Sotheby's to Sell 'First' NFT in Online Auction

Digital art piece "Visor" by Mad Dog Jones created in 2021 is pictured ahead of a non-fungible token (NFT) auction in this handout obtained May 31, 2021. (Courtesy of Sotheby's/Handout via Reuters)
Digital art piece "Visor" by Mad Dog Jones created in 2021 is pictured ahead of a non-fungible token (NFT) auction in this handout obtained May 31, 2021. (Courtesy of Sotheby's/Handout via Reuters)
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Sotheby's to Sell 'First' NFT in Online Auction

Digital art piece "Visor" by Mad Dog Jones created in 2021 is pictured ahead of a non-fungible token (NFT) auction in this handout obtained May 31, 2021. (Courtesy of Sotheby's/Handout via Reuters)
Digital art piece "Visor" by Mad Dog Jones created in 2021 is pictured ahead of a non-fungible token (NFT) auction in this handout obtained May 31, 2021. (Courtesy of Sotheby's/Handout via Reuters)

Auction house Sotheby's hopes to appeal to both traditional art collectors and crypto enthusiasts with a sale of digital art in the form of non-fungible tokens (NFTs).

The online auction is the latest step by a major auction house to embrace NFTs - a form of blockchain-based asset which certifies ownership of a digital object.

"Natively Digital: A Curated NFT Sale" will run from June 3-10. It features work by 27 digital artists, including "Quantum" by Kevin McCoy, a simple geometric animation which Sotheby's says is the first known NFT, created in May 2014.

Also for sale is an Alien CryptoPunk NFT: "CryptoPunk #7523". CryptoPunks are a series of 10,000 unique pixel-art characters made by Larva Labs in 2017. There are nine of the sought-after alien variety, two of which fetched more than $7 million in previous sales.

For each purchase, the NFT will be sent to the buyer's cryptocurrency wallet; no physical artwork changes hands.

Bidding begins at $100 and buyers can pay in ordinary money or in the cryptocurrencies bitcoin and ether.

Sotheby's first NFT auction was in April, with digital works by the artist known as "Pak" fetching $16.8 million.

Michael Bouhanna, contemporary art specialist at Sotheby's in London, said although the April sale was dominated by crypto-native buyers - people who have profited from recent cryptocurrency price gains - NFT artworks are increasingly appealing to existing clients.

"I've seen some crossover with our collector base, very active in contemporary art, who are very intrigued and wanted to learn more," he said.

NFTs can represent ownership of digital assets, including images, video, music, trading cards, cryptocurrency wallet names and even land within online virtual worlds.

They exploded in popularity in February and March. An NFT artwork fetched $69.3 million at Christie’s, in the first sale by a major auction house of an artwork with no physical form.

Since then, the frenzy has cooled somewhat, with sales dropping in April.



Saudi Arabia: NIDLP Launches Updated Daleel Platform with AI Support

The “Daleel Guides You” campaign highlights the platform’s advanced features designed to facilitate investment in the Kingdom
The “Daleel Guides You” campaign highlights the platform’s advanced features designed to facilitate investment in the Kingdom
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Saudi Arabia: NIDLP Launches Updated Daleel Platform with AI Support

The “Daleel Guides You” campaign highlights the platform’s advanced features designed to facilitate investment in the Kingdom
The “Daleel Guides You” campaign highlights the platform’s advanced features designed to facilitate investment in the Kingdom

Saudi Arabia’s National Industrial Development and Logistics Program (NIDLP) has launched a campaign to introduce the enhanced version of the “Daleel” platform, now featuring artificial intelligence and multilingual support in seven languages.

Targeted at investors, entrepreneurs, and business professionals, the “Daleel Guides You” campaign highlights the platform’s advanced features designed to facilitate investment in the Kingdom’s energy, industry, mining, and logistics sectors.

The updated platform offers comprehensive market information, competitive insights, and interactive maps tailored for investors, along with real-time updates and exclusive news on promising sectors.

Through its innovative technology, “Daleel” aims to support Saudi Arabia’s Vision 2030 by advancing NIDLP’s mission to establish the Kingdom as a leading industrial hub and global logistics center.