New Delhi: After the success of its inaugural series of NFT sales in 2021, Sotheby’s has now announced the first dedicated live evening auction for NFTs or non-fungible tokens.
The February 23 event, Punk It!, which the leading auction house is calling the “the first NFT and cultural event of its kind”, will see a single-lot sale of 104 CryptoPunks.
The sale carries an estimate of $20/30 million, which is “the highest valued estimate for an NFT or digital art ever offered at auction”, Sotheby’s said in a news release.
In June 2021, Sotheby’s had a record-breaking NFT sale when CryptoPunk #7523 went for $11.8 million. The inaugural series of NFT sales launched in 2021 has to date achieved $100 million, the news release said.
Sotheby’s said it will accept cryptocurrency for the auction, and the winning bidder can make final payment in Ether (ETH), Bitcoin (BTC), USD Coin (USDC) or in fiat currencies — all transactions subject to applicable laws and regulations. The auctioneer will also announce bids live from the New York saleroom in ETH cryptocurrency alongside US dollars.
Before the live auction, Sotheby’s will host a special live panel discussion on the history of NFTs and CryptoPunks, which will focus on how Punks have gained mainstream recognition.
The speakers are yet to be announced.
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What Are CryptoPunks?
CryptoPunks have fast become a leading visual symbol of the global NFT movement. First released in 2017 by Larva Labs studio, CryptoPunks are said to be some of the world’s most iconic and valuable NFTs.
“Their status in the crypto ecosystem, and more recently the fine art world, has evolved into a signifier of visual identity for their holders,” Sotheby’s said in the news release.
The 104 CryptoPunks to go under the hammer next week were acquired together by anonymous collector “0x650d” in a single blockchain transaction, it said.
The auction house said this stand-alone acquisition connects each of the 104 CryptoPunks with the same provenance, which is a wallet that “currently represents more than 1% of the entire CryptoPunks collection”.
“CryptoPunks are the original PFP series that created the template for other NFT projects that have followed, and which helped propel NFTs to the global stage as one of the most recognizable visual styles that have become synonymous with the digital art movement,” Michael Bouhanna, Sotheby’s co-head of digital art, said in a statement.
He called the February 23 event a “monumental occasion”.
“To offer a group of 104 CryptoPunks as a single lot is a monumental occasion, and one that we are excited to present as a first-of-its-kind evening auction. Never before has there been a dedicated auction presenting NFTs on this level…”