DAY ONE OF THE ‘THE FUNGIBLE’ COLLECTION BY PAK ACHIEVES $9.94 MILLION WITH NEARLY 20,000 OPEN EDITION CUBE UNITS SOLD *Sets New Single-Day Open Edition Record on Nifty Gateway* The Open Edition Sale Continues Tomorrow at 1:00 - 1:15PM ET Bidding Now Open for Unique Works Available Via Auction

NEW YORK, 12 April 2021 – Day one of 'The Fungible' Collection, Sotheby's debut NFT partnership with Pak, achieved $9.94 million with 19,880 Open Edition cube units sold during the 15 minute window the drop was open, and set a new single-day record for open editions sold on Nifty Gateway. Fungible Open Editions will be available for purchase again on 13 and 14 April on Nifty Gateway from 1:00-1:15PM ET.

'The Switch' and 'The Pixel', one-of-one digital artworks offered in a traditional auction format, also opened for bidding today with bids swiftly escalating to over $1 million each. Bidding for 'The Switch' and 'The Pixel' will be open until 1:30PM and 2:00PM ET respectively on 14 April.