Sotheby’s auction another piece of NFT art

In the past few months, there has been a real buzz about the so-called non-fungible token (NFT) for a work of art. More recently, interest in crypto art has collapsed. It also appears to have influenced the auction of NFT’s first artworks.
An octagonal animation called Quantum by New York artist Kevin McCoy was certified accordingly in 2014 – three years before the term NFT was even coined. Quantum is currently up for auction at Sotheby’s. The auction will end on June 10. The network has already received several dozen proposals. The highest price currently stands at $ 220,000, according to Sotheby’s.
Supply is likely to continue to rally, but the NFT market, which recently plunged 90%, still appears to be showing no signs of recovery.
It remains to be seen if Quantum will be able to join the ranks of the financially successful NFT art auctions. In any case, Max Moore, Sotheby’s vice president of contemporary art, has high hopes for Quantum. In his opinion, ten years from now, the work will symbolize something revolutionary and very influential.

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