The .ART Weekly Market Recap: Sotheby's First NFT, Paris Hilton and more

Short on time, but want to stay clued in? No problem: the .ART weekly art market recap is here to give you the low-down on everything important that's gone on in the art world this week.

So little time, so many new things going on in the world of digital art…

If you want to stay clued in, but don’t have the time to trawl through endless content, you’ve come to the right place. Every week, we give you a quick update on this week’s hottest art headlines

1. Sotheby’s Moves Into the World of Digital Art and NFTs

Following the record-breaking sale of a non-fungible token piece hosted by Christie’s this week, New York-based Sotheby’s announced today that they would be collaborating with the well-known digital artist Pak.

“We wanted to partner with Pak because we are entering a whole new world with digital art, and we felt it was important to work with an artist who has been active in the community for many years. While we can’t yet reveal full details of what’s to come, we want to be true to the democratic spirit of crypto and will be working together to attract as many people as possible to take part in this next adventure, so prepare for some surprises,” they said in a statement.

Digital artwork by artist Pak

2. Paris Hilton Is On It, Too: Socialite Sells Ethereum-Based Artwork For $17,000

Paris Hilton auctioned a painting of her cat in the form of a NFT. The artwork was sold on Ethereum-based auction platform Cryptograph for 40 ETH ($17,000). This is her first-ever NFT, and it features a hand-drawn portrait of her cat, Munchkin.

3. Beeple Joins NFT Allstar Artists to Combat Climate Change with Charity Fundraiser

The auction, which will run for 48 hours, will feature original pieces focused on the subject of climate, donated by well-known artists in the NFT space, such as Beeple, Sara Ludy, FVCKRENDER, Refik Anadol, Joanie Lemercier, Andres Reisinger, and Kyle Gordon. The auction’s sponsor will donate carbon credits designed to offset the 500-ton carbon footprint that is tied to the auction’s production. Beeple, who addresses climate issues through depicting the environment as fighting against the world, ranks as one of the most valuable living artists alive after becoming the most commercially successful NFT artist.

4. Damien Hirst Starts Making NFTs

Damien Hirst is jumping on the digital-art bandwagon by making his own NFTs. “It is the most exciting project I have ever worked on by far,” Hirst said in a statement. He said he has been working on the project in secret for five years, and that it’s been blowing his mind.

Damien Hirst with his eight Cherry Blossom paintings © Damien Hirst/Prudence Cuming Associates

5. NFT Art Already Attracting Hackers

Users of the digital art marketplace Nifty Gateway reported hackers had taken over their accounts and stolen artwork worth thousands of dollars over the weekend.

Some users reported their entire accounts of digital certificates of authenticity for digital assets — known as non-fungible tokens (NFTs or “nifities”) — were drained over the weekend. But even after changing their passwords, some users said the hackers weren’t kicked out of their accounts. Some reported that the digital assets stolen from their accounts were then sold on the chat application Discord or on Twitter.

6. .ART’s Very Own Adopter Alexander Demidov of Avxd.art Is Commissioned to Design the First Tesla Cybertruck as an NFT

Musician 3LAU, who sold his music as NFTs for a whopping $11 million last month, commissioned our very own adopter Alexander Demidov of Avxd.art to design Tesla’s first cybertruck as an NFT. We couldn’t be more proud and more excited to see the result!

Enjoy your weekend and stay tuned for more updates next Friday!

.ART Team
.ART Team
members are global citizens with interests ranging from art history to social justice. If we had an office cat we would have called it Basquiat.