Through the launch of his latest project, ‘The Merge,’ the anonymous creator Pak recently sold 250,000 NFTs and generated $91.8 million in sales on Nifty Gateway. This is the largest CryptoArt sale by a living creator on the platform.
Pak’s latest project was listed for sale on Nifty Gateway between December 2nd and December 4th. It was offered as an open edition with a twist, with the twist being that the collection includes a mechanism that ensures the token supply decreases over time.
Every Merge token acquired by a collector would merge with the tokens already in the collector’s wallet, increasing the total value of a single token. Merge NFTs, with this function in mind, can also be dynamic, visually increasing in size as the mass value of a collector’s singular token increases.
Collectors were also given additional incentives to invest in tokens, and the sale attracted a total of 26,000 collectors due to its unique dynamics and incentives.
‘The Merge’ flies in the face of traditional auctioned artwork, as artworks are typically auctioned as single pieces rather than in series. However, because the project is embedded with a mechanism that combines its various pieces, it has the ability to coalesce artworks into a singular artwork, making its existence as a’series’ or a’singular piece’ rather ambiguous and uncertain.