Sotheby’s launches generative art program on blockchain

Sotheby’s auction host is starting a program to feature digital art that will be sold on the blockchain. Photo courtesy of Shutterstock

(MT Newswires) — Sotheby’s is preparing to launch a new initiative called the Gen Art Program this summer.

Scheduled to begin on July 26, the program will feature the work of two to three generative artists each year, the renowned art auction house said in a statement.

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This program aims to showcase and promote artists in the digital art realm, employing fully on-chain sales.

To facilitate this innovative endeavor, Sotheby’s has partnered with the Art Blocks Engine, a white-label generative minting infrastructure solution.

Sales will be fully executed on the blockchain. Bidding for these items will start at 20 ether and gradually decrease until the artwork is sold with a single bid.

The decision to price the sales in ETH was made by Sotheby’s to acknowledge and cater to their “crypto-native collectors,” the statement said.

Ethereum is one of the most popular blockchains for non-fungible token, artists and collectors. The blockchain is the most widely used blockchain for NFTs, largely due to its versatility, scalability and security, according to Buenoart.com.

Ethereum is up 0.3% over 24 hours during Thursday’s session, trading at $1,867 at last look. Year-to-date, the token price is up 56.4%, according to CoinDesk data.