$1.2 Million Paid for NFTs Created by 99-Year-Old Artist Vera Molnár

Aug 09, 2023

Vera Molnár’s NFT collection made waves, selling out in an hour at a Sotheby’s auction for an impressive $1.2 million. Discover why this NFT collection garnered such attention.

In Brief:

Vera Molnár’s NFT collection captivated the art world with its rapid sellout at a Sotheby’s auction, amassing an astounding $1.2 million. The 'Themes and Variations' collection features 500 generative art NFTs, showcasing the digital prowess of the 99-year-old artist.

Steering away from her conventional geometric style, Molnár focused on the letters N, F, and T for this series.

Sotheby’s Metaverse made history with its Dutch auction format, a first in its 300-year existence. 'Themes and Variations #1' stood out, selling for 19.84 Eth/$37,205.95.

Vera Molnár’s NFT Collection Sells Out in Record Time

Vera Molnár’s NFT collection created a sensation, completely selling out within an hour at a Sotheby’s auction and achieving a substantial $1.2 million in total sales. The 'Themes and Variations' collection includes 500 generative art NFTs, showcasing the pioneering digital artistry of the 99-year-old artist herself, with collaboration from the talented generative artist and coder, Martin Grasser.

In this exceptional art series, Molnár ventured beyond her traditional geometric forms and focused on the letters N, F, and T. She employed a captivating generative art technique where code determined various shapes, colors, pixel sizes, and other graphical attributes. When the code executed, it randomly selected diverse elements, producing visually captivating and distinct outcomes with each iteration.

This triumphant auction marks a pivotal moment for Sotheby’s NFT marketplace, Sotheby’s Metaverse. For the first time in its storied 300-year history, the auction house introduced a Dutch auction format. The sale commenced with the highest price at which each piece would be sold, gradually decreasing in increments until a buyer placed a bid or the set lowest price was attained. This novel approach diverges from the conventional English model where bidders progressively raise prices. The maximum price set for this auction was 20 Eth/$37,506.

Among the sold NFTs, 'Themes and Variations #1' claimed the spotlight, fetching the highest total sale price of 19.84 Eth/$37,205.95. Notably, the secondary market is already displaying resilience. 'Themes and Variations #444,featuring its rare 10 x 10 grid pattern, was purchased for 10 Eth/$18,753 on OpenSea.

Source: nftevening.com