A cryptopunk NFT recently sold for $ 11.8 million during an auction organized by Sotheby’s. The sale, which also included works by other artists, was organized virtually. Sotheby’s anticipates strong demand for such digital goods in the future, even if the NFT fever has subsided somewhat in recent weeks.
Cryptopunk NFT sold for nearly $ 12 million
Sotheby’s, a leading art and luxury auction house, announced yesterday the sale of a Cryptopunk NFT for nearly $ 12 million. The auction with the title “Natively digital“Presented a group of curated works in the form of NFTs. While the auction’s feature was the Cryptopunk NFT, 27 other digital works of art were also shown.
The Cryptopunk NFTs are the very first series of NFTs minted by Larva Labs on the Ethereum network in 2017. While they were created and distributed free of charge back then, they are now highly valued for their origins. There are 10,000 cryptopunks in total, but the one auctioned off was particularly strange.
Called the “Covid Alien” Cryptopunk by some, the NFT avatar shows a pale green skinned character wearing an orange hat and mask. This made it particularly sought after when compared to other cryptopunks that have more conventional trains. Shalom Meckenzie, a shareholder in fantasy sports betting website Draftkings, won the auction for the asset.
According to Sotheby’s, this sale marks an auction record for a single cryptopunk. Other tokens on sale also reached high prices at the auction. Kevin McCoy’s Quantum sold for nearly $ 1.5 million and Robert Alice’s iNFT for nearly $ 500,000.
Burst NFT bubble
While the NFT craze only increased a few months ago, it has subsided recently. While the Sotheby’s auction shows that there is still genuine interest in digital artwork, that interest appears to have spilled over to real artists and established collectibles. According to Protos, sales of NFTs have fallen 90% since their highest release last May. This means the occasional NFT cash grab project is dying and could mean the ecosystem surrounding NFTs is maturing.
As important as this NFT sale may seem, it pales in comparison to the amount of money Beeple received for an NFT last March. The artist managed Received $ 69 million for a work called Everydays: The First 5000 Days. The NFT shows its first 5000 works of art from its “Everydays”“ Project where he vowed to produce some kind of work of art every day.
What do you think of Sotheby’s latest cryptopunk auction? Let us know in the comments section below.
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