Luxury auction house Sotheby’s plans to auction off 104 cryptopunks worth an estimated $20 million CryptoBlog

On Tuesday, British-founded American multinational luxury auction company Sotheby’s, headquartered in New York, announced that the auction house plans to auction off a lot of 104 non-fungible tokens (NFTs) Cryptopunks. The batch of 104 NFTs is expected to fetch around $20-30 million in US dollars, according to Sotheby’s.

“Punk It!” of Sotheby’s Auction to sell 104 Cryptopunks

Luxury auction house Sotheby’s plans to auction 104 Cryptopunks on February 23, according to a announcement on the company’s official Twitter account. “Cryptopunks are getting the Sotheby’s treatment,” the company tweeted. “Our next Sotheby’s Metaverse sale ‘Punk It! 104 Cryptopunks. 1 lot.’ will be a historic evening auction on February 23. A truly historic sale for an undeniably historic NFT project.

The batch of 104 Cryptopunks was originally purchased in July 2021 for $7 million in a single Ethereum block. According to reports at the time, the buyer purchased the 104 NFTs by paying the miner a bribe of five ethereum (ETH), and the acquisition raises the floor price for the entire collection of 10,000 Cryptopunks.

The individual who bought the 104 Cryptopunks discussed the acquisition in a Twitter thread during the first week of August 2021. The buyer dubbed “0x650d” explained that it was a bit like buying bitcoin (BTC) less than $10 per unit. “Wish you could go back in time and buy Bitcoin below $10, back when you thought it was a fad or there would be dozens of coins like this,” 0x650d said. . The NFT Collector added:

But you can’t. And there is nothing like it. Same thing with NFTs: you can’t go back in time and be the first.

Co-Head of Digital Art at Sotheby’s: “Cryptopunks helped propel NFTs onto the world stage”

This is not the first time luxury auction house Sotheby’s has dealt with NFTs and NFT collectibles from the Cryptopunks collection. In June last year, Sotheby’s sold five original prints of Cryptopunks and their associated NFTs. “These five incredibly rare ‘phygital’ punks form a very important bridge between the physical and the digital,” said Michael Bouhanna, co-head of digital art at Sotheby’s, at the time. “This is where the digital art world meets the traditional.”

In addition to the rare Cryptopunk, Sotheby’s Natively digital auction in June 2021, sold NFT artwork by Pak, Kevin McCoy and a myriad of other digital artists. The rare Cryptopunk sold at this Sotheby’s auction was Cryptopunk #7523 for $11.8 million. Alongside the Bored Ape Yacht Club, Cryptopunks have become a popular NFT phenomenon and today the floor price for a Cryptopunk is around $200,000. Sotheby’s thinks the lot of 104 NFTs will fetch around $20-30 million at auction.

“Cryptopunks are the original PFP series that created the template for other NFT projects that followed,” Bouhanna explained in a statement this week. “[The NFT collection] helped propel NFTs onto the world stage as one of the most recognizable visual styles that have become synonymous with the digital art movement,” concluded Sotheby’s Co-Director of Digital Art.

Keywords in this story

$20 million, $30 million, 104 Cryptopunks, Auction, Cryptopunk #7523, cryptopunks, Luxury Auction House, Michael Bouhanna, Natively Digital auction, nft, NFT Auction, NFTs, Sotheby’s Cryptopunks, Sotheby’s, Sotheby’s Auction, Sotheby’s co- digital art manager

What do you think of the auction of 104 Cryptopunks by Sotheby’s? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is the news manager for News and a fintech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written over 5,000 articles for News about disruptive protocols emerging today.

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