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What is a non-fungible token - and why are some digital artworks selling for millions?

What is a non-fungible token - and why are some digital artworks selling for millions? I know you can be underwhelmed and you can be overwhelmed, but can you ever just be whelmed? So Chastity asks Bianca in the excellent 1999 comedy 10 Things I Hate About You, and pretty much sums up my feelings the first time I Googled the words non-fungible token . Overwhelmed, in this case, because what is non-fungible? And also: can there ever just be fungible? Turns out, yes there can. Cue tech experts (oh, and economics and language experts, and probably anyone under the age of 25) calling me stupid here, but I am definitely not alone.

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Single pixel of digital-only art sold for more than $1 7 million at Sotheby s

An online sale of a single pixel, as a part of non-fungible tokens (NFTs) by the digital artist Pak, sold for $US1.36 million at auction house Sotheby's.

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Pricey pixel: Digital artist Pak s NFTs auctioned off for $16 8M | Arts and Culture News

The sale also included four limited-edition NFTs which were awarded to the winners of specific tasks, including paying the highest amount for a Pak artwork on the secondary market and posting the hashtag #PakWasHere to the biggest social media audience. An NFT called The Pixel – an image of a single pixel – was also up for auction, fetching $1.36m after a 90-minute bidding battle. The NFTs in the collection are represented by animated images designed by Pak. They are three-dimensional white and grey shapes on a black background, apart from the pixel, which is just a grey square. In each case, no physical object changed hands – the NFTs exist exclusively in digital form, with blockchain acting as a public ledger to verify their ownership status.

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A grey single-pixel work sells for $1 3m at Sotheby s maiden NFT sale

500 cubes from Pak s Fungible collection Courtesy of Sotheby s and Pak Yesterday, Sotheby s achieved $16.8m for the sale of a collection of JPGs that were created within the last fortnight. That this figure seems comparatively paltry says a lot about the current, topsy-turvy state of the art market. Within a week of Christie s $69.3m Beeple NFT sale, Sotheby s announced it had enlisted the digital artist and omniscient designer/developer/wizard Pak to collaborate on a collection of works known as The Fungible Collection, details of which were then teased out over the next week. The sale, which ran from 12 to 14 April and was hosted on NFT platform Niftygateway, was broadly divided into two parts. The first consisted of more traditional NFT drops (something of a contradiction in terms) in which two standalone works, both one-off editions, were offered up to online bidders. The first

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Sotheby s Nets $17 Million With Its First-Ever NFT Auction (Which Included Almost 20,000 Very Fungible Works)

Sotheby s Nets $17 Million With Its First-Ever NFT Auction (Which Included Almost 20,000 Very Fungible Works)
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