In a recent Sotheby's auction, the "Genesis Cat" NFT was successfully sold for $254,000 or the equivalent of IDR 3.9 billion. This work is the work of the Taproot Wizards team, which was printed using the Ordinals protocol on the Bitcoin blockchain. The auction begins on January 12 and ends on Monday, January 23, 2024.
“Genesis Cat” NFT Sales Exceed Expectations
The selling price of the “Genesis Cat” NFT exceeded initial estimates of only $15,000 to $20,000.
The achievement adds to Sotheby's list of successful sales in digital art, following the sale of three images from the "BitcoinShrooms" collection for a total of $450,000 last month.
Total Revenue Reaches $1.1 Million from Various Works of Art
In the auction, called the "Ordinals Curated Sale," a total of 19 works of art from 11 different artists were sold for a total of around $1.1 million.
These included “Black Rare Sat 20,159,999,999,999,” which sold for $165,100, a record for the “Rare Satoshi” category.
The Bitcoin Ordinals and Blockchain Phenomenon
The phenomenon of selling Ordinals inscriptions is often compared to the NFT craze that hit the Ethereum blockchain several years ago.
Although the Ordinals transaction caused a bottleneck in the Bitcoin blockchain, interest in this kind of digital art remains high.
A look at Francisco "FAR" Alarcon
Francisco “FAR” Alarcon, creator of “Genesis Cat,” is known as an artist who explores the combination of visual art and technology.
His work examines the history and concepts of computer graphics, as well as their impact on the physical world through media such as film and video games.
In general, "Genesis Cat" is an important part of the "Quantum Cats" series consisting of 3,333 works printed by Taproot Wizards.
The successful sale of the Genesis Cat item marks a major success for Ordinals' "NFT on Bitcoin" project which has raised $7.5 million in investment in the last year.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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