Tuesday, October 4, 2022
HomeNFTAuctioneer Sotheby’s cancels the auction of 104 CryptoPunks, leaves NFT fans clueless

Auctioneer Sotheby’s cancels the auction of 104 CryptoPunks, leaves NFT fans clueless

The unnamed NFT collector poked fun at the premium art auction firm on Twitter after bailing out of a USD 30 million Sotheby's auction just minutes before it was supposed to begin.

NFT fans and fine art buyers have been left perplexed after a last-minute cancellation of an auction for a collection of 104 CryptoPunks believed to be valued at roughly USD 30 million. The event, staged by legendary fine-goods auctioneer Sotheby’s, was on pace to be one of the biggest NFT sales in history—until the ‘Punk It!’ The collection’s pseudonymous owner abruptly withdrew from the auction.

The motives behind the CryptoPunk hodler’s action are unknown, but in the aftermath of the auction’s cancellation, the anonymous owner who goes by the handle “0x650d” on Twitter put out an apparently casual message to his 12 thousand followers, adding “nvm, decided to hodl.”

The collector then made light of the incident, publishing a meme that said they were “bringing punks mainstream by rugging Sotheby’s.” While this was not a genuine “rug pull” in which investors were fraudulently robbed of their money, it did leave Sotheby’s and the community in the dark.

Despite the fact that this would have been Sotheby’s first NFT-focused event, the auction house has a history of profiting from the lucrative NFT market. Last year, the auction house sold more than USD 100 million worth of NFTs, USD 24 million of which were NFTs.

Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
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