Sotheby's and Phillips Join NFT Auction Wave After Christie's Beeple Sale

Following Christie's record $69.3 million sale of Beeple's 'EVERYDAYS: THE FIRST 5000 DAYS' in March 2021, auction houses Sotheby's and Phillips are launching NFT sales. Sotheby's partners with Nifty Gateway for 'The Fungible Collection' by digital artist Pak, running April 12-14, 2021. The sale features a tiered system of NFT cubes starting at $500 each, with collectors receiving specific NFT sets based on quantity purchased. A 'Complexity' collection of 100 NFTs goes to the top 100 buyers, and a unique 'The Cube' NFT to the highest spender. Phillips auctions Mad Dog Jones' (Michah Dowbak) 'Replicator' from April 12-23, 2021. This generative NFT self-replicates every 28 days, producing seven unique generations, with a jam rate of 50-80% to limit reproducibility. These sales serve as indicators for the expanding digital art market trend.