Auction House Sotheby’s Begins First Bitcoin Ordinals Sale
Auction house Sotheby’s has launched its inaugural Bitcoin Ordinals sale, an online auction featuring three items from the BitcoinShrooms collection. The sale, announced by Sotheby’s metaverse division on Twitter, will run from December 6 to December 13.
The BitcoinShrooms Collection
The BitcoinShrooms collection was created by a pseudonymous digital artist known as Shroomtoshi. It features pixelated art that represents the history, culture, and technical aspects of blockchain technology. The three lots in the auction include “S” for “Self-Sovereignty,” “Sovereign Individual” inspired by a Bitcoin-related book, and “BIP39 Seed” referring to recovery seed phrase backups.
Current Bids and Estimated Values
As of now, there have been 107 bids placed on the lots. The lot named “S” has attracted the most interest with 44 bids. The estimated values for each lot range from $20,000 to $30,000 with no reserve price. However, the current bid highs for “S,” “Sovereign Individual,” and “BIP39 Seed” are $42,000, $50,000, and $28,000 respectively.
About the Bitcoin Ordinals Protocol
The Bitcoin Ordinals protocol was launched by Casey Rodarmor in January. It provides a new way to store and trade digital content on the Bitcoin blockchain using satoshis, which are the smallest units of bitcoin. Each piece of content becomes a unique and tradable asset engraved onto the blockchain.
Sotheby’s History with NFTs
Sotheby’s has previously auctioned off NFT collections, including “The Goose” by Dmitri Cherniak for $6.2 million, 37 “Grails” NFTs for over $5 million, and 500 pieces of generative art for $1.2 million. The auction house also faced a lawsuit in August related to the sale of Bored Ape NFTs.
Hot Take: Sotheby’s Expands into the Crypto Market
With its first Bitcoin Ordinals sale, Sotheby’s is further embracing the crypto market and showcasing the growing interest in digital art and blockchain technology. By offering unique and tradable assets on the Bitcoin blockchain, Sotheby’s is tapping into the potential of cryptocurrencies and NFTs. This move highlights the increasing integration of traditional auction houses with the digital asset space, creating new opportunities for artists and collectors alike.
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