Sotheby’s, the renowned art auction house, is set to inaugurate the Gen Art Program this summer. This initiative, scheduled to commence on July 26, aims to showcase and promote digital artists through fully on-chain sales.
The Gen Art Program will highlight the work of two to three generative artists annually, providing them with a platform to exhibit their talents and reach a wider audience.
In order to facilitate this groundbreaking endeavor, Sotheby’s has partnered with the Art Blocks Engine, a white-label generative minting infrastructure solution that will aid in the creation and distribution of the artists’ works.
All sales within the program will be executed on the blockchain, ensuring transparency and security. Bidding for these unique digital artworks will begin at 20 ether and gradually decrease until a single bid secures the piece.
The decision to price the sales in ether (ETH), the cryptocurrency native to the Ethereum blockchain, underscores Sotheby’s commitment to cater to their “crypto-native collectors,” as stated in their official announcement.
Ethereum, known for its versatility, scalability, and security, is one of the most popular blockchains for non-fungible tokens (NFTs) among artists and collectors. According to Buenoart.com, it is the most widely used blockchain for NFTs.
As of the latest update, Ethereum was trading at $1,867, reflecting a 0.3% increase over the past 24 hours. Year-to-date, the token price has risen by 56.4%, according to CoinDesk data.
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