International auction house Christie's has auctioned off its first NFT-linked artwork, called “Block 21”. The piece, which is an abstract portrait of Satoshi Nakamoto, was sold for $131,250. The artwork is comprised of both a physical object, as well as a NFT. In addition to being the first NFT related artwork sold by Christie's, it was the first time that any NFT was sold by a major auction house. The work was created by Ben Gentilli as a part of the Robert Alice project, which is a collection of 40 objects that are collectively titled “Portraits of a Mind.”
Non Fungible Tokens (NFTs) represent a new form of art. The protocol is also a broad new asset class that has applications in collectibles and gaming. There is no doubt after this auction that NFTs will be seen in a different light, and may become a form of art in their own right. NFTs have also been developed for gaming platforms, as they can be used as in-game items. Although the industry is still young, NFTs may lead to gaming platforms that are able to use items interchangeably, and create a much wider gaming space that is much easier to integrate with the financial system.