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Auction houses jump on NFT's

After digital artist super star Beeple became one of the third most expensive artists ever in auction, the art world really woke up to how popular NFT's are and the massive potential of digital collectables. 69 million worth of ETH is no joke. Let's also just think that a historic auction house accepted a crypto currency.

About that Beeple sale:

Minted exclusively for Christie’s, the monumental digital collage was offered as a single lot sale concurrently with First Open, and realised $69,346,250. Marking two industry firsts, Christie’s is the first major auction house to offer a purely digital work with a unique NFT (Non-fungible token) — effectively a guarantee of its authenticity — and to accept cryptocurrency, in this case Ether, in addition to standard forms of payment for the singular lot.

Now we see two other auction houses jump on the NFT hype train. Mad Dog Jones get ready to release his first auction house collection on April 12th with Phillips with a truly unique twist to it. MDJ is really showing just how creative artists can get with NFT's and moving far forward into exciting ways for collectors to get involved.

Mad Dog Jones REPLICATOR is the art work that just keeps on giving!

REPLICATOR is the story of a machine through time. It is a reflection on forms of past groundbreaking innovation and serves as a metaphor for modern technology’s continuum.” – Mad Dog Jones

REPLICATOR has the ability to generate new NFTs from itself every 28 days, resulting in seven unique generations of artworks. Generation 1, to be sold at auction, begins as a singular Genesis illustration of a photocopy machine in an office space. This first generation NFT will produce six NFTs at the rate of one per month, with each generation being unique from those before and after it. Each subsequent generation will produce one less artwork in its lifetime until it reaches Generation 7, which will produce no new NFTs. Note, after any artwork is sold the new owner will possess all subsequent replicants or jams from said NFT.

Much like a photocopier, REPLICATOR can also jam. When a “Jam Artwork” is produced, it is unique to its generation but will no longer replicate. The jam rate is between 50-80% for generations two through six, which also serves to curb exponential growth. Each generation may have up to three unique Jam pieces. Due to statistical variance, it is impossible to predict the exact number. After 1 million simulations, the average is approximately 220 with a 99% chance that the total artworks generated will be between 75 and 300.

MIND BLOWN! Just a great idea and we can't wait to see how this breaks world records.

Sothebys has also just announced they are releasing an NFT collection with digital artist PAK, called The Fungible Collection which is being released in partnership with Nifty Gateway and will start on April 12 and end on April 14th. I would recommend you get that Nifty Gateway account set up and be a part of the Open Edition.

Here is how they are breaking it down:

The individual NFTs are: A Cube (1), Five Cubes (5), Ten Cubes (10), Twenty Cubes (20), Fifty Cubes (50), Hundred Cubes (100), Five Hundred Cubes (500), Thousand Cubes (1,000).

Open Edition | Price Per Unit $500

April 12 | 1:00-1:15pm ET

April 13 | 1:00-1:15pm ET

April 14 | 1:00-1:15pm ET

READ more about it here:

Happy Collecting!

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