‘Genesis Cat’ Sells for Over $250,000 at Sotheby’s Auction
The one-of-a-kind digital artwork, known as “Genesis Cat,” has been sold at a recent Sotheby’s auction for an astonishing $254,000. This unique piece of art was created on the Bitcoin blockchain using the Ordinals protocol and is part of the Quantum Cats collection by Taproot Wizards.
The artwork, created by Francisco “FAR” Alarcon, was initially expected to sell for between $15,000 and $20,000 but far exceeded those estimates. Sotheby’s Metaverse account on X expressed their excitement over the sale, noting that “Genesis Cat” received over 50 bids and achieved a price of $254,000, which is 12 times higher than the high estimate.
Taproot Wizards Celebrate Success with Quantum Cats Collection
The Quantum Cats collection, which includes 3,333 unique digital cats, is the first public collection from Taproot Wizards. The sale of “Genesis Cat” for a quarter million dollars serves as a significant accomplishment and confidence booster for the Taproots Wizards team after the success of their $7.5 million fundraising effort last year.
Notable Sales and Total Auction Results
The recent Sotheby’s auction, named “Natively Digital: An Ordinals Curated Sale,” featured 18 other digital art pieces alongside “Genesis Cat.” Some of the notable sales include “Black Rare Sat (20,159,999,999,999)” which fetched $165,100, “Benediction from Between Worlds” by Des Lucréce sold for $95,250, and Asprey Studio’s “Asprey Bugatti Crown Egg Number 10” achieved $82,550. Sotheby’s Head of Digital Art and NFTs, Michael Bouhanna, shared that all lots were sold, with a total of 641 bids, resulting in a total sale amount of $1,097,000.
The Rise of NFTs on the Bitcoin Blockchain
The success of “Genesis Cat” and other NFT-like creations on the Bitcoin blockchain showcase the growing popularity of these digital assets. While this trend brings excitement to the crypto community, it also invites scrutiny as it signifies a shift in the use of the Bitcoin blockchain, which has traditionally been reserved for monetary transactions.
Hot Take: NFTs Make Waves in the Art World
With the sale of “Genesis Cat” and other valuable digital artworks, NFTs are making a significant impact on the art market. These unique creations on the Bitcoin blockchain provide artists and collectors with new opportunities to showcase and trade their work. As more artists and collectors embrace this technology, we can expect to see further growth in the NFT market, blurring the boundaries between traditional and digital art. The auction at Sotheby’s demonstrates the increasing value and interest in NFTs, positioning them as a force to be reckoned with in the contemporary art world.
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