Art NFT project by Pak fetches $161m, beating Beeple record
The Merge Collection sold out in a few hours
NFT art project, Merge Collection, by pseudonymous artist (or artist collective) Pak, just fetched $161m (£122m) on the Nifty Gateway platform.
The sale makes it the most expensive art NFT ever, more than double the $69m paid for Beeple’s ‘Everydays – The First 5000 Days’ at auction at Christie’s in March this year.
The Beeple NFT collage was surpassed by the sale of thousands of Pak mass units, which once accumulated create a dynamic NFT. All sold out in less than 48 hours.
In contrast to Beeple’s artwork, the masses were sold in more than one auction, with the first one seeing 28,983 mass units sold for $299 each. The price then increased by $25 every six hours, resulting in a grand total of $8.6m.
The second lot of 266,434 masses sold for $575 per unit, fetching an incredible $153.2m.
The Merge Collection
As described on Nifty Gateway, the Merge Collection has a built-in scarcity mechanism to ensure token supply decreases over time. The system also doesn’t reveal the buyers with higher numbers of the mass units.
Every Merge token transfer merges it with the token in the recipient’s wallet, adding up the mass value and resulting in a single token.
Merge NFTs are generated dynamically, based on the total mass of the NFT with each NFT getting bigger as the collector acquires further mass units.
There are then no hosted images, but all visuals are generated on the chain, in the contract.
Finally, three weeks after the sale, the NFTs will yield ASH tokens in the burn ecosystem.