In response to community feedback regarding a lack of diversity, Sotheby’s has announced that its upcoming digital art sale, “Glitch: Beyond Binary,” will place a focus on inclusivity. This comes after criticism of last month’s “Natively Digital: Glitch-ism” auction, which was temporarily paused due to the lack of diversity. Sotheby’s emphasizes that the sale will represent people from all backgrounds and identities, stating that it is committed to highlighting the diverse artist communities that make up Glitch Art.
On the other hand, a newcomer to the online game Illuvium: Beyond has made a staggering profit by finding the rarest character yet, the “Holo Blazing Rhamphyre.” The player found the character in a “D1SK,” a type of digital loot box containing random characters and accessories. The player purchased the loot box for only $32 and sold the character for $49,128.85, netting a profit of approximately 140,525%.
In other NFT news, the Ukrainian President has signed the country’s first NFT, a collection called “UACatsDivision,” featuring cats of the Armed Forces of Ukraine, with all funds donated to the Ukrainian military services. At the time of writing, 3,026 NFT cats had already been purchased out of the 10,000 available.
Meanwhile, Bitcoin miners have made over $5 million from creating NFT inscriptions using the Ordinals protocol, according to Dune Analytics data. Transaction fees for Ordinals transactions exploded from $1.5 million on March 10 to $5.2 million by April 12. Nearly 1.1 million Ordinals had been inscribed on the Bitcoin network, consisting mainly of jpeg images and text but also PDFs, video, and audio formats.
However, an NFT collector made a costly mistake by bidding 100 Ether (ETH), worth around $192,000 at the time of writing, for an NFT from the Gemesis NFT collection, which was intended to be free to celebrate the launch of OpenSea Pro. Some community members believe the transaction was a wash trade, while others argue that the trader simply made a mistake bidding 100 ETH instead of $100. However, another community member argued against theories that it was a wash trade since it was too risky.
Overall, the world of NFTs continues to grow and evolve, with new developments and opportunities for profit emerging regularly.
Sotheby’s is a legacy auction house set to auction generative works of art spanning both old and contemporary pieces.
As announced by the company, the auction will run from April 18 to 24th and to feature the works of pioneering generative artists, including Vera Molnár, Chuck Csuri, and Roman Verostko.
Molnár is regarded as the first woman to ever venture into the world of generative arts, and her work, 1% de désordre (1976), was designed using computer plotting of rows of concentric squares. Still, two squares were programmed to be randomly omitted. The work is estimated to be worth about $15,000 to $20,000.
Another more expensive work from Molnár will also be on sale. Alongside the work from other artists, the collectors who throw in the winning bids for these pieces will go with the digital version, while the physical versions will remain in the archive of the artists.
“While NFT projects like CryptoPunks and the Bored Ape Yacht Club have stolen headlines around the world over the past year, few might understand how these NFTs are connected with the history of 20th century art movements — including the early generative artists who paved the way for computer art and the algorithm based art that has inspired many contemporary NFT projects,” said Sotheby’s vice president and co-head of digital art Michael Bouhanna in a statement.
Sotheby’s is not new to auctioning NFT works and is credited for pioneering the trend when it helped Mike Winkelmann (aka Beeple) in selling his Everydays piece which was snapped by a collector called MetaKovan for $69.3 million in Ethereum back in March 2021. Since then, the auction has organized a series of auctions involving generative NFT art collections, including the Bored Ape Yacht Club (BAYC).
The announced generative art auction will further entrench the pivotal role of Sotheby’s in bridging the gap between traditional artists and the capabilities of blockchain tech through NFTs as the Web3 ecosystem evolves.
Sotheby’s is a legacy auction house set to auction generative works of art spanning both old and contemporary pieces.
As announced by the company, the auction will run from April 18 to 24th and to feature the works of pioneering generative artists, including Vera Molnár, Chuck Csuri, and Roman Verostko.
Molnár is regarded as the first woman to ever venture into the world of generative arts, and her work, 1% de désordre (1976), was designed using computer plotting of rows of concentric squares. Still, two squares were programmed to be randomly omitted. The work is estimated to be worth about $15,000 to $20,000.
Another more expensive work from Molnár will also be on sale. Alongside the work from other artists, the collectors who throw in the winning bids for these pieces will go with the digital version, while the physical versions will remain in the archive of the artists.
