Source: Pak, Nifty Gateway
Popular digital artist Park has sold nearly 250,000 non-fungible tokens (NFTs) totaling $ 91.8M on the Nifty Gateway marketplace – now deliberate be the highest initial price paid in an auction for a living artist’s work.
The Merge art collection was sold between December 2 and 4, allowing buyers to purchase an unlimited number of mass units, according to the marketplace’s website.
According to the marketplace, the Merge Collection has a “built-in scarcity mechanism” that ensures that the supply of tokens decreases over time. “Each transfer of a merge token combines it with a token in the recipient’s wallet, adding up the Mass value, and the result is one token,” the message says.
Or as a digital artist explained this in a tweet:
“Merging is an extinction game. Each secondary sale merges what you get with what you already have, reducing the total supply of tokens. ”
In addition, according to the Nifty Gateway, “pooling NFTs are dynamically generated based on the total mass of NFTs,” which visually grows larger as the mass of buyers increases.
The cover contains no hosted images and all visuals are chained.
“The merge contract also allows for future visual customization with 100 secret classes evenly distributed among all tokens,” the market said.
The sale was structured so that prices increased by $ 25 every 6 hours until the end of the sale.
Last April, Pak’s digital art collection, The Fungible, grossed more than $ 16.8 million at an auction organized by New York-based multinational Sotheby’s in collaboration with Nifty Gateway.
Park, who has established himself as a leading digital artist in recent years, is the founder and lead designer of the Undream studio.