April 19, 2024
Super Mario Vibes: Sotheby's Bitcoin NFT Auction Sees Mushroom Character Smash Estimates
NFT

Super Mario Vibes: Sotheby’s Bitcoin NFT Auction Sees Mushroom Character Smash Estimates

In Sotheby’s inaugural auction of Ordinals inscriptions, a unique form of NFTs created on the Bitcoin blockchain, a set of three pixelated images from the “BitcoinShrooms” collection fetched an impressive $450,000, surpassing estimates by five times. This marked Sotheby’s first foray into selling “inscriptions” produced through Bitcoin’s Ordinals protocol, revealing a potential surge in mainstream interest for these tradable digital images commonly referred to as “NFTs on Bitcoin.”

The auction, which concluded recently, featured three distinct images, with a pixelated avocado commanding over $100,000 and a design reminiscent of a mushroom from the Super Mario franchise selling for more than $240,000. The total bids across the three lots reached 148, and notably, over two-thirds of the bidders were newcomers to Sotheby’s, indicating a growing appeal for these unique digital assets.

Derek Parsons, a spokesperson for Sotheby’s, mentioned, “There are plans for more soon,” hinting at the potential continuation of such auctions.

The results harken back to the NFT craze that swept digital asset markets a few years ago, where digital artwork and NFTs started fetching exorbitant sums, drawing significant mainstream attention. Notably, earlier collections were primarily built on the Ethereum blockchain.

The Ordinals inscriptions, introduced last year with new technology developed by Casey Rodarmor on the Bitcoin blockchain, have experienced sporadic surges in popularity throughout the year, causing network congestion and heightened fees. This has sparked debates within the Bitcoin community about whether to filter out transactions related to NFT-like “inscriptions” minted using the Ordinals project, as they deviate from the original vision of Bitcoin as a peer-to-peer payments network.

The recent success of these digital images in an established auction house could influence the ongoing debate, potentially tilting the scales in favour of profit interests rather than strict adherence to the blockchain’s primary financial use. The three digital images auctioned belong to the BitcoinShrooms collection of Ordinals inscriptions, created by the pseudonymous artist Shroomtoshi. The “BIP39 SEED” digital avocado, initially estimated to fetch $20,000 to $30,000, ultimately sold for an impressive $101,600.

Image: Wallpapers.com

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