Luxury auction house Sotheby's has announced its first-ever non-fungible token (NFT) sale. The auction which will feature work by PAK, an anonymous digital artist.
The NFT will be on sale starting next month. The exact date of the auction has not been announced yet.
In an interview with CNBC's Squawk Box, Sotheby's CEO Charles Stewart said the auction house wanted their first NFT sale to feature the work of a prominent, well-known artist.
"It's still very early with crypto art in general," he said. "This has the potential to bypass a lot of the traditional gatekeepers."
Sotheby's is the latest auction house to join the crypto art space. The announcement comes days after British auction house Christie's sold popular digital artist Beeple's 5000-day collection for nearly $70 million.