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Cryptopunk nft sells sotheby

By Paula Froelich

Sotheby’s announced the work was bought by Israeli entrepreneur Shalom Meckenzie, the largest shareholder of digital sports company DraftKings

Who says the NFT bubble has popped ?

A non-fungible token (NFT) of a digital artwork called a CryptoPunk defied expectations and just sold for $11.8 million at Sotheby’s on Thursday this week.

“CryptoPunks are a set of 10,000 pixel-art characters made by Larva Labs in 2017” and the mega bucks one that sold– CryptoPunk #7523 — is “of the sought-after Alien variety with blue-green skin, and wearing a medical mask,” according to Reuters (link).


Originally, each CryptoPunk was offered for free, but many have sold recently for millions of dollars.

Two other “alien punks” recently sold for more than $7.5 million each, according to CryptoSlam, and seven other CryptoPunks sold for over $1 million. In May, a collection of nine CryptoPunks sold for nearly $17 million at Christie’s.

“CryptoPunks have become among the most sought-after NFTs on the market,” Michael Bouhanna, contemporary art specialist at Sotheby’s, previously told CNBC Make It.

Prior to the sale, an NFT collector known under the pseudonym Sillytuna owned CryptoPunk 7523.

The last public sale of CryptoPunk 7523 was in 2017 for 8 ether, which was then worth $1,646.

There are only 10,000 Punks in existence, and some of them are thought to be lost forever.

What happened: CryptoPunk #3563 just sold for 63.50 ETH (CRYPTO: ETH) ($128,403 USD). The value of CryptoPunks is typically determined by Punk’s attributes, with the hoodie, beanie, and pilot helmet traits being the most coveted. Other species of Punks (Zombies, Apes and Aliens) are incredibly rare and also sell for a premium.

Here are a list of its attributes and how many other Punks have the same trait:

  • Type: Male (6,039)
  • Accessory: Cigarette (961)
  • Accessory: Stringy Hair (463)
  • Accessory: Vr (332)
  • Accessory: 3 Attributes (2,538)

Why it Matters: Cryptopunks are the ultimate rookie card for NFT collectors.

Cryptopunk nft sells sotheby’s

Courtesy: Decentraland]

Decentraland is a virtual world based on the blockchain, where users can walk with friends, visit buildings, attend events, and view collections of NFT artwork.

To those who say “yes, but you can’t hang them on your wall,” that’s where virtual social worlds like Decentraland come in, ”said Dave Carr, a spokesman for the Decentraland Foundation.

“Virtual worlds are home to NFT digital art.”

NFTs became famous in February and March. An NFT work of art grossed $ 69.3 million at Christie’s, the first sale by a major artless auction house.

Sotheby’s first NFT auction was held in April, with digital works by the artist known as “Pak” fetching $ 16.8 million.

Kevin McCoy’s Quantum, a simple geometric animation featured in Thursday’s auction, sold for $ 1.47 million.

Along with other unique NFTs, or nonfungible tokens, Sotheby’s will auction a rare CryptoPunk as part of its Natively Digital: A Curated NFT Sale next week.

The CryptoPunk, number 7523, will be sold on June 10, with advanced bidding beginning on Thursday, according to Sotheby’s.

CryptoPunks are an assortment of 24×24 pixelated avatars. There are a total of 10,000 in existence, and no two are exactly alike. Each has its own unique features and accessories.

Known as one of the earliest NFT projects, CryptoPunks was launched in 2017 by Larva Labs founders Matt Hall and John Watkinson.
Originally, CryptoPunks were offered all for free, but have recently sold for millions of dollars.

Dubbed “Covid Alien,” CryptoPunk 7523 is considered to be a rare collectible.

They then attached a private mnemonic code conferring ownership of the Ethereum-based NFT to each print within a wax-sealed envelope, destroying the codes afterward to ensure the only copy was tucked inside, he says.

Bak likens the project to the French-American artist Marcel DuChamp’s Hidden Noise, in which an object was placed inside a ball of string fixed between two brass plates by someone other than the artist. “You could hear something inside, but you don’t know what it is or have access to it—you have to destroy it,” Bak says.

