A Bitcoin Ordinals Inscription Sells for Over $250,000 at Sotheby’s
The Genesis Cat Ordinals inscription, created by digital artist FAR as part of the Quantum Cat project, was sold for more than $250,000 at Sotheby’s auction house. The winning bid amounted to 6.31 BTC or approximately $254,000.
The Quantum Cats Collection by Taproot Wizards
Taproot Wizards recently introduced the Quantum Cats collection of Bitcoin Ordinals inscriptions. This project consisted of 3,333 images and cost over $66,000 to create on the Bitcoin blockchain. The sale of the entire collection is scheduled for January 29.
Paying Homage to Early Bitcoin Code
The Quantum Cats collection aims to pay homage to early code in the Bitcoin network known as concatenate or OP_CAT. This op code was introduced by Satoshi in the initial release but later disabled.
Successful Auction and Appreciation
Michael Bouhanna, the head of digital and contemporary art at Sotheby’s, congratulated all artists and collectors involved in the sale on Twitter. He expressed appreciation to FAR for their assistance in curating and organizing the auction.
Natively Digital Curated Sale Achieves High Sales Figures
The Natively Digital curated Ordinals sale at Sotheby’s generated over 26 BTC (approximately $1,097,000) with 641 bids and a 100% sell-through rate for all auction lots. Bouhanna noted that half of the items sold for amounts exceeding their high estimates.
Sotheby’s Previous NFT Sales
While this is Sotheby’s first sale focusing on Bitcoin Ordinals, the auction house has previously facilitated numerous NFT sales on the Ethereum network. Notably, they auctioned off bankrupt Three Arrows Capital’s NFTs, including an Art Blocks NFT called “The Goose,” which sold for $6.2 million in June.
Hot Take: Sotheby’s Bitcoin Ordinals Sale Highlights Growing Interest in Crypto Art
The sale of the Genesis Cat Ordinals inscription for over $250,000 at Sotheby’s demonstrates the increasing demand and value of crypto art. As more collectors and investors recognize the significance and uniqueness of digital creations, auctions like these showcase the potential for substantial returns on investment. Sotheby’s successful Natively Digital curated sale further solidifies their position as a leading platform for buying and selling digital assets. With the wider Quantum Cats collection set to go on sale later this month, it will be interesting to see if it achieves similar success and continues to push the boundaries of the crypto art market.
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