BitcoinShrooms project reaches $450,000 in NFT summer turnover

Sotheby’s International Auction House recently announced that it will auction a non-fungible token (NFT) project based on the Bitcoin mainnet Ordinals protocol for the first time. This item is from the Bitcoin Shrooms series by anonymous artist Shroomtoshi, which Sotheby’s says is the first-ever Ordinals series. This move has attracted widespread attention from the art market and once again highlighted the application prospects of cryptocurrency and blockchain technology in the art field.

The transaction volume exceeded US$450,000

This time the "Bitcoin Shrooms" pixelated collection series achieved great success at the auction, and the final total auction amount reached US$450,000, exceeding More than five times the original estimate. This result shows the enthusiasm of the art auction market for "NFT on Bitcoin". The auction ended last Wednesday with three works up for grabs, two of which were designs inspired by mushrooms from the Super Mario series, which sold for more than $240,000. In addition, an avocado seed work named "BIP39SEED" was sold for more than US$100,000.

Parsons, a spokesman for the auction house, said that there were 148 bidders for these three lots, and more than two-thirds of the bidders were new buyers from Sotheby's.

Sold at more than 5 times the estimated price

According to Sotheby’s, Shomtoshi is a technical digital artist and the founder of the Ordinals ecosystem. . Drawing on his in-depth knowledge of Bitcoin, he has created a unique collection of digital art that captures the essence of the cryptocurrency era through nostalgia and hyper-referential modes.

Optimistic about the potential of Ordinals

Sotheby’s highly recognizes the potential of Ordinals because it fully utilizes the decentralized characteristics of Bitcoin and has many important features. First of all, Ordinals’ artwork is completely stored on the blockchain and is immutable on the chain. Secondly, Ordinals are sovereign and are only controlled by people with Bitcoin addresses and are not restricted by any smart contract logic. These features are rare among Ethereum NFTs. This makes Ordinals a high-profile project.

The success of this auction reminds the market of the craze in the NFT market a few years ago, when an NFT work by artist Beeple was sold at Christie's auction house for a high price of US$69 million. This event marked the beginning of the so-called “NFT Summer.”

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