This past weekend, an anonymous artist Pak, sold 250,000 NFTs for $91.8 million on Nifty Gateway, a digital art online auction platform for non-fungible tokens.
Pak’s latest project, titled The Merge, was offered as an open edition between December 2 and December 4.
Each mass token was programmed to combine with others in a collector’s wallet. A larger final mass would be obtained with more collected mass. This means the NFT will visually become bigger as one acquires more mass.
As mentioned on the Nifty Gateway platform, there are no hosted images. All visuals are generated on the chain, in the contract. Merge contract also allows future visual customizations, with 100 secret classes distributed among all tokens.
Collectors were further rewarded with bonus mass that increased proportionally to their final NFT.
29,000 collectors participated in the sale.
Hey I just signed a contract with 29k collectors with a permanent marker made possible by @smatthewenglish @niftynathang @stormihoebe @conviction_1 @niftytime @nifty_pat @pcmclaren @EricAlmadova @moonlightNFT @niftygateway @wwhchung @manifoldxyz and it's beautiful.— Pak (@muratpak) December 6, 2021
Duncan Cock Foster, a cofounder of Nifty Gateway, said in an interview, “This is the largest single artwork sale ever sold publicly. And it didn’t happen at a traditional auction house, it happened on a web3 platform.’”
Cock Foster continued, “Depending on the size of the mass that you bought, the artwork will change and have different attributes. And it’s all fully encoded on-chain, including the metadata.”