Sotheby’s calls off CryptoPunks auction after seller withdraws

Renowned auction house Sotheby’s called off the much-awaited CryptoPunks auction after the seller withdrew barely minutes before the sale was slated to take place.

Sotheby’s was about to auction off 104 CryptoPunks, a popular and expensive collection of 10,000 NFTs, on February 24 before the seller decided to pull out from the sale. “nvm, decided to hodl,” the collector tweeted after Sotheby’s made the announcement.

nvm, decided to hodl https://t.co/WdQ5H7I0fl

— 0x650d (@0x650d) February 24, 2022

The pseudonymous collector, who goes by “0x650d” bought the 104 digital collectibles for roughly $7 million in July 2021. Meanwhile, the auction, titled ‘Punk it!’ was expected to generate up to $30 million.

According to media outlet Blockworks, the auction was likely canceled after it failed to garner enough bidders in the single-lot auction. The highest pre-bid offer Sotheby’s received was $14 million.

CryptoPunk is a collection of 10,000 pixelated, generative-art NFTs created by NFT startup Larva Labs. Since its release in 2017, CryptoPunks have generated a total of $2 billion in sales with an average floor price per NFT of $177,663.

The now-obsolete auction would have been the second popular NFT auction of Sotheby’s. In September 2021, it successfully concluded the sale of 101 “Bored Ape Yacht Club” NFTs for a whopping $24.4 million.

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