Latest News

Consignor ‘Decided to Hodl’ Collectibles, Sotheby’s Cancels Cryptopunks NFT Auction

Sotheby’s, a worldwide luxury auction house, stated on February 8 that it would auction 104 Cryptopunk non-fungible token (NFT) items, however the event was canceled before it could begin.

On Wednesday, the premium auction house had to cancel an NFT auction dubbed “Punk It” after the consignor backed out. Sotheby’s announced in the first week of February that it would be auctioning 104 Cryptopunks for a total of $20 to $30 million. The sale was dubbed “Punk It,”. Then, and the NFTs came from the owner “0x650d,” who bought 104 Cryptopunks in a single transaction in July. That’s, by paying a miner a bribe of five ethereum (ETH).

“Nvm, decided to hodl.”

Then, on the day of the auction, Sotheby’s tweeted that the event had been formally canceled after a discussion with the consignor 0x650d.

“The Punk It sale for tonight has been canceled after conversations with the consignor.”
“We appreciate the participation of our panelists, visitors, and spectators,”

Sotheby’s added.

After that, 0x650d shared an older tweet in which he stated that he had elected to maintain the Cryptopunk NFT stockpile.

In the meanwhile, aside from the memes 0x650d published, the community is unsure why he decided to cancel the Cryptopunks NFT sale. When the Cryptopunks NFT auction was first advertised, it’s probable that 0x650d’s stockpile was worth significantly less than he imagined. Since the escalation of geopolitical tensions between Russia and Ukraine, cryptocurrency market prices. That’s, particularly the values of non-fungible token digital collectibles, have decreased dramatically in value against fiat currencies.

0x650d’s cache of NFTs is projected to be worth $22.16 million. That’s, according to measurements from at the time of writing.

When the auction was first announced, the wallet’s net worth was much higher. The 0x650d wallet now has around 136 NFTs from 18 different NFT collections.
Related Posts – Ferrari joins the NFT universe through a collaboration with a Swiss…

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.