Vera Molnár’s NFT collection caused a sensation when sold out within an hour at a Sotheby’s auction, achieving a remarkable $1.2 million in total sales. Let’s take a closer look at why this NFT collection was so popular.
TL;DR
- Vera Molnár’s NFT collection wowed the art world, selling out in just an hour at a Sotheby’s auction. In addition, the collection amassed an astounding $1.2 million in sales. The ‘Themes and Variations’ collection features 500 generative art NFTs, showcasing the 99-year-old artist’s digital work.
- Departing from her traditional geometric style, Molnár’s focus in this series was on the letters N, F, and T.
- Sotheby’s Metaverse made history with this auction by adopting a Dutch auction format. This was the first time in its 300-year existence. ‘Themes and Variations #1’ stood out as the top seller, fetching 19.84 Eth/$37,205.95.
‘Themes and Variations’ NFT Collection Generates $1.2 Million in Total Sales
Vera Molnár’s NFT Collection Sells Out Within Hour
Vera Molnár’s NFT collection was a sensation, selling out within an hour at a Sotheby’s auction. The collection also reached a staggering $1.2 million in total sales volume. ‘Themes and Variations’, features 500 generative art NFTs crafted by the 99-year-old pioneering digital artist herself, with the creative support of Martin Grasser, a talented generative artist and coder.
In this unique art series, Molnár deviated from her usual geometric forms and focused on the letters N, F and T. Moreover, she employed a fascinating generative art technique where code defines various shapes, colours, pixel sizes, and other graphical traits. When the code runs, it randomly selects different elements, producing visually surprising and distinct outputs each time.
This successful auction marks a breakthrough for Sotheby’s NFT marketplace, Sotheby’s Metaverse. For the first time in its 300-year history, the auction house initiated the sale by introducing the highest price at which the piece would be sold, gradually decreasing it in increments until a buyer bids or a set lowest price is reached. However, this approach differs from the conventional English model, where bidders raise prices. The maximum price set for this auction was 20 Eth/$37,506.
Among the sold NFTs, ‘Themes and Variations #1’ stood out, fetching the highest total of the sale, with 19.84 Eth/$37,205.95. Significantly, the secondary market already shows strength, as ‘Themes and Variations #444’ with its rare 10 x 10 grid pattern was sold for 10 Eth/$18,753 on OpenSea.
