Cryptopunk NFT was recently sold for $11.8 million at an auction organized by Sotheby’s. The auction also organized the works of other artists in a virtual way. Sotheby’s expects that the demand for such digital goods will be strong in the future, although the NFT boom has subsided in recent weeks.

Cryptopunk NFT sold for nearly $12 million

The leading art and luxury goods auction house Sotheby’s announced yesterday that it would sell Cryptopunk NFT for nearly US$12 million. This auction called “Natively Digital” showcased a selection of works in the form of NFT. Although the auction featured Cryptopunk NFT, it also displayed 27 other digital artworks.

Cryptopunk NFT is the first NFT series minted by Larva Labs on the Ethereum network in 2017. Although they were created and distributed for free at the time, they are now highly valued because of their origins. There are 10,000 Cryptopunks in total, but the one at auction is particularly strange.

The NFT avatar is called “Covid Alien” Cryptopunk by some people, and it depicts a light green skinned character wearing an orange beanie and mask. Compared with other Cryptopunks with more traditional features, this makes it particularly popular. Shalom Meckenzie, shareholder of the fantasy sports betting site Draftkings, won the auction of the asset.

According to Sotheby’s, this auction marks the auction record of a single Cryptopunk. Other tokens in the auction also reached high prices in the auction. Kevin McCoy’s Quantum sold for nearly $1.5 million, while Robert Alice’s iNFT sold for nearly $500,000.

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NFT bubble burst

Although the NFT boom was still soaring a few months ago, it has faded recently. Although the Sotheby’s auction shows that there is still a real interest in digital art, this interest seems to have shifted to real artists and established collections. According to Protos, NFT sales have fallen by 90% since the largest number was released in May last year. This means that occasional NFT cash grab projects are dying, and it may mean that the ecosystem surrounding NFTs is maturing.

No matter how important this NFT sale seems, it pales in comparison to the amount Beeple received for NFT in March last year. The artist earned US$69 million for his work titled “Every Day: First 5000 Days”. NFT showcased the first 5000 works from his “Everydays” Project, he vowed to make some kind of artwork every day.

What do you think of Sotheby’s latest Cryptopunk auction? Tell us in the comments section below.

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