Sotheby's NFT Auction Of The 104 CryptoPunks Doesn't Go According To Plan

2022-02-25 00:16:20

Sotheby’s announced that long-anticipated NFT auction of the 104 CryptoPunks, ‘Punk It’, has been cancelled after the seller backed off and changed his mind at literally the last minute before the start of the sale.

According to the owner of the 104 CryptoPunks, 0x650d, the reason why he decided to bail on the Sotheby’s auction at the last moment, was simply because of his changed mind. Or, as he put it on his Twitter social platform this Thursday, ‘nvm, decided to hodl’.

In addition to the initial Tweet, the owner of the ‘Punks also posted a meme with the famous Canadian rapper Drake, with the intention to mock the ‘rug pull’ on one of the leading auction houses in the world.

Moreover, quickly after the CryptoPunks auction was cancelled, Sotheby’s removed the landing page of the NFT auction, preventing it from going live at the designated time. And according to the projections of the auction house, the sale was expected to reach somewhere between $20 and $30 million.

However, judging by the current market climate for NFTs, many believe that Sotheby’s have somewhat unrealistic expectations. As a matter of fact, if we take into account the current average price of $155.000 for some of the cheapest CryptuPunks, the more realistic amount would be around $16 million.

Sotheby’s already has a very positive experience with NFT auctions, specifically with the Bored Ape Yacht Club collection, as well as with the Alien Punk NFT collectables. The former NFT batch auctioned for $24 million in September 2021, while the latter reached $11.75 million in June of 2021.

Given that most celebrities and athletes already started dropping NFT collectables like there is no tomorrow, it seems like 2022 is going to be a rather busy year, non-fungible token wise. And this means that we should expect some very interesting NFT auctions in the upcoming months.

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