Kevin McCoy’s animation “Quantum” is considered the first NFT ever created, at Sotheby’s it achieved almost 1.5 million dollars.
Sotheby’s is auctioning the first ever NFT artwork for comparatively little money. A CryptoPunk arouses greater desires. Is the hype about crypto art cooling down yet?
B.The first ever NFT work of art was auctioned at Sotheby’s in New York: “Quantum” by American artist Kevin McCoy achieved almost 1.5 million dollars – a modest result compared to other “non-fungible tokens” at auctions have already achieved. Think of the hammer price of $ 60.25 million for Beeple’s “Everydays” collage at Christie’s.
With the presentation of “Quantum” as part of the “curated” sale “Natively Digital” with 27 lots, Sotheby’s is already working on the historicization of the young genre that invites speculative rage. McCoy’s animated graphic is timestamped “05-03-2014 09:27:34” and supposedly marks the second of birth of crypto-art.
“Quantum” received a certification comparable to NFT technology seven years ago and is therefore the first work of art of its kind. However, the term NFT was only coined three years later. Larva Labs’ “Cryptopunk 7523”, one of the pixels, aroused greater desires Heads that are algorithmically generated and traded on the Ethereum blockchain. Sotheby’s sold it for $ 11,754,000 – as the second-most expensive NFT work of art of all time. The artistically much more demanding, but non-digital trading card-like digital work “The Shell Record” by Anna Ridler was way behind with a result of around $ 100,000.
NFT stands for “Non-Fungible Token”, a virtual good that is unique and not exchangeable. Like cryptocurrencies, the system is based on blockchain technology. In contrast to cryptocurrencies, an NFT is unique and to a certain extent a virtual collector’s item that can be sold or exchanged on the basis of a certificate. A real hype has recently broken out around the tokens. Since April, however, the price trend on the NFT market has slowed down.