02/07/2021 Latest Major NFT Auctions Test Buyers’ Price Ceilings For History & Art

Latest Major NFT Auctions Test Buyers’ Price Ceilings For History & Art 101
A fragment of Year 2, Age 15 - My Mama's Dream by FEWOCiOUS. Source: A screenshot, onlineonly.christies.com 

The non-fungible token (NFT) market has experienced a rollercoaster over the past year, and the latest major deals show how buyers strive to put a value on different types of digital art. Artwork by a budding artist can fetch USD 2.16m, while source code by an acclaimed inventor can reach USD 5.4m, as demonstrated by the latest auctions. 

At a recent Sotheby’s auction, an NFT minted on June 15 and containing source code developed by Tim Berners-Lee, the inventor of the World Wide Web (WWW), was sold for close to USD 5.4m, attracting 51 bids. 

The work includes an original “archive of dated and time-stamped files containing the source code [for the WWW], written between 3 October 1990 and 24 August 1991. These files contain code with approximately 9,555 lines, the contents of which include implementations of the three languages and protocols invented by Sir Tim,” the auction house said.

A second NFT auction to attract major spenders was recently hosted by Christie’s, featuring artwork by transgender artist FEWOCiOUS, an 18-year-old crypto art surrealist whose five art pieces were sold for a total of USD 2.16m.

“Through five new digital pieces and physical paintings, as well as an archive of his earliest never-before-seen drawings from each year, FEWOCiOUS’ new defining series will capture each formative year of his growth from age 14 to 18 as a young transgender artist in the digital era,” Christie’s described the collection. 

“Each of FEWOCiOUS’ five new 1/1 NFT auction pieces and paintings captures a year of his growth and the transformation of both his artwork and his inspiring journey from Las Vegas to Seattle, and from Victoria to Victor Langlois," they added.

One of the five pieces was picked up by Tron (TRX) founder and avid NFT art collector Justin Sun for around USD 440,000.