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Cryptopunk NFTs Sold for Nearly $12 Million at Sotheby’s Auction – Bitcoin News


A Cryptopunk NFT was recently sold for $11.8 million during an auction organized by Sotheby’s. The sale, which also featured works by other artists, was held virtually. Sotheby’s expects strong demand for such digital goods in the future, even if the NFT fever has subsided somewhat in recent weeks.

Cryptopunk NFT sold for around $12 million

Sotheby’s, a leading art and luxury auction house, announced The sale of a Cryptopunk NFT yesterday for about $12 million. auction titlebasically digital, presented a bunch of curated functions in the form of NFTs. While the auction feature was Cryptopunk NFTs, it also featured 27 other digital artworks.

Cryptopunk NFT is the first series of NFTs on the Ethereum network by Larva Labs in 2017. While they were created and distributed for free at the time, they are now highly valued for their origins. There are 10,000 cryptopunks in total, but the one that was auctioned was particularly odd.

Dubbed by some as the “Covid Alien” cryptopunk, the NFT avatar depicts a pale green-skinned character donning an orange bean and a mask. This made it particularly desired in comparison to other cryptopunks, which have more traditional characteristics. Shalom Mackenzie, a shareholder of fantasy sports betting site DraftKings, won the auction for the property.

According to Sotheby’s, this sale marks an auction record for a single cryptopunk. Other tokens in the sale also reached higher prices in the auction. Kevin McCoy’s Quantum sold for about $1.5 million, and Robert Ellis’s iNFT sold for about $500K.

nft bubble popped

While the craze for NFTs increased only a few months back, it has waned recently. While Sotheby’s auction shows there is still a genuine interest in digital artwork, it seems that interest has moved to real artists and established collectibles. According to protos, NFT sales are down 90% since their largest number posted last May. This means that sometimes the NFT cash grab project is dying and it could mean that the ecosystem around NFTs is maturing.

No matter how significant this NFT sale may seem, it is less than what Beeple received for NFTs last March. artist successful To receive $69 million for a work titled “Everydays: The First 5000 Days”. NFT Shows His First 5000 Artworks From His “Every Day” project, where he vowed to produce some kind of artwork every day.

What do you think of Sotheby’s latest cryptopunk auction? Tell us in the comment section below.

image credit: Shutterstock, Pixabay, WikiCommons

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