A Collector Exits CryptoPunks Collection Auction, Making Light of The Organizer
A pseudonymous owner and NFT collector known on Twitter as 0x650d had unexpectedly withdrawn from a CryptoPunk collection auction minutes before it was scheduled to begin. After publicly expressing its delight about collaborating with renowned auction house Sotheby’s to host one of the largest auctions since the digital asset class became a reality, the hodler abruptly withdrew, leaving other collectors perplexed.
The collection, which included approximately 104 CryptoPunks and was estimated to be worth roughly $30 million, was scheduled to be sold by Sotheby’s on Thursday. However, the event was canceled due to the secret NFT owner’s untimely withdrawal.
- Sotheby’s Rug Puller Insults
As if withdrawing from a special NFT auction minutes before the event wasn’t enough, 0x650d mocked the fine-art auction center’s attempt to organize it. 0x650d would then mock the auction platform with a meme of prominent Canadian rapper Drake.
The meme implied that the alias was introducing CryptoPunks to a wider audience through rug pulling the auction center. Although this is not an exact instance of rug pulling, the collector was thorough and used the phrase to describe the deed they committed. This was a very terrible day for the crypto and NFT communities.
It is unknown why the hodler chose to mock Sotheby’s. However, following the event’s cancellation, the crypto enthusiast issued a casually calm tweet to his thousands of followers with the message “Nvm, chose to hodl.”
Voulgaris, a basketball researcher, referred to the proprietor as a clown. He said that the collector may have made a strong case for withdrawing from such an auction, mocking Sotheby’s high transaction costs.
- The Non-Financial Technology Sector Continues to Expand at a Rapid Pace
Since 2021, the fledgling business has developed dramatically, garnering billions of dollars in sales. Since 2017, Larva Labs’ CryptoPunks NFT collection has generated over billions in sales.
While sorry not to be hosting the NFT collection auction, Sotheby’s has had some success in selling this digital asset class. The auction house sold more than a hundred million dollars’ worth of NFTs last year, including $24 million at a single event.