One of the worlds biggest NFT platforms, Nifty Gateway, has sold famed digital artist Pak’s NFT for $91.8 million. The NFT Network sold Pak’s NFT named Merge to over 28,000 collectors. Merge by Pak has made the artist one of the most expensive on the planet.
One of Pak’s NFTs that sold for millions as part of the Fungible collection. Credit: Sotheby’s
Merge by Pak Breaks Records
Over the weekend, Nifty Gateway sold 250,000 NFTs of Pak. The Merge NFTs sold for $91.8 million and were purchased by 28,000 collectors. Merge by Pak lasted two days between December 2nd and December 4th.
The sale featured a unique buying structure called Mass which had buyers buy stakes that stack, forming Mass. The more stakes a buyer purchases, the greater their Mass. As a result, the sale was a huge success, breaking auction records across the US.
Similarly, Merge by Pak incentivised buyers to purchase stakes due to their high market value. The buyers with the largest stakes can buy and trade shares on other markets for higher prices.
Likewise, the auctions built-in scarcity mechanism meant that the NFTs became increasingly rare as the sale continued, increasing incentives for buyers.
It is not the first time artist Pak has dabbled in NFTs. Last April, the artist introduced the Fungible Open Editions collection at Sotheby’s, which featured a similar buying structure to the Merge event.
Merge by Pak made around $17 million. In conclusion, artists are finding new ways to sell their NFTs. It will be interesting to see how this will continue to develop in the future.
