Vera Molnár, a Hungarian media artist, is making waves with her latest NFT collection. The collection took only one hour to sell out at a Sotheby’s auction, and it generated a whopping 1.2 Million in sales. The 99-year-old Hungarian digital artist presented ‘Themes and Variations’, the collection made up of 500 generative art NFTs, that were quickly snapped by the bidders.
The innovation behind Molnár’s work
Known for her traditional geometric style, Vera Molnár took a different artistic path this time in the ‘Themes and Variations’ series. The artist brought an innovative twist to her work – the focus of the series was on the letters N, F, and T. Furthermore, assisted by generative artist and coder Martin Grasser, employed the increasingly common generative art technique in her creations.
This technique involves the use of code to materialize different aspects of the artwork, defining shapes, colors, pixel sizes, and other graphical traits. When executed, the code randomly selects these elements and creates unique and mind-blowing results each time.
Sotheby down the NFT path
This NFT auction marked a significant turning point for Sotheby’s Metaverse, the prestigious auction house’s NFT marketplace. It is the first time in an impressive 300-year history that Sotheby’s adopted a Dutch auction format. In this type of auction, the sale kicks off with the highest price at which the piece will be sold. This price is gradually reduced in increments until a buyer makes a bid or the set lowest price is reached.
The innovative approach differs from the traditional English model where bidders escalate prices. The maximum price set for this unprecedented auction was 20 Eth, equivalent to $37,506.
NFT Stardom: ‘Themes and Variations #1’
Among the 500 NFTs auctioned, one piece stood head and shoulders above the rest. ‘Themes and Variations #1’ emerged as the star of the sale, fetching a whopping 19.84 Eth, or $37,205.95. The strength of the secondary market was immediately apparent as ‘Themes and Variations #444’, boasting a rare 10 x 10 grid pattern, fetched 10 Eth, or $18,753, on OpenSea.
Vera Molnár’s NFT collection’s overwhelming success testifies to the exciting possibilities at the intersection of art and blockchain technology. As digital artists continue to push the boundaries of creativity, the world waits with bated breath to see what innovations will take center stage next.