Sotheby’s recently concluded its Bitcoin-based non-fungible token (NFT) curated sale, named “Natively Digital,” garnering a total of $1,097,534.
Running from January 12 to 22, 2024, the sale featured various Bitcoin-based artworks from artists like FAR, Jennifer and Kevin McCoy, Shroomtoshi, Ana María Caballero, Kevin Ferreira, Claudia Hart, and others.
Noteworthy sales from the auction included “FAR for Taproot Wizards” by artist and engineer Francisco Alarcon, which fetched $254,000 — 12 times over the high estimate. This piece pays homage to Taproot Wizards, known for inscribing the largest block in Bitcoin’s 15-year history with a 4MB wizard image.
Another significant sale was “Black Rare Sat 20,159,999,999,999,” sold for $165,100, paying tribute to Rare satoshis, the initial sats created after a new block is mined following a difficulty adjustment period.
Another highlight of the auction was the sale of the first-ever NFT poem on Sotheby’s, titled “Cord,” authored by award-winning poet Ana María Caballero, which sold for $11,430.
This successful “Natively Digital” sale adds to Sotheby’s track record in NFT-based auctions. The previous month’s “BitcoinShrooms” NFT auction surpassed expectations, accumulating $450,850, with individual NFTs selling 5-8 times higher than estimated prices.
Going back to June 2023, Sotheby’s presented “GRAILS,” a collection of notable NFTs from the now-insolvent Three Arrows Capital (3AC) corporation, achieving a collective result of $11 million.
Sotheby’s Metaverse, the company’s Web3 arm, has been pivotal in driving digital art sales. By the end of 2023, Sotheby’s reported a record-breaking $35 million in digital art sales for the year.
