Sotheby’s, the world-famous auction house, was set to host an eagerly awaited auction of 104 CryptoPunk Non-fungible Tokens (NFTs). The auction house cancelled the event just minutes before it was scheduled to launch.
A pseudonymous collector named 0x650d bought the lot titled “Punk It!” several months ago for $7 million in crypto. Sotheby’s announced that it would auction the NFTs in the collection. Estimations range between $20 million to $30 million. However, the owner of the collectibles pulled out of the auction shortly before it started.
Users who waited to be part of the auction were disappointed by his decision. Farokh, the founder of decentralized media platform RugRadio, stated:
Bro, stop acting like a rugged Sotheby’s. You made everyone look stupid. You are making everyone laugh here, even the press. Don’t hide your guilt behind stupid memes.
Later, the seller sent another tweet hinting at Sotheby’s high commission fees as the reason for the cancellation.
CryptoPunks were created in 2017 and are one of the first NFT collections. They are a highly sought-after digital collectible that is expensive and very popular. Some have spent millions to purchase them. CryptoPunk #5822 set a new record earlier this month when Chain CEO Deepak Thapliyal bought it for almost 8,000 Ethereum. The transaction was almost $24 million at the time.
Sotheby’s Interaction with The Crypto World
Since its inception, the leading auction house for luxury and art has been part of digital asset universe. It partnered with Future Perfect Ventures in November 2013 to invest $20 million into the NFT tech company Mojito. Charles Stewart, CEO of Sotheby’s, commented on the matter.
“We believe that blockchain will be used to increase ownership of digital assets in the future. NFTs are attracting a lot of attention. Sotheby’s mission promotes ownership and access to exceptional art and luxurious objects. It makes sense to focus on this area and develop it.
The company announced in January that it would host an auction for a rare, 555.55-carat, diamond that could be used to sell for digital assets. Richard Heart, an American entrepreneur, purchased the diamond for $4.3 million in crypto earlier this month and renamed it “HEX.com diamond”.
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