Sotheby’s ‘Natively Digital’ Auction to Feature Pak, CryptoPunks NFTs

In brief

  • Sotheby’s is hosting a dedicated group auction for NFTs next month.
  • Works from Pak, Robert Alice, and the CryptoPunks collection are among the lots.

NFTs from Pak and the CryptoPunks collection are among the lots being auctioned off next month at Sotheby’s first dedicated group sale for crypto art.

NFTs (non-fungible tokens) are units of cryptocurrency that can be sold as proof of ownership for files on the internet. Once a niche curiosity, they’ve evolved into an art world phenomenon over the better part of the past year—NFTs tied to image and video files have sold for tens of millions of dollars at legitimate auction houses.

Christie’s was the first house to see a market here; last October, it sold an NFT tied to a Bitcoin-themed sculpture by the artist collective Robert Alice. Sotheby’s first dipped its toe into NFTs in March, via a partnership with the Winklevoss-owned crypto art marketplace Nifty Gateway. The auction house generated $17 million for NFTs tied to works by Pak.

The Natively Digital auction, set for June 3-10 at Sotheby’s New York space, will feature a single Pak NFT, though the exact work has yet to be announced. Also up for auction, in addition to a rare CryptoPunk (from the developer LarvaLabs’ coveted franchise) and a new piece by Robert Alice, is an NFT from Kevin McCoy, who was among the first artists to experiment with crypto and ownership in 2014.

Sotheby’s is also letting Twitter choose another NFT artist for the sale, in a contest that began earlier today. “Sotheby’s will accept nominations and personal submissions for NFT artists whose work the community believes should be featured on the global stage,” reads a press release.

The deadline for submissions is this Thursday, May 20, at 12pm Eastern.


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Celo rallies 50% as excitement builds for the upcoming ‘Donut’ hardfork

Decentralized finance (DeFi) has emerged as a transformational force for not just the cryptocurrency market, but for financial markets in general in 2021 thanks to the ease of access and security offered by blockchain-based protocols which operate on smart contracts.

One project that is looking to take the simplicity of DeFi to the next level is Celo (CELO), an open blockchain ecosystem that makes financial tools accessible to anyone with a mobile phone. 

Data from Cointelegraph Markets Pro and TradingView shows that the price of CELO rallied 50% from a low of $4.29 late on May 16 to an intraday high at $6.70 on May 18 on the back of a 740% surge in 24-hour trading volume. 

CELO/USDT 4-hour chart. Source: TradingView

A quick scroll through the project’s twitter feed shows that excitement in the Celo community has been building in recent weeks due to the upcoming ‘Donut’ hardfork that is scheduled for May 19.

According to documentation from the team, the hard fork will unlock numerous benefits to Celo users, including increased gas efficiency, improved proof-of-stake interoperability and the ability to connect with many of the Ethereum (ETH) tools available like MetaMask.

Some of the other layer-one protocols that the upgrade will help Celo more smoothly interoperate with include Cosmos (ATOM), NEAR and Solana (SOL).

Bullish momentum for CELO was picked up in the VORTECS™ data from Cointelegraph Markets Pro, which began to detect a positive outlook for the token on May 13, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. CELO price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score rose into the green zone on May 13 and remained elevated for two days with a high score of 73 coming on May 14, roughly 67 hours before CELO price rallied 50% higher.

With DeFi still in its infancy and interoperability arising as a go-to feature for any network with long-term aspirations, Celo appears well-positioned to experience further growth and token appreciation thanks to its focus on catering to smartphone users and aiming to make interacting with DeFi globally accessible and user friendly.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.