All the prints Bak exhibited in 2018 sold on the show’s opening night for about CHF5,000 each, in addition to three more that were not exhibited, Bak says. Two of this group will be among the five sold in the Sotheby’s sale, each carrying estimates varying from US$80,000 to US$180,000.

Despite some recent controversy surrounding Larva Labs and its aggressive approach toward shutting down ripoff collections, CryptoPunks has maintained a cult-like status owing partly to their historical significance and the “fair launch” process (Larva Labs gave them away for free in June 2017).

The Punk #5822 comes as many so-called “blue chip” NFT collections trend up while major assets like Bitcoin and Ethereum are trading around 40% off their highs and have looked rocky for weeks. Red hot avatar collections like Bored Ape Yacht Club and Azuki have had a particularly strong start to 2022 with floor prices soaring. Even with many fungible assets seemingly caught in limbo, the NFT bull market still looks to be holding strong.

Disclosure: At the time of writing, the author of this feature owned ETH and several other cryptocurrencies.

Let’s see how we can continue its story,” Sillytuna wrote.

In a video on Sotheby’s online catalogue, the collector, who has used the Covid Alien avatar on social media, said he’s “looked after the Covid Alien with the utmost respect because not only is it a high-end artwork, it’s also an identity.”

Sillytuna said in a message that he will be trading that identity—which he bought earlier this year “to do something interesting” for the NFT space—for CryptoPunk #9839. His new avatar is one of 332 punks that wears virtual reality glasses. “It’s a human copy of the alien except [VR] instead of mask to signify a look to the future,” he said.

CryptoPunks are considered by some to be the original NFTs as their creation inspired the Ethereum network standard known as ERC-721, which “powers most digital art and collectibles,” according to Larva Labs, Hall and Watkinson’s company.

A rare CryptoPunk sold on Thursday at Sotheby’s for over $11.7 million.

Dubbed “Covid Alien,” CryptoPunk 7523 is considered to be a rare NFT, or nonfungible token, collectible. It is one of nine “alien punks” in the entire series and is the only one with a mask.

The buyer, Sotheby’s tells CNBC Make It, is Shalom Meckenzie, the largest shareholder of DraftKings. Meckenzie has a net worth of $1.6 billion, according to Forbes.

The 7-figure sale set “a new world auction record for a single CryptoPunk,” according to Sotheby’s.

CryptoPunks are an assortment of 24×24 pixelated avatars.
There are a total of 10,000 in existence, and no two are exactly alike. Each has its own unique features and accessories.

Known as one of the earliest NFTs, the CryptoPunks project launched in 2017 by Larva Labs founders Matt Hall and John Watkinson.

An interesting fact is that before his success, Mike Winkleman had never sold a piece of digital art for more than $100!

The Merge

The most expensive non-fungible digital token came under the name “The Merge.” This unit was created by an anonymous digital artist nicknamed “Pak.” An interesting fact is that the founder of the most successful and most significant cryptocurrency, Bitcoin, remains unknown to this day as well. Pak created the most expensive NFT ever, which was sold at the beginning of December 2021 for a sensational 91.8 million US dollars. This art has been sold at the NFT decentralized marketplace Nifty Gateway.
However, this piece is slightly different from regular digital artworks.

This exact art was fractionalized into more than 312 000 pieces and distributed to 28 983 buyers.

NFTs.

  • CryptoPunk 7523 was last sold in June 2021 via an online auction organized by the world-renowned auction house Sotheby’s. It was eventually sold for a total of $11.75 million.
  • The current owner of CryptoPunk 7523 is Shalom McKenzie, a major shareholder of the fantasy sports and betting company DraftKings.
  • NFTs can easily be lost by accidentally “burning” them or losing keys to the wallets that hold them. No one knows for sure but some estimate that as many as 300 CryptoPunks may have already been lost forever.
  • For more details on who currently owns this ultra-rare CryptoPunk, PLEASE READ THE FULL ARTICLE.

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