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Ordinals ‘Genesis Cat’ Fetches $254K in Sotheby’s Auction

‘Genesis Cat’ Fetches Over Quarter Million Dollars in Sotheby's Sale

“Genesis Cat,” a 1-of-1 digital artwork in the Quantum Cats collection on the Bitcoin blockchain, has achieved a remarkable sale price of $254,000 along with several other notable sales at a recent Sotheby’s auction.

‘Genesis Cat’ Fetches Over Quarter Million Dollars in Sotheby’s Sale

“Genesis Cat,” a unique piece of digital art created on the Bitcoin blockchain through the Ordinals protocol, sold for $254,000 at a recent Sotheby’s auction.

Created by the artist and engineer Francisco “FAR” Alarcon, Genesis Cat is a special 1-of-1 piece in the Quantum Cats collection, produced by the Taproot Wizards group. Initially estimated to sell for between $15,000 and $20,000, the artwork significantly exceeded expectations.

Sotheby’s Metaverse account on X said of the sale, “With over 50 Bids, ‘Genesis Cat’ by @0xfar for Taproot Wizards’ has achieved an impressive $254,000 (6.31 BTC), 12X over the high estimate.”

The Quantum Cats collection, comprising 3,333 distinct digital cats, is the first public collection from Taproot Wizards. The quarter million sale of Genesis Cat, as the centerpiece of the Quantum Cats collection, represents a welcome result and confidence booster for Taproot Wizards, especially for their first major project following their successful fundraising of $7.5 million last year.

The recent Sotheby’s auction, titled “Natively Digital: An Ordinals Curated Sale,” featured 18 other digital art pieces in addition to “Genesis Cat.” Highlights of the auction included Lot 17 “Black Rare Sat (20,159,999,999,999)” which fetched $165,100, Des Lucréce’s Lot 11 “Benediction from Between Worlds” 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 revealed in a post on X that all lots were sold, with 641 bids made, culminating in a total sale of $1,097,000.

The sale of “Genesis Cat” and other pieces in this auction highlights the increasing popularity of NFT-like creations on the Bitcoin blockchain. This movement has brought both excitement and scrutiny from within the crypto community, as it represents a shift in the use of the Bitcoin blockchain’s bandwidth, traditionally reserved for monetary transactions.

Are you a fan of the art style of the Quantum Cats, and Genesis Cat in particular? Share your thoughts and opinions about this subject in the comments section below.



from Bitcoin News https://ift.tt/oirYszp
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