{"id":27303,"date":"2021-12-09T12:06:42","date_gmt":"2021-12-09T12:06:42","guid":{"rendered":"https:\/\/www.artrights.me\/pak-vende-nft-per-91-8-milioni-su-nifty-gateway-e-record\/"},"modified":"2021-12-09T15:40:54","modified_gmt":"2021-12-09T15:40:54","slug":"pak-sells-nft-for-91-8-million-on-nifty-gateway-and-records","status":"publish","type":"post","link":"https:\/\/artrights.davidebaldi.com\/en\/pak-sells-nft-for-91-8-million-on-nifty-gateway-and-records\/","title":{"rendered":"Pak NFTs record sale for $91.8 million on Nifty Gateway"},"content":{"rendered":"\n

Pak sells NFT for $91.8 million on Nifty Gateway: it’s a record<\/strong><\/strong><\/h3>\n\n\n\n

Pak<\/strong><\/a>‘s new project sales set a new record in the NFT market, totaling $91.8 million in revenue on the Nifty Gateway platform.<\/strong><\/p>\n\n\n\n

The Merge<\/em><\/strong><\/a>, <\/em>that’s the name of the NFT project the Pak <\/strong>artist has brought to the Nifty Gateway <\/strong><\/a>platform between December 2 and 4, 2021.<\/p>\n\n\n\n

The event introduced an unusual purchase structure, as customers could unlock an exclusive NFT <\/strong>that expanded as more units, called “masses,” <\/strong>were added. <\/p>\n\n\n\n

28,000 buyers spent a total of $91.8 million <\/strong>to acquire 266,445 total units of NFT. After the sale Pak stated, “This is the largest sale of artwork ever sold publicly. And it didn’t happen at a traditional auction house, it happened on a <\/em>web3 <\/em><\/a>platform.”<\/em><\/p>\n\n\n\n

\"\"
Courtesy Nifty Gateway<\/figcaption><\/figure>\n\n\n\n

At the start of the sale, each NFT had a cost of $575, for those who already owned a Pak NFT a pre-sale was available for $299 per token. Every six hours the price increased by $25, with a bonus for those who purchased more NFTs. For every 10 NFTs purchased, one was transferred to your wallet for free.<\/p>\n\n\n\n

The project, as conceived, ensured a built-in mechanism of scarcity <\/strong>Moreover, if all 266,445 units were considered a single work, it would become the most expensive by a living artist, surpassing Jeff Koons’ record with 1986’s <\/strong>Rabbit <\/strong><\/a>sold for $91.1 million. <\/p>\n\n\n\n

\"\"
Courtesy Christie\u2019s Images Ltd 2019<\/figcaption><\/figure>\n\n\n\n

Pak is no stranger to such experiments in market sales. Last April, in an auction at Sotheby’s, <\/a>he experimented with the concept of transformative accumulation<\/strong>.<\/p>\n\n\n\n

Buying an NFT called a “Cube” <\/a>was simply a cube-like NFT, but if a collector bought 6 “Cubes”, they got two NFTs, a “5 Cubes” and “A Cube”, both visually different. There was also a chance to get special edition “Cubes” by tweeting #PakWasHere <\/strong>to as many followers as possible. That project generated $17 million in sales.<\/p>\n\n\n\n

Although a gimmick is involved, The Merge <\/strong>combines art with the social dynamics of NFT spaces, where collectivity <\/strong>is valued despite fierce competition<\/strong>. The elegance of his latest project and its “simplicity”, offers evidence that the NFT scene is maturing, becoming increasingly interested in conceptual work.<\/p>\n\n\n\n

Photo Courtesy: un’immagine dal lancio di The Merge. Courtesy Nifty Gateway<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Sales of Pak’s new project set a new record in the NFT market, totaling $ 91.8 million<\/p>\n","protected":false},"author":4,"featured_media":27299,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6930],"tags":[],"class_list":{"0":"post-27303","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-digital-art-news-en"},"yoast_head":"\nRecord sale for Pak on Nifty Gateway | Digital Art Rights<\/title>\n<meta name=\"description\" content=\"Sales of Pak's new project set a new record in the NFT market, totaling $ 91.8 million\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/artrights.davidebaldi.com\/en\/pak-sells-nft-for-91-8-million-on-nifty-gateway-and-records\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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