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Sotheby's withdraws sale of 104 CryptoPunks
The event, hosted by the famous auction house Sotheby's, was on its way to becoming one of the biggest NFT auctions in history until the pseudonymous owner of the 'Punk It!" collection suddenly withdrew from the auction. The reasons for CryptoPunk's withdrawal are still unclear, but after the auction was canceled, the anonymous owner of the 104 Cryptopunks, who goes by 0x650d on Twitter, sent a seemingly casual tweet to his 12 thousand followers saying "nvm, decided to hodl."It's possible that rumours of a tepid response to the CryptoPunks mega-lot contributed to 0x650d backing down. However, the collector himself took the situation in stride, posting a meme suggesting that he was "taking punks mainstream by rugging Sothebys." Even if it was not a true "rug pull" where investors were illegally robbed of their money, Sotheby's and the community were definitely left in the dark.
Sotheby's is very active in the NFT space
Although this is Sotheby's first event focused exclusively on NFTs, the auction house has already proven that it can capitalize on the lucrative NFT market. Last year alone, it sold more than $100 million worth of NFTs, including $24 million at a single auction. Last year, Sotheby's sold a single CryptoPunk nicknamed Covid Alien in June for $11.75 million, including fees, a multiple of the $1.5 million opening bid. The punk, number 7523, was owned by a digital art advocate and collector known as Sillytuna.Continue reading by joining Cryptonary Pro
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