Sotheby’s to Auction Over 100 CryptoPunks in 'Punk It' Event
104 CryptoPunks, originally swept from the floor in one transaction during the summer of 2021, will be auctioned off by famous auction house Sotheby's.
In a sale named 'Punk It!,' auction house Sotheby's is auctioning 104 CryptoPunks. The NFTs, which account for about 1% of the prestigious 10,000-piece NFT collection. The collection is owned by a Twitter user who goes by the handle "0x650d." On Tuesday, they posted a message on Twitter announcing their partnership with Sotheby’s house to auction the CryptoPunks.
Being the first PFP NFT project with its distinct style, CryptoPunks NFT collection has been at the forefront of the digital art movement during its frenzied and meteoric rise, according to Michael Bouhanna, Sotheby's co-head of digital art. This auction will be a "monumental occasion," and Sotheby's is hoping for participation from the crypto and NFT communities in this "special sale".
The 104 Punks are being sold by the original collector, 0x650d, in order to help raise Punks and NFTs in the international art community. There's no denying that the potential profit is appealing. Because 0x650d paid roughly $6 million for the Punks (when the floor was around $60,000), they will make a minimum of $14 million if a bid hits Sotheby's auction price of $20-30 million.
It remains to be seen whether the NFT community will join in the "special sale." It's also unclear how it will participate if it decides to. NFT collectors have previously dressed their NFTs in suits to support the Bored Ape Yacht Club sales, with the hashtag #suitupforSothebys trending on Twitter.