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Sotheby's Cancels Cryptopunks NFT Auction

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Pavan A Follow

INDIA

Mar, 01 2022

Mar, 01 2022

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In February, 104 Cryptopunk non-fungible tokens (NFTs) were to be sold at Sotheby's auction house, but the auction house canceled the event even before the auction began. The lot, dubbed 'Punk It!,' was expected to sell for $30 million, with the holder having paid $7 million for the collection in July 2021.

 

"0x650d," the owner of the Cryptopunks NFTs, appears to have decided to retain the assets, which were estimated to bring around $20 million to $30 million at auction.

 

After a discussion with the consignor 0x650d, Sotheby's announced that the event was officially canceled on the day of the auction.

 

“Following discussions with the consignor, tonight’s Punk It sale has been withdrawn. Thank you to our panelists, guests, and viewers for joining us,” Sotheby’s said.

 

In a tweet, 0x650d announced he would keep Cryptopunk NFTs, and in another tweet, he shared a meme that mocked the situation with Sotheby's. However, people weren't amused and 0x650d was criticized for canceling the auction from Sotheby's.

 

As the community waits for more information about 0x650d's decision to cancel the Cryptopunks NFT sale, it is unclear the reasons for the cancellation. From the time the Cryptopunks NFT auction was first advertised, 0x650d's stockpile was probably worth significantly less now than it was imagined. Since the escalation of geopolitical tensions between Russia and Ukraine, cryptocurrency market prices, particularly the values of non-fungible token digital collectibles, have decreased dramatically in value against fiat currencies.

 

Sotheby's first NFT auction was a collection of 101 Bored Apes for $24.4 million in September.

 

Over the past year, traditional auction houses have been progressively staging NFT auctions, with Sotheby's claiming over US$100 million in digital art sales in 2021 and competitors Christies hosting many auctions throughout the year.

 

NFTs (non-fungible tokens), a sort of blockchain-based collectible, were extremely rare until a year ago. Gallerists, collectors, celebrities, took notice when artists like Beeple and Pak sold them for tens of millions of dollars.


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Pavan A

CBW - External Analyst

INDIA

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