CryptoPunk non-fungible token sells for $15.3 million at auction house Sotheby’s

What are NFTs and why are some worth millions? - BBC News

A non-fungible token (NFT) of a digital artwork called a CryptoPunk has sold for $US11.8 million ($15.3 million).

Key points:
The work is in the form of an NFT — meaning it is authenticated by blockchain, which certifies its originality and ownership

The NFT is sent to the buyer’s cryptocurrency wallet, and no physical artwork changes hands

It was bought by the Israeli entrepreneur Shalom Meckenzie, who is the largest shareholder of digital sports company DraftKings

CryptoPunks are a set of 10,000 pixel-art characters made by Larva Labs in 2017.

The one sold by auction house Sotheby’s — CryptoPunk #7523 — is of the sought-after Alien variety with blue-green skin, and wearing a medical mask.

The work is in the form of an NFT — meaning it is authenticated by blockchain, which certifies its originality and ownership.

The NFT is sent to the buyer’s cryptocurrency wallet, and no physical artwork changes hands.

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CryptoPunk #7523 was sold for $US11,754,000 as part of the Sotheby’s online auction Natively Digital: A Curated NFT Sale, which fetched a total of $US17.1 million ($22.1 million) across works by 27 digital artists.

It was bought by the Israeli entrepreneur Shalom Meckenzie, who is the largest shareholder of digital sports company DraftKings, Sotheby’s said.

Michael Bouhanna, a contemporary art specialist at Sotheby’s, said the sale demonstrated continued strong demand for NFTs.

“We are excited to continue to explore new and interesting ways in presenting these cutting-edge works.”

Anyone can view the artworks the NFTs represent, but only the buyer has the official status of being the owner.


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