Sotheby's Breaks Ground with Historic Auction of Bitcoin Ordinals NFTs

Sotheby’s Breaks Ground with Historic Auction of Bitcoin Ordinals NFTs

UTC by Bhushan Akolkar · 2 min read
Sotheby’s Breaks Ground with Historic Auction of Bitcoin Ordinals NFTs
Photo: Bitcoin Shrooms

The BitcoinShrooms compilation featured pixelated artworks, with a particularly captivating avocado that outperformed initial expectations, commanding an impressive $101,600.

In a groundbreaking move, renowned auction house Sotheby’s has ventured into the world of Bitcoin Ordinals inscriptions, a form of Non-Fungible Tokens (NFTs), with unprecedented success. The auction featured a set of three pixelated images from the “BitcoinShrooms” collection, marking the auction house’s debut in the NFTs on Bitcoin space.

The sale, concluded on Wednesday, December 13, exceeded all expectations, with the three digital images fetching a total of approximately $450,000. Notably, this amount was five times higher than the highest estimates, signaling a potential surge in mainstream interest for these tradable digital images colloquially known as “NFTs on Bitcoin”.

The collection showcased pixelated artworks, including a captivating avocado that surpassed early projections, selling for an impressive $101,600. Another image, reminiscent of a mushroom from the Super Mario franchise, commanded over $240,000. The auction, which attracted 148 bids across the three lots, saw a noteworthy participation of new bidders, comprising more than two-thirds of the total participants.

Derek Parsons, a spokesperson for Sotheby’s, hinted at future plans, stating that “there are plans for more soon,” in an email communication.

Growing Demand for Bitcoin Ordinal NFTs

This success draws parallels with the NFT mania that swept digital-asset markets a few years ago, particularly with artworks and tokens built on the Ethereum blockchain. However, the Ordinals inscriptions showcased at Sotheby’s represent a new wave, debuting late last year with technology pioneered by Casey Rodarmor on the Bitcoin blockchain.

The popularity of Ordinals inscriptions has led to debates within the Bitcoin community regarding whether to filter out transactions related to NFT-like inscriptions, as they deviate from the original vision of Bitcoin as a peer-to-peer payments network. The recent success of the BitcoinShrooms collection at Sotheby’s, potentially considered high art, could influence the ongoing debate by emphasizing the profit interests associated with these unique digital assets.

The three digital images presented in the auction are part of the BitcoinShrooms collection of Ordinals inscriptions, created by the pseudonymous artist Shroomtoshi, according to information available on the Sotheby’s website. Notably, the digital avocado, named “BIP39 SEED”, initially projected to fetch between $20,000 to $30,000, exceeded expectations by selling for a remarkable $101,600.

Bitcoin Ordinals have created a major frenzy this year in 2023, unleashing a new wave of NFTs on the Bitcoin blockchain.

Bitcoin News, Blockchain News, Cryptocurrency News, News
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