On December 4, 2021, it was reported that the record for the highest price ever paid for a work by a living artist, set by Jeff Koons’s Rabbit in 2019 at US$91.1 million, had been broken. The new record‑holding piece, Merge (2021), had achieved US$91.8 million. But this sale was just the beginning of a controversy.
The “artwork” was in fact made up of 266,455 NFTs, each comprising a single dot known as a “mass”. These variously sized and priced dots were purchased, in varying numbers, by approximately 26,000 buyers within a 48‑hour window on the platform Nifty Gateway. Every time a collector bought a new mass, it would merge with those they already owned; further, collectors could sell their mass on to other buyers—leading, potentially, to the formation of one giant mass.
Naturally, this “drop” added fuel to the discussion fire of whether an NFT is, in fact, art, and whether this multiple ownership model is comparable to the performance of sales like Koons’s.
Merge was conceived by pioneering “creator”, Pak, about whom little is known: is Pak a man, a woman, an AI‑operated entity? They use a voice modulator when speaking over the phone, but they only do that with people they work with. Twitter seems to be the preferred mode of communication, where Pak frequently shares dramatic but simple philosophical one‑liners, invariably generating hype for forthcoming projects.
What is known, however, is Pak’s intention: to democratise accessibility to art and other collectible goods through sophisticated and innovative coding, pushing the boundaries of what NFTs, as a medium, can accomplish.
هذه القصة مأخوذة من طبعة March 2022 من Tatler Singapore.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة March 2022 من Tatler Singapore.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Old-World CHARM
Professional photographer and content creator Zipeng Lee takes off to Switzerland to experience some of the country’s most storied heritage hotels
THE World ACCORDING TO Redzepi
Renowned Noma chef René Redzepi and executive producer Matt Goulding unpack Apple TV's new eight-part docuseries, Omnivore, and its exploration of humanity through food
COURAGE OF CONVICTION
Tatler speaks to Bing Chen, Prabal Gurung and Kevin Lin to discuss how their non-profit Gold House is changing the future of the Asian diaspora
INDUSTRIALI
Exploring the important sustainability efforts taking place beyond obvious industries
THE BALL'S INHER COURT
China's most celebrated tennis star Li Na opens up about her career, influencing young athletes and her continuous learning journey
Love Story
Set in Paris, Graff's new bridal campaign marries the timelessness of love and diamonds
Over the Rainbow
The inspirations behind Hermés creative director for jewellery Pierre Hardy's latest and gorgeously colourful high jewellery collection surprise and delight
Twist and Turn
Bvlgari's debut Tubogas jewellery collection reimagines a classic technique with 16 stunning creations
Game On
From diamond‑set carabiner‑inspired clasps to a carbon fibre cuff, Chanel knocks it out of the park with Sport, an audacious and innovative high jewellery collection unlike any other
The Wrist Taker
Shipping scion and basketball team owner Hendi Widodo unlocks his vault of rarefied timepieces