The renowned auction house, Sotheby’s, presented a collection of 500 unique pieces of Digital Art called “generative art,” crafted by the artist Vera Molnár. The artwork was sold for an impressive $1.2 million.

The Digital art sold in the auction was made unique through a process called “minting,” which prevented any copies from being made. 

After the auction, the owners had the option to resell their digital art pieces in a secondary market. In just a few hours, the total value of these resales reached 400 ether, approximately $754,000 in real money.

This success is notable because it occurred during a time when sales of digital art known as NFTs were slowing down. Sotheby’s has proven its strength in the digital art market, including the sale of other digital works, like a collection previously owned by Three Arrows Capital, a hedge fund.

Also Read: 3AC’S NFT Masterpiece Fetches Whopping $6.2M at Sotheby’s

The unique nature of digital art and its secondary market value showcased Sotheby’s prowess in the digital art world, even during a period when NFT sales were declining.