Sotheby’s holds first auction for Bitcoin version of NFT “Ordinals”

2 months ago 16

BitcoinShrooms auction held

The well-established auction house Sotheby’s has announced that it will hold its first auction for the Bitcoin (BTC) NFT (non-fungible token) project Ordinals from December 6th to 13th.

The artwork “BitcoinShrooms” designed by artist Shroom toshi will be put up for auction.

Ordinal is a protocol that creates persistent digital assets on the Bitcoin blockchain. It is a system that assigns a number to the smallest unit of Bitcoin, “Satoshi”, and tracks data such as images and videos.

The number of transactions for the Ordinal-based token standard “BRC-20” is also rapidly increasing. The most recent high volume of transactions occurred on December 3rd, accounting for 39% of BTC network activity in terms of trading volume.

Source: @cryptokoryo (DUNE)

connection: “Taproot Wizards”, which develops Bitcoin Ordinal NFT, completes funding of 1.1 billion yen and builds ecosystem

What is NFT?

Abbreviation for “Non-Fungible Token”, a digital token that is non-fungible and has unique value. It is not only used for exchanging “digital items” in blockchain games, but also for proof of ownership of expensive works of art, and is a revolutionary tool for rights holders (creators) in the “secondary distribution market”, which was difficult to achieve with second-hand sales. It is also attracting attention as a means of giving back.

▶Virtual currency glossary

connection: What is the current status of Bitcoin Ordinal and its competitors, which continue to attract investor interest, and the BTC ecosystem?

What is “Bitcoin Shrooms”?

Shroom toshi describes his “BitcoinShrooms” collection as a pixel art depiction of the first 13 years of Bitcoin. He continued that it’s an homage to the 8-bit art style, which also represents nostalgia for the ’90s.

This time, the three items up for auction at Sotheby’s are the pixel-drawn mushroom-shaped characters “S”, “Sovereign Individual”, and the avocado-shaped “BIP39 Seed”.

The expected bid price for all three is approximately $20,000 to $30,000 (approximately 2.9 million yen to 4.4 million yen).

“S” stands for self-sovereignty. “Sovereign Individual” also means “sovereign individual” and is one of the earliest works in the “BitcoinShrooms” collection.

So the journey begins.

“Sovereign Individual”: you’ll own bitcoin, and you’ll be happy.

— BitcoinShrooms (@BitcoinShrooms) February 3, 2023

The BIP39 Seed also symbolizes a unique list of 12 to 24 words that generate a Bitcoin address and private key.

The BitcoinShrooms collection also includes over 200 other pieces that pay homage to Bitcoin’s history. For example, there are characters with a secret key motif, a character wearing a mountain-shaped hat after the Mt. Gox incident, and a character with a question mark symbolizing anonymity.

connection: Mt Gox, which went bankrupt in 2014, will soon begin paying cash to creditors

Handling NFT from 2021

Sotheby’s will begin auctioning NFTs for the first time in 2021. In the same year, it was reported that cumulative sales of NFTs reached $100 million (approximately 11.4 billion yen).

connection: Long-established auction house “Sotheby’s” will sell more than 10 billion yen in NFT in 2021

In June of this year, digital artist Dmitri Cherniak’s NFT “Ringers #879 (The Goose)” was sold for a high price of approximately 880 million yen.

connection: Generative art NFT “The Goose” becomes the second-highest-selling item in history at Sotheby’s auction

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