Vera Molnár’s “Themes and Variations” NFT collection sells out at a Sotheby’s auction, raking in $1.2 million in just an hour.
Key Points
- Vera Molnár’s NFT collection “Themes and Variations” sold out at a Sotheby’s auction, generating $1.2 million in sales within an hour.
- Departing from her usual geometric style, Molnár used generative art techniques to create unique NFTs centered around the letters N, F, and T.
- Sotheby’s Metaverse introduced a Dutch auction format for the first time, gradually decreasing the highest price until a bid was placed or the set lowest price was reached.
- The success of the collection highlights the growing interest in digital art and the potential for artists to explore new mediums and technologies in the art market.
Vera Molnár’s NFT collection created a buzz in the art world as it sold out within an hour at a Sotheby’s auction, generating an impressive $1.2 million in sales. The collection, named “Themes and Variations,” consists of 500 generative art NFTs that showcase the digital work of the 99-year-old artist.
Amazing to see how the collection is received, thank you all for the support !
I’m thrilled for Vera and Marty !
Very proud of our Sotheby’s team once again !Going to take a a few days break now 🫠
— Michael Bouhanna (@michaelbouhanna) July 26, 2023
The NFT Strategy
Departing from her usual geometric style, Molnár’s focus in this series was on the letters N, F, and T. She employed the technique of generative art, where code defines various shapes, colors, pixel sizes, and other graphical traits. When the code runs, it randomly selects different elements, resulting in visually surprising and unique outputs each time.
This auction marked a significant milestone for Sotheby’s NFT marketplace, Sotheby’s Metaverse, as it introduced a Dutch auction format for the first time in its 300-year history. In this format, the highest price at which the piece would be sold was initially stated and then gradually decreased until a buyer placed a bid or a set lowest price was reached. This approach differs from the conventional English model where bidders raise prices. The maximum price set for this auction was 20 Eth/$37,506.
NFT Rankings
Among the NFTs sold, “Themes and Variations #1” stood out as the top seller, fetching a total of 19.84 Eth/$37,205.95. The secondary market also showed strength, with “Themes and Variations #444” being sold for 10 Eth/$18,753 on OpenSea. This particular piece featured a rare 10 x 10 grid pattern.
The success of Vera Molnár’s NFT collection reflects the growing interest and demand for digital art in the art market. Collectors and investors alike are attracted to the uniqueness and creativity that NFTs offer. The soaring sales and popularity of this collection demonstrate the potential for artists to explore and experiment with new mediums and technologies.
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