The Sotheby’s CryptoPunks auction begins today, and the NFT space is excited to see what happens. The ‘Punk It’ auction goes live on 23 February 2022, at 19:00 EST. There are 104 CryptoPunks up for sale, and the minimum starting bid is $14 million.
It is estimated to raise between $20-30 million, but it could go even higher.
Excitement is building as the CryptoPunks Sotheby’s auction is only hours away. It is a sign of how far NFTs have come in the last year. Now, this kind of auction happens regularly, and this isn’t the first time Sotheby’s has hosted an NFT auction.
In June last year, the 277-year-old traditional art auction house ran the Natively Digital auction. This auction was a watershed moment for NFTs, and some NFTs in the collection sold for hundreds of thousands, even millions.
Punks are some of the most valuable and popular NFTs on the market. Some would argue that without the emergence of CryptoPunks, many NFT collections would not exist. However, this Sotheby’s auction is unique because of the sheer number of CryptoPunks on sale.
The anonymous owner, ‘0x650d’, is selling their entire collection of Punks. Interestingly, they acquired the 104 Punks simultaneously in a singular blockchain transaction.
The auction will take place after a live panel discussion on the history of NFTs and CryptoPunks. You can register online to take part in the auction.
The auction takes place at Sotheby’s famous New York gallery. However, it is also a metaverse event. Along with the auction in New York, it will also be viewable, live inside the Sotheby’s metaverse gallery, located in Decentraland.