Pricey pixel: Digital artist Pak’s NFTs auctioned off for $16.8M

Among the non-fungible tokens (NFTs) up for auction by Sotheby’s was a work called The Pixel, an image of a single pixel that fetched $1.36m after a 90-minute bidding war.

An online sale of non-fungible tokens (NFTs) by the digital artist Pak fetched a total of $16.8m at Sotheby’s, including an image of a single pixel which sold for $1.36 million, the auction house said on Wednesday. A non-fungible token is a form of blockchain-based digital asset which has exploded in popularity in 2021, with prices soaring as collectors and enthusiasts rush to buy the items which only exist in digital form. Last month, an NFT artwork sold for $69.3m at Christie’s, in the first sale ever by a major auction house of a piece of art that does not exist in physical form.