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NFT Frenzy Shows Staying Power With $16.8 Million Sotheby's Sale

The multipart auction and collaboration between the artist Pak, Sotheby’s, and online marketplace Nifty Gateway reveals some deep truths about what makes the market tick.

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NFTs Are Here to Stay, Mike Novogratz Says

In an NFT auction that was devoid of drama until its final hour, two artworks by the anonymous digital artist Pak sold for $2.8 million on Wednesday on the online marketplace Nifty Gateway. The works were part of a multifaceted sale in partnership with the auction house Sotheby’s, which drew $16.8 million in total.

NFTs, or non-fungible tokens, are commonly described as smart contracts and are built on blockchain technology to serve as a digital form of authentication. A digital artwork can be replicated an infinite number of times; an NFT attached to one means there’s an official version, and everything else is a copy.