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Because of this, the owner of 104 CryptoPunks has decided to cancel the auction at Sotheby’s

A collection of 104 CryptoPunks expected to sell for up to $30 million in a highly anticipated auction at Sotheby’s was canceled on Wednesday.

A Sotheby’s representative said the seller had decided to withdraw the NFT lot. The auction was first announced on February 8th.

Dubbed “Punk It!” by Sotheby’s, the NFT lot was first acquired in July 2021 by collector “0x650d” in a single $7 million transaction.

In a tweet from the collectors called decided to HODL over sell.

Perhaps part of the reason 0x650d changed his mind was the rumors of a lack of interest in this line of CryptoPunks.

Three sources, including a bidder at Sotheby’s, say the highest pre-bid price is $14 million, which is also the starting price.

Since launching the project in 2017, CryptoPunks, developed by Larva Labs, has generated over 683,000 ETH in sales volume, which equates to around $2 billion at press time. The project currently has a reserve price of 67.5 ETH ($207,000).

This is reportedly the second time Sotheby’s has facilitated the sale of a large batch of NFTs, with the first being a $24.4 million 101 Bored Apes collection that sold in September 2021.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.