Sotheby’s has put up for auction the first-ever artwork based on new NFT technology. The work, titled Quantum, is an octagonal animation by New York artist Kevin McCoy. It is the first act of its kind to be approved in 2014 – three years before the term NFT was coined.
NFT stands for Non-fungible Token: a unique, non-fungible virtual good. Like cryptocurrencies, the system is based on blockchain technology. Unlike cryptocurrencies, a non-fungible token is a unique and to some extent a virtual collector’s item that can be sold or exchanged using a certificate.
Although the auction continues through June 10, the artwork reached a bid of $140,000 on Friday. Looking back ten years from now, “this work could mark and symbolize the beginning of something very revolutionary and very moving,” said Sotheby’s Vice President of Contemporary Art, Max Moore.
A real hype has been circulating lately about NFTs. Technology focused on auctioning Beeple’s work at Christie’s. Sotheby’s has auctioned off Peebles’ digital collection Every Day: The First 5,000 Days for a record $69.3 million.