“While NFT projects like CryptoPunks and the Bored Ape Yacht Club have stolen headlines around the world over the past year, few might understand how these NFTs are connected with the history of 20th century art movements — including the early generative artists who paved the way for computer art and the algorithm based art that has inspired many contemporary NFT projects,” said Sotheby’s vice president and co-head of digital art Michael Bouhanna in a statement.
Sotheby’s is not new to auctioning NFT works and is credited for pioneering the trend when it helped Mike Winkelmann (aka Beeple) in selling his Everydays piece which was snapped by a collector called MetaKovan for $69.3 million in Ethereum back in March 2021. Since then, the auction has organized a series of auctions involving generative NFT art collections, including the Bored Ape Yacht Club (BAYC).
The announced generative art auction will further entrench the pivotal role of Sotheby’s in bridging the gap between traditional artists and the capabilities of blockchain tech through NFTs as the Web3 ecosystem evolves.
The launch of the NFT collection comes in two categories, including a set of 24 unique ‘Legendary’ 1 of 1 NFTs and a series of generative ‘Hero Edition’ NFTs that combine multiple player illustrations to produce a unique digital collectable for each fan.
The Liverpool NFT collection was created in conjunction with legacy auction house Sotheby’s, and they are resident on the Polygon Layer-2 protocol to advance the club’s energy efficiency commitments.
“The LFC Heroes Club drop is a first-of-its-kind initiative, which seeks to bring a new, exciting and innovative way for supporters worldwide to engage with the club. We always strive to adopt new emerging technology for the benefit of fans and clubs while also being very conscious of our impact on the environment. This is why we have chosen to work with Sotheby’s due to its capability to create NFTs on an energy-efficient blockchain,” said Drew Crisp, senior vice-president of digital at Liverpool FC.
The football club said the NFTs are not an investment offering and that they are created to enhance how fans interact with their favourite footballers. The collections will be open for sale from Wednesday, March 30 to Friday, April 1, with the Hero Edition NFTs will sell for $75 (£56).
The intersection between sports teams and the crypto ecosystem is gradually becoming more visible by the day. Particularly in the English Premier League, the number of top clubs getting involved with crypto or blockchain startups increases. Manchester United partnered with Tezos (XTZ) as it gears up to move into the metaverse to boost its fan engagement.
In addition, Manchester City FC, the EPL’s current titleholder, is also planning to build a copycat of the Etihad stadium in the metaverse.
Sotheby’s has announced that it will auction a lot of 104 CryptoPunks NFTs expected to fetch up to $30 million.
The sale is titled “Punk It!” and will take place between Feb. 18 and 23; it will also feature other live events.
Sotheby’s and its competitor Christie’s have previously sold several CryptoPunks and other NFTs at auction.
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Sotheby’s will auction 104 CryptoPunks in an upcoming sale, according to an announcement from the auction house.
Collection Could Be Worth $30 Million
The upcoming sale is titled “Punk It!” and will be part of Sotheby’s “Metaverse,” a series of NFT sales that began last October.
The lot of 104 tokens is expected to sell for between $20 million and $30 million, according to various estimates.
The tokens were reportedly acquired by an anonymous collector in July 2021. The sizable collection represents about 1% of the total CryptoPunks supply, which contains 10,000 tokens.
Though the original buyer purchased the collection in an Ethereum transaction last year, Sotheby’s will likely allow the successful bidder to pay with cash or crypto, as in previous NFT auctions.
The tokens will be shown in an exhibition and auction scheduled to run between Feb. 18 and 23. The exhibition will also feature a VIP dinner and DJ party, among other live events.
CryptoPunks Are Dominating NFT Auctions
Sotheby’s previously sold a CryptoPunk in June 2021 for $11.75 million as part of its “Natively Digital” collection. It also sold five hand-signed prints of CryptoPunks NFTs in July 2021.
Its competitor, Christie’s, has also sold CryptoPunks during various sales over the past year. In May 2021, it sold a collection of nine CryptoPunks for $17 million. It also sold another batch of CryptoPunks that September.
The CryptoPunks series launched in 2017 and is one of the oldest NFT collections on Ethereum. Sotheby’s co-head of digital art Michael Bouhanna has called CryptoPunks “the original [profile pic] series that created the template for other NFT projects that have followed.”
