NFT Collection Sells For $5.5M In One Hour

A non-fungible token (NFT) collection released by Brazilian artist Monica Rizzolli sold out within one hour, raking in an impressive sum of money.

What Happened: According to The Block report on Tuesday, Rizzolli's "Fragments of an Infinite Field" tokenized generative artwork collection sold out within one hour for 1,623 Ethereum ETH/USD — or about $5.55 million as of press time.

Her work depicts flowers within a “potentially infinite field of foliage” and was sold on NFT auction platform Art Blocks.

The NFTs were sold via a Dutch auction with a starting price of 10 ETH (over $34,000).

After the initial sale, the NFTs ended up being sold again on OpenSea for prices as high as 69 ETH (over $236,000) and the least expensive pieces of the set are priced at about 13.4 ETH ($46,000).

The NFT market saw an unprecedented explosion in public awareness, demand and circulating funds this year. One famous NFT collection known as CryptoPunks sees units being reportedly owned by rapper Jay-Z, electronic dance musician Steve Aoki, and entrepreneur Gary Vaynerchuk alongside payments behemoth Visa V, which recently acquired one.

While some NFTs are being sold for exorbitant prices, many are being sold rather cheaply or even given away for free. For instance, Dfinity's Internet Computer ICP/USD announced the launch of 10,000 NFTs, 3,000 of which will be distributed for free.

Photo: Screenshot from YouTube, "Painting of one of the canvases from the series 'Queda' Sep 24 to Oct 1, 2010"