Sotheby’s is set to auction 104 CryptoPunks worth $20 to $30 million

The single-lot of 104 Punks is estimated to be worth between $20 and $30 million.

 

Sotheby’s previously sold one CryptoPunk NFT in June 2021 for $11.8 million.

According to its annual report, the auction house sold $100 million in NFTs in 2021.

Sotheby’s will hold an auction of 104 CryptoPunks on February 23, the New York auction house announced Tuesday. The NFTs are worth between $20 and $30 million.

Sotheby’s co-head of digital art, Michael Bouhanna, called the auction a “first-of-its-kind” and “monumental” event, owing in part to its emphasis on CryptoPunks.

“CryptoPunks are the original PFP series that established the template for subsequent NFT projects, and which helped propel NFTs to the global stage as one of the most recognisable visual styles that have become synonymous with the digital art movement,” Bouhanna said in a statement.

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

Sotheby’s will accept cryptocurrencies such as bitcoin and ether, as well as fiat currencies, for the evening auction. All 104 CrypoPunks will be sold together in a single lot.

This is not, however, Sotheby’s first foray into blockchain-based digital collectibles.

Sotheby’s launched Sotheby’s Metaverse, an NFT (non-fungible token) marketplace, in October 2021, making it the first auction house to do so. In June 2021, Sotheby’s sold CryptoPunk #7523 for $11.8 million.

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

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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