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Sotheby Sets a New World Record by Auctioning NFT for $11.8 Million

The Sotheby’s Auctioned Art Sale this year ended with a record-setting sale of over $11.8 Million worth of NFT (Non-Fungible Tokens). The result was a 400% increase in the number of NFTs that were sold, and a record-setting $1.2 Million for a single NFT.

Sotheby’s is one of the world’s leading art auctions houses, and is known for its impeccable auctions. Last year, they broke their own world record for the highest price ever paid for a piece of digital currency, when they sold a 1/1,000,000 Bitcoin (BTC) voucher for $11.8 million. The buyer of the voucher, an anonymous cryptocurrency enthusiast, had paid $28,000 for the voucher just three weeks before the auction closed.

The Sotheby’s International Realty and Auction House and its subsidiary, Sotheby’s International Realty New York, has broken a new world record by auctioning a private island in the Bahamas for $11.8 million, the highest amount ever paid for an island NFT. The Bahamas’ Great Guana Cay island, located in the country’s Exuma archipelago, is 12.3 square kilometers in size, and was once owned by legendary singer and actress Barbra Streisand.. Read more about make nft and let us know what you think.

Sotheby’s, the world’s largest broker of art, jewelry and real estate, has made history by auctioning off the art of the NFT for a record amount. Sotheby’s has successfully sold a rare piece of crypto-punk art. The elite auction house held a virtual auction from June 3 to 10. where 27 unique digital artworks were offered. The cryptopunk artwork, also known as Alien Covid, was sold on a London trading floor for nearly $11.8 million. CryptoPunk was released in June 2017 as one of the first non-functioning tokens on the Ethereum blockchain. These are 24*24 pixel art images created algorithmically. There are nearly 10,000 little 8-bit style punks, and they all have unique characteristics. The Covid Alien artwork that was sold was part of an auction called Natively Digital: At Curated NFT Sale, we saw an alien with blue-green skin and a medical mask. The work was allegedly bought by Israeli entrepreneur Shalom Mekeniz, the main shareholder of a digital sports company. Sotheby’s officials believe this sale is a record for a single cryptocurrency auction. Other NFTs sold at auction were Quantum by Kevin McCoy ($1.5 million) and iNFT by Robert Elis ($500,000).

The NFT is not dead, it is very much alive!

NFT got a big boost in the first quarter of 2021, when its first sale brought in $69.3 million. Sotheby’s first NFT auction also took place in April and sold an artwork called Pak for $16.8 million. Prior to Covid Alien’s $11.8 million sale, NFT was thought to be losing popularity worldwide, with sales falling 90% in the first week of June this year. Moreover, the number of active NFT portfolios also fell by almost 70%, from 12,000 per day to 3,900 per day. Since the study was conducted in the first week of June, it is estimated that the NFT bubble will last only the first four months of 2021 and eventually burst in May. However, the sale of CryptoPunk for 4,520 ETH proves that the NFT segment is here to stay. The NFT collector and former owner of the Alien Covid Sillytuna has also hinted that the money may be used to purchase another work of art. This suggests that interest in NFTs remains strong and will remain so for the foreseeable future.Sotheby’s, the famed auction house, just set a record for the most expensive piece of digital art ever sold, according to a press release. The previous record was held by the virtual currency known as “NFT”. The NFT was digital cash, digital gold and other digital assets that are designed to mimic the properties of physical gold and other physical assets. The NFT was distributed in airdrops and other giveaways to millions of users as a means to distribute the virtual currency in a more decentralized fashion to users, and Sotheby’s is now the last of the major auction houses to enter the market with its new record-setting sale.. Read more about nft def and let us know what you think.

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