99-year-old Hungarian artist's computer generated NFTs sold for $1.2M

Computer-generated nonfungible tokens (NFTs) created by Hungarian artist Vera Molnár in collaboration with Martin Grasser sold out during Sotheby's Dutch auction for 631 Ether (ETH), or around $1.2 million, in less than one hour.

Molnár's Themes and Variations #1 sold for 19.84 ETH | Source: Sotheby's

According to the July 26 announcement, the "Themes and Variation" collection features 500 collectibles via an algorithm combination of 170 color palettes and recursive grids. Auctioneers wrote:

"Themes and Variations is an expansion of Molnár's 2% d'ordre generative protocol that explores the power of the grid and randomness of color. Molnár further developed the system by incorporating the appearance of letters (N, F, T), playfully chosen for this series as a reference to the technological vehicle of NFTs."

Born in Budapest in 1924, Molnár was one of the first pioneers of computer-generated imagery, having started the practice in 1959. She previously lectured at the Université de Paris and had her works displayed in major European exhibitions. Molnár ventured into the realm of NFTs in 2022. She wrote:

"After decades of exploring how systems and computers can generate artistic outputs, I see this collaboration with Sotheby's and Art Blocks as a culmination of those efforts, providing a new way to generate never-before-seen, unique abstract forms that are defined by the controlled randomness of machine programming—the essence of the algorithm."

The collection has surpassed 589 Ether in volume traded on secondary markets such as OpenSea. At the time of publication, Themes and Variations' floor price has increased by over 100% from an average of 1.52 ETH shortly after the sale ended.