Sotheby's Sees $200K Top Bid for Bitcoin NFT Super-Mario-Style Mushroom

Jonathan Stoker Dec 14, 2023, 23:25pm 50 views

Sotheby's Sees $200K Top Bid for Bitcoin NFT Super-Mario-Style Mushroom

Sotheby's Bitcoin Blockchain Art Sale Surpasses Expectations

The inaugural sale of inscriptions by Sotheby's, utilizing the Ordinals protocol of the BitcoinBitcoin$42,260 -0.64% blockchain, has shown remarkable results. Well exceeding expectations, the sale of pieces from a pixel-based collection known as BitcoinShrooms generated nearly $450,000, five times the highest estimates. This impressive outcome illustrates the ongoing mainstream enthusiasm for these tradable digital images, often described as NFTs on Bitcoin.

Details of the Auction

The auction, which wrapped up on Wednesday, included a total of three images. Among these was a pixel-based representation of an avocado, which fetched a price over $100,000. Another lot, seemingly inspired by a mushroom from the Super Mario franchise, sold for more than $240,000. These figures were confirmed by Sotheby's spokesperson, Derek Parsons. A total of 148 bids were made across the three lots, with over two-thirds of all bidders being new to Sotheby's. Parsons also mentioned further plans in the pipeline.

Reflection of Past Digital-Asset Mania

The results of this auction echo the enthusiasm that gripped the digital-asset markets a few years ago, when digital art and non-fungible tokens, or NFTs, began to attract astounding sums. This digital frenzy reached a peak with one NFT by artist Beeple drawing $69 million at auction house Christie's. Unlike the collections sold at the time, which were primarily based on the EthereumEthereum$2,315 -2.42% blockchain, the Ordinals inscriptions are built on the Bitcoin blockchain.

Controversy Over Ordinals

The Ordinals inscriptions, which made their debut late last year featuring a novel technology developed by Casey Rodarmor on Bitcoin, have caused quite a stir, even leading to congestion and increased fees on the Bitcoin network. A lively debate has ensued among Bitcoin users and developers regarding whether to exclude transactions in NFT-like inscriptions minted with the Ordinals project, as they do not align with the original financial vision for the blockchain. The high value of these digital images could potentially sway this discussion in favor of profit interests.

BitcoinShrooms Collection

The three digital images auctioned are part of the BitcoinShrooms collection of Ordinals inscriptions, created pseudonymously by Shroomtoshi. The digital avocado, known as BIP39 SEED, was initially predicted to attract bids in the range of $20,000 to $30,000 but managed to sell for an incredible $101,600.

Edited by Jonathan Stoker

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