The famous Sotheby’s house has organized a new auction of generative works of art in the form of non-fungible tokens (NFT). The main lot was “The Goose”, an NFT formerly owned by defunct hedge fund Three Arrows Capital (3AC), and bought for $6.2 million by CryptoPunks #6529, a well-known member of the NFT community.
The 2nd most expensive generative NFT in the world
The non-fungible token (NFT) Ringers #879 by artist Dmitri Cherniak was recently auctioned off for an impressive $6.2 million. The sale took place during a live auction in New York, organized by the prestigious auction house Sotheby’sand met with great success despite the gloomy state of the market.
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Nicknamed “The Goose” (or “The Goose” in English) because of its resemblance to this animal, this work of art was auctioned as the main lot of the Sotheby’s “Grails” collection. In total, this one had 37 works of tokenized generative art and designed by big names in the field such as Dmitri Cherniak, Tyler Hobbs, Jeff Davis and others.
Interest in the collection was sparked in particular by the presence of certain NFTs from the hedge fund Three Arrows Capital (3AC). As a reminder, this fund suffered the fall of the Terra (LUNA) ecosystem and its stablecoin UST, leading to bankruptcy last summer.
Exactly, The Goose was one of them and was bought by the co-founders of 3ACSu Zhu and Kyle Davies, in August 2021, for around 1,800 ETH, or a value of approximately 5.8 million dollars at the time. The work was estimated between 2 and 3 million dollars, but was ultimately purchased for $6.2 million.
Moreover, the winner of the final auction is CryptoPunks #6529, a well-known figure in the community. Following the sale, Sotheby’s announced that it was of the second highest sale of all time for a work of generative art.
— 6529 (@punk6529) June 15, 2023
👉 To learn more, learn all about non-fungible tokens (NFT)
In a recent statement, investor #6529 said that The Goose held cultural significance within the NFT communityin particular by the uniqueness of its execution process:
“Generative art on the blockchain is a leap of faith on the part of the artist and the miner. Once the algorithm is on the blockchain, no one knows what results it will produce. The Goose represents this more clearly than any generative NFT. We could have run the Ringers algorithm thousands of times without producing anything like it. The Goose has had a historic journey so far, through key moments in NFT history, and I think his journey has only just begun. »
So far, sales of the Grails collection organized by Sotheby’s as part of the liquidation of works held by 3AC grossed nearly $17 million.
👉 To go further — How to assess the potential of an NFT collection?
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Source: Sotheby’s
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