Digital artwork sells for record-breaking US$91.8m

A non-fungible token (NFT) by an artist collective has sold for a record-breaking US$91.8m (£69.3m).

The Merge was bought by more than 28,000 people on Saturday (December 11), potentially making it the most expensive ever work by a living artist.

A Jeff Koons sculpture titled Rabbit sold for $91m in 2019; however, it was only one object.

The Merge, created by collective Pak, could become a single digital work. Buyers receive a single (NFT) with the accumulated mass of units purchased and anyone who sells their units will see them destroyed, consolidating the artwork's value over time.