Sotheby’s Cancels Auction Of 104 CryptoPunks Minutes Before Launching

Sotheby’s cancels auction of 104 CryptoPunks NFT collection only moments before launch as the collector under the initials 0x650D pulled out so let’s find out more in today’s latest cryptocurrency news.

The renowned auction house Sotheby’s was supposed to host an anticipated auction of 104 CryptoPunk NFT but the auction house canceled the event a few minutes before the launch. A few months ago, a collector purchased the lot titled “Punk It!” for $7 million, and a few weeks back, Sotheby’s announced it will auction the NFT from the collection with some price estimations showing between $20 million and $30 million. The collectible owner withdrew from the event moments before starting. He decided to cancel and many users were disappointed with the founder of RugRadio Farokh saying:

“Bro, you stop acting like you rugged Sotheby’s, you made everyone look stupid. Even the press here is laughing at us because of you. Stop hiding the guilt behind dumb ass memes.”

The seller then posted another tweet saying that the reason behind the cancellation could be the high commission fees at Sotheby’s. Now, Sotheby’s cancels the auction. CryptoPunks are among the first NFT collections and there are some of the most popular digital collectibles with millions spent to acquire them. CryptoPunk #5822 even broke the record as Chain’s CEO purchased it for 8000 ETH which was equal to $24 million.

The leading auction house for art has been a part of the digital asset universe for a while now and it joined forces with Future Perfect Ventures to invest $20 million for tech company Mojito. Commenting on the matter was the CEO Charles Stewart:

“We believe in the future of using blockchain to expand ownership of digital assets. There is a huge amount of focus and interest in NFTs… Sotheby’s mission is to promote access and ownership of exceptional art and luxury objects, so focusing and developing this area makes a lot of sense.
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The company announced it will host an auction for a rare diamond that can be sold for crypto and the American entrepreneur Richard Heart purchased it for $4.3 million, renaming the diamond after his company HEX.com diamond. The withdrawal of the collection outlined the aspirations of the Web3 space as it collided with the traditional institutions and as Robert Leshner who created Compound noted, it was quite a sad day for art collectors.