Sotheby Decides to Enter NFT Arena, Soon Host Auction For Undisclosed Celebrity

Looking at the sales of NFTs made possible by an auction house called Christie, now the 4th oldest auction house of the world, Sotheby, has decided to join the NFT arena. May soon be putting for auction digital art for widely popular celebrity, however, did not disclose the name of the celebrity. Instead the name of the celebrity has been told as “Pak” which is obviously a made up name.

Sotheby, which is known for being the 4th oldest auction house of the world has decided to step into NFT ecosystem. The auction house announced having become partners with an established celebrity it alleged to be someone named “Pak”. Of course this hasn’t been any known celebrity with the name and thus the name is made up and have been deliberately non-disclosed.

The obvious reason of Sotheby to join NFT ecosystem is because recently huge piles of monies have been made through NFTs sales. The recent most valued sale of NFT was related to Beeple which was auctioned through Christie – an established present day auction house. It was recorded that the NFTs sold through Christie were for US$ 69 Million. Beeple NFT sale was the 4th most valued sale of the present year so far.

Though Sotheby is in the business of auctioning collectibles, jewelry and art since its inception in 1744, but has no NFT-sale experience. It has vast experience of attracting biggest brokers of the world with deep pockets under the roof of its auction house.

But the announcement of the 4th oldest auction house was mysterious. The auction house has informed that it will soon be putting up for sale through auction NFTs belonging to a famous artist. However, intentionally the name of the artist hasn’t been disclosed. Instead a made up name such as “Pak” has been apprised by Sotheby.

The company however told that this was the major step for them as they had no experience of selling NFTs before. It also said that the decision is timely as they do not want to lag behind their competitors in the field. In addition, Sotheby stated that they are in the business for almost three centuries now. They have evolved with the time and entering NFT space is yet another opportunity for them, said the company. Except that no further information was provided by Sotheby regarding the identity of the celebrity or the date of auction.

Instead the company made an official statement that they wanted to indulge in NFT sale with an established partner. This is why they had partnered with Pak, who is much loved and adored within his fans across the world, said Sotheby.

As regards its future plans, Sotheby told that it will soon integrate crypto as payment mechanism as well.