Sotheby’s to Auction Bitcoin Ordinals Collection by Shroomtoshi
Sotheby’s, the renowned auction house, will be selling a collection of Bitcoin Ordinals for the first time in its 279-year history. The collection, called BitcoinShrooms, is created by an artist known as Shroomtoshi and consists of pixel art pieces that reference Bitcoin’s history and core principles.
The purpose of the collection, according to Shroomtoshi, is to provide a “pixelated recap” of Bitcoin’s 13-year journey while raising awareness about its principles and critiquing its pop culture elements. Sotheby’s head of digital art, Michael Bouhanna, praised Shroomtoshi as a trailblazer in the Ordinal ecosystem and stated that the collection captures the cryptocurrency zeitgeist.
Currently, three artworks from the collection are available for sale: “S,” “The Sovereign Individual,” and “BIP39 Seed.” The prices range from $20,000 to $30,000, and bids can be made in cryptocurrency. The auction will end on December 13.
What are Bitcoin Ordinals?
Bitcoin Ordinals are unique digital assets inscribed on satoshis, the smallest unit of Bitcoin. They were developed after the Taproot upgrade in November 2021. Each satoshi is assigned an ordinal based on its mining order and can have additional content inscribed on it.
Similar to non-fungible tokens (NFTs) on blockchains like Ethereum, ordinals allow for the creation of one-of-a-kind digital assets. However, some critics argue that ordinals exploit vulnerabilities in Bitcoin Core and contribute to network congestion and increased transaction fees.
Hot Take: Sotheby’s Ventures into Crypto Art
Sotheby’s entry into the crypto art space with the sale of the Bitcoin Ordinals collection demonstrates the growing recognition and adoption of digital assets by traditional institutions. By offering these unique pieces for auction, Sotheby’s is embracing the cultural and technological revolution of Bitcoin.
The collection’s pixel art format and references to Bitcoin’s history add a nostalgic touch that resonates with crypto enthusiasts. This auction not only provides an opportunity for collectors to own rare digital artworks but also serves as a milestone in the integration of blockchain-based art into mainstream markets.
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