accumulation.

A collector purchasing one "Cube" token will receive a cube-like NFT, but if they purchase six "Cubes," they will receive two NFTs, a "5 Cubes" and an "A Cube," both of which are visually distinct.

There were various opportunities to get limited-edition "Cubes," such as tweeting #PakWasHere to as many people as possible.

That initiative brought about $17 million in revenue.

Despite the gimmickry, The Merge cleverly comments on the social dynamics of the NFT environment, where collectivity is valued despite the fierce rivalry.

His current project's elegance and clean, Steve Jobs-like aesthetics demonstrate that the NFT community is developing, with a rising interest in conceptual work.

 

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