“Genesis Cat,” a digital art piece created on the Bitcoin blockchain’s Ordinals protocol, was sold for over $250,000 at a recent Sotheby’s auction.
Created by artist and engineer Francisco “FAR” Alarcon, “Genesis Cat” is a part of the Quantum Cats collection, produced by the Taproot Wizards group. With the initial estimated price of $15,000 to $20,000, the piece was sold at the impressive $254,000.
“With over 50 Bids, ‘Genesis Cat’ by @0xfar for Taproot Wizards’ has achieved an impressive $254,000 (6.31 BTC), 12X over the high estimate,” said Sotheby’s.
FAR’s work is notable for its exploration of visual arts and technology, often delving into the history of computer-generated graphics and digital imaging.
“Genesis Cat,” as the only 1/1 artwork in the Quantum Cats collection, holds a unique place in the Bitcoin Ordinals art world. The Quantum Cats collection, the first public collection from Taproot Wizards, is aimed at inspiring innovation and creativity within the Bitcoin ecosystem.
Comprising 3,333 distinct digital cats, the collection combines elements of retro style, cosmic imagery, and Bitcoin lore, reflecting the evolving nature of the Bitcoin protocol and its cultural impact.
Bitcoin Ordinals Art Sold Out at Sotheby’s
Besides “Genesis Cat,” 18 other digital art pieces were also included in the auction house’s “Natively Digital: An Ordinals Curated Sale.”
“SOLD OUT!” said Michael Bouhanna, Sotheby’s Head of Digital Art and NFTs. “Natively Digital: An Ordinal Curated Sale smashed the pre sale estimates!”
#AuctionUpdate: After a feverish bidding war, Black Rare Sat (20,159,999,999,999) has achieved $165,100 (4.09 BTC). pic.twitter.com/r1RY8zDpE8
— Sotheby’s Metaverse (@Sothebysverse) January 22, 2024
Among the 19 art pieces, Lot 17 “Black Rare Sat (20,159,999,999,999)” was sold for $165,100, Des Lucréce’s Lot 11 “Benediction from Between Worlds” was sold for $95,250, and Asprey Studio’s “Asprey Bugatti Crown Egg Number 10” was sold for $82,550.
According to Bouhanna, 100% of the lots were sold, 641 bids were made, and the 19 lots were sold for $1,097,000, marking a successful sale and a milestone of Bitcoin Ordinals digital art.
NFTs Have Seen Decline in 2023
In the meantime, Ethereum based non-fungible tokens (NFTs) have seen a decline over the past year, with GameStop shutting down its NFT marketplace and X (formerly known as Twitter) removing the NFT profile image function.