
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the consignor, tonight’s Punk It sale has been withdrawn.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.

Pavan A
CBW - External Analyst
INDIA