SNEAK PEEK
- Sotheby’s recently hosted its inaugural auction of NFTs on the Bitcoin blockchain, marking a significant milestone in the worlds of art and cryptocurrency.
- The auction featured “BitcoinShrooms,” a collection of pixelated images, which collectively garnered an impressive $450,000, far exceeding initial estimates.
- A standout piece in the collection, resembling a character from the Super Mario series, was sold for an astonishing $240,000.
In a historic moment for the world of art and cryptocurrency, Sotheby’s recently held its first-ever auction of NFTs on the Bitcoin blockchain, featuring a collection of pixelated images known as “BitcoinShrooms.” The results were nothing short of astonishing, as the three images on offer collectively garnered a staggering $450,000, surpassing estimates by a factor of five.
The auction concluded on Wednesday and featured a trio of digital artworks, with one standout piece resembling a mushroom character from the iconic Super Mario franchise fetching an astounding $240,000. Another image, a pixelated avocado titled “BIP39 SEED,” originally expected to sell for $20,000 to $30,000, stunned observers by selling for $101,600.
This auction was even more remarkable because over two-thirds of the bidders were new to the Sotheby’s platform, indicating a growing interest in NFTs on Bitcoin. This surge in popularity harkens back to the frenzy that engulfed digital-asset markets a couple of years ago when NFTs and digital artwork first started commanding eye-popping prices. Notably, one NFT by artist Beeple fetched an astonishing $69 million at Christie’s auction house. However, many of those NFT collections were built on the Ethereum blockchain, making Sotheby’s Bitcoin NFT auction a unique event.
The “BitcoinShrooms” collection is credited to the pseudonymous artist Shroomtoshi and is part of the Ordinals inscriptions, a technology Casey Rodarmor developed atop the Bitcoin blockchain late last year. These inscriptions have gained popularity, causing congestion and increased fees on the Bitcoin network.
The success of this auction raises an interesting debate within the Bitcoin community about whether to filter out transactions related to NFT-like inscriptions. Some argue that these inscriptions need to align with the original vision of Bitcoin as a peer-to-peer payment network. However, the perceived value of these digital images as high art could shift the balance in favour of profit interests.
Sotheby’s groundbreaking auction of NFTs on the Bitcoin blockchain has demonstrated the mainstream appeal of these digital collectibles. With new bidders flocking to the platform and record-breaking sales, the intersection of art and cryptocurrency is evolving in exciting and unexpected ways.
