Another “first ever NFT” is making the rounds, and this time it is Sotheby’s that is taking charge of the game. “Quantum” by New York digital artist Kevin McCoy was created in 2014 before the term “NFT” even existed. The artwork was initially minted on the Namecoin blockchain, but with the rise of the Ethereum blockchain it was recreated there instead.
“Quantum” is an octagon-shaped animation with pulsating colours made out of code. According to McCoy the piece was inspired by Bitcoin and it was “the first autonomous artwork that was inscribed into a blockchain.” After his discovery of Bitcoin in 2013, McCoy says “I thought about how the scarcity mechanism that Bitcoin presented could be a way for digital artists to create provenance and ownership systems around digital works.”
McCoy’s artwork captures the intersection of creation, time, art history and the very idea of blockchains themselves. The rippling effects represent the spirit of the blockchain network itself expanding and contracting as the world processes the place they want to give this radical new technology.
At the time of writing, the current highest bid is $220,000. The auction ends on June 10th and the artwork is part of Sotheby’s Natively Digital: A Curated NFT Sale auction.
Following the bidding war >> Here
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Ivelina is an NFT and Blockchain lover. She has a knack for putting complex concepts into simple words.