Is blockchain tech truly adopted when no one is talking about it?
Sotheby’s is making moves. The same fine art auction house behind several recent major nonfungible token sales has just made the Met Breuer’s old Madison Avenue building its home, and on July 26, it’s launching an on-chain Gen Art Program powered by generative art platform Art Blocks.
“The Sotheby’s Gen Art Program is powered by Art Blocks Engine,” Art Blocks founder and CEO Erick Calderon told Cointelegraph, “which gives access to Art Blocks’ smart contracts and rendering infrastructure for partners to create their own generative projects.”“All Gen Art Program sales will be fully on-chain and in ETH only,” Sotheby’s head of digital art and NFTs, Michael Bouhanna, told Cointelegraph.
Sotheby’s will conduct this inaugural sale as a Dutch auction for the first time in the house’s 300-year history. Art Blocks has historically used that model across its platform. Unlike a more traditional auction, where prices start low and climb high, a Dutch auction’s prices start high and go low. The first offer wins the lot, so there’s no dramatic bidding wars here. Sotheby’s say the model introduces new psychologies.
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