High-profile Twitter users who own CryptoPunks or have used them as their avatar include the musical artists Jay-Z and Snoop Dogg. Even Visa has purchased a CryptoPunk for its collection.
Disclosure: At the time of writing, the author of this piece owned ETH and other cryptocurrencies.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
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A unique crypto asset has been soaring like an eagle even as the broader crypto markets struggle to hold the line.
The altcoin PEOPLE represents the ConstitutionDAO (decentralized autonomous organization) project, which crowdfunded roughly $47 million dollars worth of Ethereum (ETH) in an attempt to purchase one of the few remaining first-edition copies of the U.S. Constitution at auction.
Ultimately, the group’s representatives pulled out of the Sotheby’s auction when the bidding exceeded $43 million due to concerns that they would not have sufficient funds left over to properly maintain the document. Billionaire Ken Griffin, CEO of hedge fund and financial services firm Citadel, ended up winning the November 18th auction.
In the weeks since ConstitutionDAO’s governance token has been on a wild ride.
PEOPLE shot out of a cannon from a fraction of a penny on November 24th to over $0.15 by November 27th, before slowly correcting back down to under $0.04 on December 6th.
However, the patriotic altcoin found new wings and worked its way to a fresh all-time high above $0.17 this past Sunday.
The group says that holders of PEOPLE can either exchange the altcoin for a refund minus applicable gas fees or keep their tokens for potential future projects.
According to the ConstitutionDAO website,
“[This] was a beautiful experiment in a single-purpose DAO. We now believe this project has run its course.
Having lost the auction and following the core team’s choice to wind down, we would like to remind you that the tokens possess no rights, governance, or utility other than redeeming them for Ethereum from the smart contract held in Juicebox…
It is also an option to keep your PEOPLE tokens and do with them as you please – it is clear that there are parts of the community who wish to incorporate them into future projects.”
PEOPLE has witnessed a sharp selloff since yesterday’s peak, and is currently down nearly 33% and priced at $0.11.
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ConstitutionDAO failed to win an original copy of the U.S. Constitution at auction tonight.
The document eventually sold for just over $43 million.
At the time of writing, the winning bidder is not known.
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Tonight, an originalcopyof The U.S. Constitution was sold at auction at Sotheby’s in New York City for $43,173,000. ConstitutionDAO, which raised over $47 million to bid on the document, was not the winner.
ConstitutionDAO Loses Bid
ConstitutionDAO has confirmed that itdid not win tonight’s auction of an original copy of the U.S. Constitution, despite raising over $47 million to attempt to do so. While the DAO had enough funds to cover the cost at its eventual selling price, it would have needed sufficient funds in reserves to insure, transport, and store the historic document, which it could not guarantee past a certain price point.
The bidding started at $10 million. In seconds it went up to $14 million. From there, a bid went straight to $30 million. A bidding war ensued between two parties, all the way up to $41 million. After fees, the lot sold for $43.173 million. Sotheby’s estimate for the lot had been $15-$20 million.
The decentralized autonomous organization (DAO) raised over 11,600 ETH—worth about $47 million—specifically for the purpose of bidding on the document. There were 17,437 different donors with an average contribution of roughly $206. While contributors would not have received fractionalized ownership of the document, they would have been awarded governance tokens with which they could have voted on where the document might end up.
The copy sold tonight is one of only 13 that have survived since the original 500 were “issued for submission to the Continental Congress and for the use of the delegates to the Constitutional Convention.”
The document is changing hands for the first time since it was last won at auction at Sotheby’s in 1988 by the late S. Howard Goldman, whose widow, Dorothy Goldman, has kept the document since his death. This was aone-lot auctiondedicated solely to the Constitution, the longest continuing government charter in the world.
This is not the first time crypto natives have been involved in major auctions and auction houses. Earlier this month,Beeple soldhis ‘HUMAN ONE’ sculpture, a 7-foot-tall NFT-paired astronaut, at Christie’s for just shy of $29 million.In March,he soldhis “Everydays: The First 5,000 Days” NFT for $69 million—paid for with 42,329 ETH, which would have been worth over $169 million at today’s prices.
Disclosure: At the time of writing, the author of this feature held ETH and several other cryptocurrencies.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
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The online group, ConstitutionDAO, has failed in its bid to purchase the last privately owned, 1st edition print copy of the U.S. Constitution at public auction at Sotheby’s on Thursday.
