New York auction house giant Sotheby’s is putting up for auction 104 CryptoPunks digital collectibles. The sale, titled ‘Punk It!’, will take place between February 18th and February 23rd, and will be a luxury event featuring dinner for VIPs as well as a live DJ set.
The Cryptopunks Sothebys Auction is the latest in a big turn which sees art world big players chip in on the NFT market growth of the past years. The 104 Cryptopunks NFTs were first acquired by an anonymous collector in July 2012 in a single lot sale. Now, through the live auction, this buyer could end up making triple figures.
The CryptoPunk NFT has been acquiring high value over the months as this undeniably historic NFT project is especially sought after. The digital artwork will be available for anyone who wants to make an offer, either via crypto or cash.
As the demand for digital art projects grows more and more, it’s no surprise respected and affluent physical art brokers like the auction house Sotheby’s feel like they have been missing out – after all, they have indeed. Remember the days when the connected establishment would turn in disgust at words such as crypto art or digital asset? When explaining a digital art movement like NFTs would result in people detaching from the conversation?
The 104 Cryptopunk NFTs are evidence that NFT art is slowly being recognized as equal to more traditional forms of artistic expression. After all, the variety and scale of NFT projects now dwarves many artistic undertakings of the real world, as more and more creators start realizing the possibilities.
Just to put into perspective such possibilities: one of the rarest crypto punks, the covid alien CryptoPunk with bluish skin, a surgical mask, and a red beanie, sold for a staggering 11.75 million USD coin in June 2021. Strangely enough, the CryptoPunk non fungible token has been described as a “symbol of the post-pandemic world” for the natively digital generation.
While the Ethereum blockchain houses most NFTs in existence, Sotheby’s and other real-world multinationals might have different ideas in the long run. Popular DJ Steve Aoki, for example, has partnered up with the auction house to be at the junction of physical and digital art, releasing an exclusive NFT collection on Sotheby’s Metaverse platform.
The Sothebysmetaverse sale suggests more and private people might enjoy the idea of storing their NFTs in private blockchains, citing maybe less tampering from public scrutiny looking to dox personal information. Or maybe it’s up to countries like El Salvador, who have been at the forefront of the crypto currency innovation and advocacy, to provide safe havens for NFTs enthusiasts and minters. But that’s for another time – a time when it will be normal for everyone to type “NFT news”, “bitcoin news”, or “crypto news” on the search bar of their browsers.
Before then, it will be up to new curated NFT sale events or live evening auction such as those organized by Sotheby’s to push the frontier of what’s accepted and even embraced. Even though, we believe, it’s actually the responsibility and pleasure of NFT creators and minters in the digital space.