Collectors of Art Would be Able to Purchase New Token by Burning NFTs

The mysterious and successful NFT artist Pak has recently announced the launch of a new token, ASH. However, not every other investor would be able to purchase this token with digital assets or fiat currencies. A person who wants to own ASH would have to be willing to burn the NFT artwork under their ownership. 

Pak became the first NFT artist to earn $1 million last year from their Ethereum based artwork. The real identity of the artist remains a mystery, and there are several speculations that Pak is an AI created by a team of programmers and engineers. Pak’s association with Archillect is controversial. Archillect is itself an algorithm-supported AI engine that uses data manipulation to find out the most interactive visual art from around the world. It is not confirmed whether Pak created Archillect or Archillect created Pak. 

The Mysterious Artist Pak Creating an Illusion of Value and Demand

The recent collaboration of mysterious NFT artist Pak with Sotheby’s is not an accident. A few days ago, Pak tweeted a message to attract the attention of Global auction houses. The official account of Pak shared a video with a message “Global auction houses this is for you, Want this art piece, Show us all. I’ll choose.” The famed auction house responded to the message and went in touch with the artist. The officials of Sotheby’s claim that this collaboration is just the beginning; there are bigger projects with Pak in the pipeline.

The NFT burning platform introduced by Pak is called burn.art. The word burning does not mean lighting the art on fire but rather the process of removing a crypto token or an NFT permanently from circulation. The spokesperson of the block says that some future artworks by Pak would only be accessible with the token ASH. The buyers who wish to get access to the exclusive content would have to choose whether they value artwork more or the currency?

Can ASH Become an Independent Digital Asset?

Due to the nature of a permission-free and decentralized style, ASH has the potential to become rise high in the market and take a life of its own. The spokesperson further added that the burn.art platform uses a bonding curve to achieve a balanced ratio for price against supply. The collectors who own Pak artwork would be able to get a higher yield of ASH from burning their NFTs than those who don’t. 

At the moment, Pak is busy with their sales of The Fungible Collection. The auction is facilitated by Sotheby through Gemini’s Nifty Gateway. The sale that was open for just 5 minutes managed to sell 14,882 units of cubes. These cubes are NFTs that are sold in a logarithmic manner. Each cube is worth $500 and thus far made the mysterious artist a total of $7.5 million. 

Leave a Reply

Your email address will not be published. Required fields are marked *

Related

Amazon Currently has No Plans to Accept Bitcoin Payments

Bitcoin mania is on the rise as bullish signals approach; Bitcoin had seen some very hard days, especially in the past few months when Elon Musk and China were cracking at it, and most of the investors lost their faith in the cryptocurrency. Bitcoin stayed closer and then below the $30K price range and was […]

New Monero Bug Violates Users’ Transactions Privacy

Monero is a privacy-focused cryptocurrency and is already getting some traction from the crypto market and investors alike. But it has been infected with the bug named “Monero,” which consistently bewilders the transaction privacy and credibility for users. The whole point of using cryptocurrency for making transactions and the use of blockchain technology is to […]

UK-based News Agency Claims Amazon is Going to Enable Cryptocurrency Payments

Amazon is the fourth-largest company in the world in terms of annual revenue generation. The retail giant was caught by a cloud of rumor mongers who connected Amazon with cryptocurrencies like Bitcoin. The root cause of the rumors was a series of job postings by Amazon that show vacancies for blockchain and digital payment experts. […]

Polkadot (DOT) Targets $17 on a Bullish Set-Up

Briefly – DOT has recovered almost 40% from its weekly lows, targeting $17. DOT’s price tries to prevent the declining wedge. The RSI overpowers a five-month trend-line. Polkadot (DOT) Price Analysis Though Polkadot (DOT) has been here for not that long, it has enjoyed massive adoption by crypto advocates. That is because of the solutions […]

Crypto Market Recovers as Bitcoin’s Price Surges

After witnessing a downfall in the last few months, Bitcoin is once again on the rise. Today marks the third consecutive day that showed Bitcoin price movement improving. In the same period, Bitcoin has improved by 4.11% and added a weight of $1,705 to the price list. At press time, Bitcoin is valued at $34,411 […]