Sotheby’s Set to Auction 104 CryptoPunks Valued at $20M to $30M

All 104 CrypoPunks will be bundled together in a single-lot sale

article-image

Some of the Sotheby’s CryptoPunk collection

share

key takeaways

  • Sotheby’s previously sold one CryptoPunk NFT for $11.8 million in June 2021
  • The auction house sold $100 million worth of NFTs in 2021, according to its annual report

Sotheby’s will auction 104 CryptoPunks Feb. 23, the New York auction house said Tuesday. The NFTs carry an estimated value of $20 million to $30 million.

Michael Bouhanna, Sotheby’s co-head of digital art, described the sale as a “first-of-its kind” and “monumental” in part due to its focus on CryptoPunks.

“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,” Bouhanna said in a statement. 

The group of CryptoPunks set to be auctioned was originally acquired together in a single transaction by the anonymous collector “0x650d.” CryptoPunks, which were released in 2017 by studio Larva Labs, currently have a floor price of $210,374 each, according to crypto data provider NFT Price Floor.

For the evening auction, Sotheby’s will accept cryptocurrencies like bitcoin and ether, as well as fiat currencies. All 104 CrypoPunks will be bundled together in a single-lot sale. 

However, this isn’t Sotheby’s first foray into blockchain-based digital collectibles.

Sotheby’s launched an NFT (non-fungible token) marketplace called Sotheby’s Metaverse in October 2021,  making it the first auction house to start such a platform. Sotheby’s earlier sold CryptoPunk #7523 for $11.8 million in June 2021.

The auction house dubbed its performance in 2021 as “the strongest total in [the] company’s 277-year history,” in an annual report, in part due to its $100 million of NFT sales.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

HYATT REGENCY SALT LAKE CITY

TUES, OCT. 8, 2024

Guided by the expertise of Blockworks Research Analysts team, this one day event will feature senior leaders, entrepreneurs, and developers from across the crypto industry. Attendees will have the opportunity to participate in an immersive experience to explore the latest trends, […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

hivemapper.jpeg

Research

We believe crypto market participants overlook Hivemapper’s fundamental potential due to a poor understanding of both the niche map data market and Hivemapper’s positioning relative to incumbents. Hivemapper’s token model catalyzes both a cost and product advantage via unmatched map freshness and near real-time accuracy, which is its wedge into a market characterized by stale data and high data collection costs. Its current and potential future product suite may represent one of the strongest possibilities for PMF in crypto today.

article-image

The Department of Justice and Commodity Futures Trading Commission announced back-to-back lawsuits against KuCoin Tuesday

article-image

Judge Failla found that Coinbase didn’t operate as an unregistered broker in offering its wallet service

article-image

A fund by Laser Digital offers investors exposure to the Polygon network, while a new 21Shares ETP focuses on staking rewards from Toncoin

article-image

Sponsored

The TRON network’s integration into Dune brings a wealth of data and insights to the fingertips of users

article-image

A BTC futures fund offered by Hashdex and Tidal Investments has gotten regulatory clearance to hold bitcoin directly

article-image

At launch, Chain Signatures will be compatible with Bitcoin, Ethereum and Cosmos network chains, as well as DogeCoin and XRP Ledger