Recently, an artist called Pak sold 250,000 NFTs for $91.8 million on Nifty Gateway. Globally, this sale has been hailed as a revolutionary one. Between December second and fourth, Nifty Gateway offered Pak 'The Merge,' which was Pak's last project. It was offered as an open edition with a twist.
Similarly, their "Fungible Open Editions" collection, offered at Sotheby's this past April, also experimented with the concept of transformative accumulation. During the edition, every collector's mass token was programmed to combine with other tokens in their wallet. The more mass one collected, the larger one's final mass would be. Collectors were further incentivized with bonus mass that increased proportionally with the size of their final NFT. By the end of the sale, 26,000 collectors had participated.
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Usually, the norm was that artworks head to auction as single pieces rather than in series. However, 'The Merge' took a break and diverted from what used to be the norm [A series and an artwork]. Because it contains a mechanism capable of combining its disparate pieces, it has the potential of coalescing into a singular artwork. Those involved in the sale hailed it to be a jaw-breaking innovation.
The sale being hailed as a revolutionary one was further strengthened by Duncan Cock Foster, the cofounder of Nifty Gateway. He said in an interview, "I would quote something Pak said to us immediately after the sale. He said, 'This is the largest single artwork sale ever sold publicly. And it didn't happen at a traditional auction house. It happened on a web3 platform.'"
Cock Foster further iterated, "Depending on the size of the mass that you bought, the artwork will change and have different attributes. And it's all fully encoded on-chain, including the metadata."
Corroborating this in a recent tweet is Pak himself, who has described this fascinating scarcity mechanism as a game of extinction and unprecedented innovation.
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