Cryptocurrency News

Sotheby’s auction sets new world record for $11.8M cryptopunk sales

The sale of a rare cryptopunk luxury auction house Sotheby’s made waves on social media on Thursday.

In a tweet from Sotheby’s, the auction said Cryptopunk #7523 – also known as “Covid Alien” – sold in its London salesroom for about $11.8 million. According to the auction house, this sale represents a new world record for a single cryptopunk artwork.

Cryptopunks, which predict the mass craze of non-fungible tokens (NFTs) in 2021, often feature small, pixelated depictions of people, apes, zombies and aliens. Sotheby’s announced the sale of COVID Alien in late May as a “special, standalone” auction. The artwork depicts an alien wearing a face mask.

On-chain data shows that someone has bought Cryptopunk for 8 Ether (ETH) at a public sale in 2017—a fraction of the sale price today. However, last month New York-based auction house Christie’s sold nine Cryptopunks for around $17 million, meaning there is still strong interest from many buyers for these pieces.

“Punks were designed as pseudonymous images, masks for crypto pioneers who value the idea of ​​privacy in the modern age,” said Here’s an overview of Sotheby’s auctions. “Avatars, portraits or masks, they stand as a figurative reference point for a specific Internet crypto core identity that now spreads itself across social networks – Twitter in particular. More called as profile pictures by Punk. is compared to the picture of the person behind the account.”

related: Sotheby’s Transfers $10 Million to Cryptopunk Singles Auction Program

NFT collector “Silituna,” who owned COVID Alien prior to the sale, previously told Cointelegraph that they acquired the digital collectible in an over-the-counter deal. He announced on Twitter shortly after the sale that “NFTs are dead” and indicated Maybe he has already used some of the money to buy another piece of artwork.