The NFT platform, Nifty Gateway, just had a sale that (technically) made Pak the most expensive living artist. The event focused on a new, well-titled artwork, Merge, and saw 28,983 collectors spend US $ 91,806,519 to purchase 312,686 total units of what is known as “mass”.
The two-day event introduced an unusual buying structure to the art world, in that customers could unlock an exclusive NFT that spanned multiple works as new units were added. What?
To break it down: Selling allowed potential customers to buy “stakes” that could be stored in a larger “mass” towards the end. The base price for each started at $ 299 for pre-existing buyers who owned works by Pak, then started at $ 575 when the event opened to the public, and an additional $ 25 per hour until the end of the sale.
Much like a holiday shopping event, Nifty Gateway offered bulk packages – where every ten shares purchased got you an extra free stake – while the others, say, 1,000 units got you an extra 300, and and so on.
The collector with the more mass can also buy or trade existing stocks in the secondary market, creating higher value for their NFT. In total, if the 266,445 units are theoretically combined into a single work of art, it would cost more than that of Jeff Koons. Rabbit (1986), who set the auction record for a work sold publicly by a living American artist in 2019 for US $ 91 million.
“This will be the first time, ever, that such an achievement has been made,” the artist said in a statement, adding “and not by a third-party auction house, but by a Web3 technology company.” Check out Nifty Gateway to learn more about their event listing.
Elsewhere, the Noguchi Museum has worked with objects of common interest and an introspective set of sculptures.