Mysterious Pak NFT Project Generates $91.8 M. in Sales on Nifty Gateway
Read the full article by Shanti Escalante-DE Mattei here
Key Points:
An anonymous artist named Pak, sold over 250,000 NFTs for $91.8 million on Nifty Gateway.
The platform called it the “largest ever art sale by a living creator.” Although no one knew what the NFTs were going to look like before they purchased,
Duncan Cock Foster, a cofounder of Nifty Gateway, said in an interview, “I would quote something Pak said to us immediately after the sale. He said, ‘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.”
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.”
The holder of the most mass is set to be awarded with another work known as Alpha Mass, but this isn’t a secure title. As collectors take to the secondary markets in the coming days to sell their Merge NFTs, each of them denoting how many mass units they contain, the ownership title could be transferred to somebody else. In other words, Alpha Mass could, in effect, very likely be reassigned to a new owner. In a tweet, Pak described this fascinating scarcity mechanism as “a game of extinction.”
Pak is known to be an experimental artist. The future for this project is still unknown, it is safe to say this project is like no other.