“The ‘Official Edition’ of The United States Constitution” was instead won by an unknown bidder for $41M (or $43.2 million after auction fees), meaning the DAO failed in its historic attempt to put it “in the hands of The People.”
The news broke in an announcement on the official Discord. “While this was not the outcome we hoped for we still made history tonight,” the post read.
This specific copy is one of just thirteen copies of the Official Edition of the Constitution from the Constitutional Convention. It was first purchased from Sotheby’s by the late real estate developer S. Howard Goldman in 1988 for $165,000. His widow Dorothy Goldman put it up for sale this year and decided that the proceeds will go to the Dorothy Tapper Goldman Foundation.
Project participants began to band together just a week ago as a decentralized autonomous organization, or DAO, to pool funds for the auction. In the hours leading up to the sale, ConstitutionDAO had raised over $49 million in Ethereum donations collected via Juicebox, a platform for community-owned Ethereum-based projects.
The auction was streamed live.
In exchange for donations, the 17,437 backers were issued governance tokens called PEOPLE. These do not provide fractionalized ownership, rather give token owners the ability to vote on proposals around structure, governance and operational direction.
Participants will now be able to get a refund of their contribution via Juicebox.
Prestigious auction house Sotheby’s has announced it will accept Ethereum (ETH) bids in real time for its Nov. 18 auction that includes works by famed street artist Banksy.
Sotheby’s claims this will be the first time an auction house has accepted crypto in real time as a standard currency for payment in an auction on a physical work of art. The auction, titled ‘The Now Evening Auction’ features Banksy’s Trolley Hunters and Love Is In The Air.
Although the bidding prices will be announced in ETH, winning bidders have the option to pay for the works in either Ether, Bitcoin (BTC) or USD Coin (USDC).
Banksy’s Trolley Hunters
Sotheby’s first began accepting BTC and ETH as payment back in May for a different Banksy auction. It has financially supported NFT projects, including providing seed funding for NFT studio and blockchain tech platform Mojito. It also launched a Metaverse-themed NFT platform with Pranksy, PleasrDAO, Paris Hilton, and others serving as curators in October.
Sotheby’s is not alone among auction houses involved in crypto and blockchain, however.
Related: NFTs could mark a resurgence in art galleries
Competing auction house Christie’s was the first to accept ETH as payment in a CryptoPunks auction it held last May. Christie’s also famously auctioned off Beeple’s The First 5000 Days for over $69 million.
The Phillips auction house accepted ETH and BTC in its auction for Banksy’s Laugh Now Panel A, which sold for over $3 million last June.
Mojito, a Non-Fungible Token (NFT) startup, has raised the sum of $20 million from investors, the chief of whom is the legacy art auction house- Sotheby’s.
While Sotheby’s has recorded a positive stint in the NFT metaverse in the year-to-date period, the investment in Mojito comes off as the first time that the auction house will be investing directly in crypto or blockchain-related outfits.
“We believe in the future of using blockchain to expand ownership of digital assets,” says Charles F. Stewart, Sotheby’s CEO. “There is a huge amount of focus and interest in NFTs. We hear about these categories from most of our existing clients and collectors. Still, we are also engaging with a rather large new audience focused on this category. Sotheby’s mission is to promote access and ownership of exceptional art and luxury objects, so focusing and developing this area makes a lot of sense.”
Mojito’s role in the booming industry is well defined. It partners with brands to conceptualize, design, and develop bespoke NFT marketplaces on top of the Mojito platform while also serving as a full-service NFT marketing partner and tech advisor. The Delaware-based startup said it would use the new funding to expand its engineering team while also ink deals with other projects to design more functional NFT platforms.
Despite there being a record of the growth of the NFT ecosystem that has primarily ushered in increased transaction volume on all marketplaces within the past year, the industry is still lacking the tag for being user-friendly. This remains one of the barriers to entry that Mojito seeks to eliminate.
“The crypto space has gotten a bad rap for being inaccessible and hard. We want to help lower the barrier to entry, make it easy, make it fun, and give brands space to make it their own,” says Dan Kinsley, CEO and co-founder of Mojito. “I’m passionate about decentralization in general and helping bring users into the space, and this is a great conduit for that.”
Beyond the Mojito funding, the broader cryptocurrency and blockchain ecosystem has been seeing the influx of venture capital funds as investors explore all means to gain exposure to the fast-growing blockchain world.
