Sotheby’s to Auction off Beeple and CryptoPunk NFT at Digital Art Sale Today

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Tanzeel Akhtar

Journalist

Tanzeel Akhtar

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Tanzeel Akhtar is a seasoned journalist who has been reporting on cryptocurrency and blockchain technology since 2015. Her work has appeared in leading publications including The Wall Street Journal,...

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August 15, 2024

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Sotheby’s, the 280-year-old British auction house, is auctioning off a Beeple and Cryptopunk non-fungible token (NFT) at its Digital Art Day Sale which goes live today.

The digital art sale starts today at 14:00 EST and will end on August 22.

In an email shared with CryptoNews, Sotheby’s said the sale delves into several cutting-edge themes, including generative art. The art form merges creativity and tech through algorithm-driven processes and celebrates pioneering women who have reshaped the digital art landscape with their innovative contributions.

Punk491.png and Beeple Digital Pieces on Auction

CryptoPunk NFT dubbed Punk491.png [picured below] a type of digital collectible created by Larva Labs. The NFT will be on sale. There are 10,000 CryptoPunk digital pieces which are algorithmically generated characters.

Each CryptoPunk is a small 24×24 pixel image of a punk-like figure, typically depicting a human, zombie, ape, or alien, and is part of the Ethereum blockchain as an NFT. Launched in 2017, CryptoPunks were one of the earliest examples of NFTs, which are digital assets that represent ownership of a unique item or piece of content on the blockchain.

In 2021, Sotheby’s sold CryptoPunk #7523 for $11.8 million. The CryptoPunk was of the Alien variety with blue-green skin and with a medical mask.

The Beeple piece on sale is created by Mike Winkelmann, also widely known as Beeple. He is a prominent digital artist and graphic designer known for his unique work in the NFT space.

Beeple made history in March 2021 when his NFT titled “Everydays: The First 5000 Days” was sold at Christie’s auction house for $69.3 million. Beeple’s sale not only set a record for digital art but also signified a shift in how art could be collected, bought, and sold through blockchain technology.

Since then, Beeple has continued to be a key figure in the digital art and NFT space, pushing the boundaries of how technology intersects with creativity.

A Sotheby’s spokesperson told CryptoNews that the Beeple digital art piece featuring butterflies [shown below] is estimated to sell between $80/120,000.

Sotheby’s is positioning the Digital Art Day Sale as a significant event in the ongoing evolution of the art market. The auction house is bridging the gap between traditional art collecting and the digital future.

Game Over for NFTs?

Although digital collectables are still a thing the chatter around NFTs has faded into the background.

Earlier this year GameStop revealed it has shut down its NFT marketplace, signaling its withdrawal from the cryptocurrency space. The announcement was made via a statement on the platform and cites “the continuing regulatory uncertainty of the crypto space” as the primary reason behind this decision.

Another notable move was made by X, formerly known as Twitter, which quietly removed all references and options for owning NFTs as an account avatar.

Trading of NFTs has been in decline for over a year. Data compiled by Statista, shows the number of active wallets involved in NFT trading has declined.

There has also been a lack of regulatory clarity around NFTs. Recently, in a significant legal development, two artists have filed a lawsuit against the United States Securities and Exchange Commission (SEC) seeking judicial clarification on whether the agency has authority over NFTs.

Central to the lawsuit is their inquiry on whether artists need to register their NFT artworks with the SEC prior to public sale and if they are required to disclose any risks associated with purchasing their digital creations.