An auction is being held for the first digital piece in the “NFT” format, in a new indication of the revolution that this new technology is bringing about to document virtual pieces in the art market and several sectors. This work entitled “Quantum” by American artist Kevin McCoy, is an octagon animation Ribs became the first business to receive an NFT-type title certificate in May 2014 (even before the name was invented in 2017).
“NFT” (“Nan Vangible Tokens”), a method of encryption through non-replaceable tokens, allows the issuance of a certificate proving the authenticity of any digital product, whether it is a photo, emoji, video, music track, newspaper article, or anything else.
“In ten years, when we look back at the past… this work could mark the beginning of something revolutionary,” said Max Moore, vice president of Sotheby’s, New York, in charge of contemporary art auctions.
The auction house did not give any official estimate of the expected value of the work in the auction, which continues until next Thursday. As of Saturday afternoon, bids had reached $160,000.
The work of the American artist, who hails from Brooklyn in New York, received a lukewarm reception upon its completion, with Kevin McCoy saying that “Quantum” caused “a lot of misunderstanding.”
In addition to Quantum, the auction also includes the first intelligent NFT work, the virtual character Alice, able to interact with its future owner thanks to artificial intelligence.
Digital works are causing a sensation in the art market, with a daily turnover of more than ten million dollars on digital platforms such as Nifty Gateway or OpenSea.