In a groundbreaking auction at Sotheby’s, a piece from the Quantum Cat project, a collection of Bitcoin Ordinals, has fetched an impressive sum, highlighting the burgeoning interest in crypto art and the expanding market for digital assets inscribed on the Bitcoin blockchain.
Quantum Cat Breaks Auction Records
The digital art piece titled “Genesis Cat” by the artist known as FAR achieved a remarkable sale price at Sotheby’s, with the auction house confirming that the piece sold for over $250,000.
The winning bid for this Ordinals inscription was placed at 6.31 BTC, equivalent to approximately $254,000, after receiving intense interest and over 50 bids.
This sale is part of a broader collection called Quantum Cats, introduced earlier by Taproot Wizards. The collection comprises 3,333 images, with the creation process itself costing over $66,000 on the Bitcoin blockchain.
The collection’s significance is underscored by its homage to an early piece of Bitcoin code known as OP_CAT, emphasizing the historical and technical depth of the project.
#AuctionUpdate: With over 50 Bids, ‘Genesis Cat’ by @0xfar for Taproot Wizards’ has achieved an impressive $254,000 (6.31 BTC), 12X over the high estimate. pic.twitter.com/fr0bArNIBh
— Sotheby's Metaverse (@Sothebysverse) January 22, 2024
Sotheby’s and the Natively Digital Curated Sale
Sotheby’s engagement with the Quantum Cats collection and the broader Ordinals project reflects a significant moment for the auction house and the digital art space.
Michael Bouhanna, Sotheby’s head of digital and contemporary art, expressed his excitement over the successful auction, attributing the achievement to the collaborative efforts of artists and collectors alike.
Bouhanna extended special thanks to FAR for the curation and organization of the sale.
The Natively Digital curated Ordinals sale was a resounding success, generating over 26 BTC, around $1,097,000, with all auction lots sold. Bouhanna highlighted the enthusiastic participation in the auction, with 641 bids placed and half of the sale exceeding high estimates.
gmeow pic.twitter.com/2krP8pANTi
— FAR (@0xfar) January 22, 2024
Sotheby’s Expanding Horizon in Digital Art
While this marks Sotheby’s first venture into auctions centered on Bitcoin Ordinals, the institution is no stranger to the NFT marketplace. Previously, Sotheby’s has facilitated numerous high-profile NFT sales on the Ethereum blockchain, including assets from the defunct Three Arrows Capital.
Among these was the sale of an Art Blocks NFT, affectionately nicknamed “The Goose,” which garnered $6.2 million last June.
