At Sotheby’s Auction, the Bitcoin-Based Digital Art Image ‘Genesis Cat’ Sold for a Price of $254,000

At Sotheby's Auction, the Bitcoin-Based Digital Art Image 'Genesis Cat' Sold for a Price of $254,000

In a highly anticipated auction held by Sotheby’s, the one-of-a-kind digital artwork known as “Genesis Cat,” which was created by the Taproot Wizards team, was completed and sold for an impressive sum of $254,000. The team’s exceptional talent and creativity were on full display in the creation of this fantastic work of art, which used the Ordinals protocol that the Bitcoin blockchain provided.

The Artist From Taproot Wizards Have Created a True Masterpiece

The artwork was an exclusive limited edition piece created by the renowned artist Francisco “FAR” Alarcon from Taproot Wizards. It was showcased as a unique item among a collection of ordinal inscriptions being sold by Sotheby’s. The auction began on January 12th and ended on Monday.

The selling price of Genesis Cat exceeded the estimated value of $15,000 to $20,000 for the lot by more than 12 times. This sale follows Sotheby’s recent success in selling three pixelated images from the “BitcoinShrooms” collection for a total of $450,000.

As part of the “Ordinals Curated Sale,” which featured 19 lots from 11 different artists, the cat picture was acquired as a component of the sale. In total, they were able to amass approximately $1.1 million, as stated in an email sent to CoinDesk by Derek Parsons, a spokesperson for Sotheby’s auction house.

A New Record for Rare Satoshi

According to Parsons, Lot 17 from the Sotheby’s auction, titled “Black Rare Sat 20,159,999,999,999,” fetched an impressive $165,100. Parsons mentioned that this sale set a new record for a “Rare Satoshi,” a type of artwork known for its distinctive qualities that make it particularly desirable.

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The impressive figures associated with these Ordinals writing – often called “NFTs on Bitcoin” – have sparked parallels to the NFT craze that engulfed the Ethereum blockchain in the past. Transactions associated with Ordinals have caused congestion on the Bitcoin blockchain, much to the dismay of certain purists who prefer to reserve the bandwidth of the globe’s most prominent blockchain solely for financial payments.

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As per the description provided by Sotheby’s for the auction lot featuring the Genesis Cat picture, Alarcon is an individual who delves into the realm where visual arts and technological advances converge, showcasing their expertise as both an artist and an engineer.

“Sotheby’s stated that his research explores the source material past of computer-generated graphics, investigating digital imaging from both historical and conceptual standpoints.” “He explores digital simulations and visuals, with a particular emphasis on how they enhance our comprehension of the physical world through mediums like film, video games, and virtual environments.”

The Quantum Cats Collection Was Created for a Reason

The Genesis Cat artwork served as the centerpiece of a collection of 3,333 “Quantum Cats” created by Taproot Wizards. This particular piece was recently put up for sale, marking the first time since the successful funding of the Ordinal’s “NFTs on Bitcoin” initiative, which garnered an impressive $7.5 million in investments last year.

The Quantum Cats collection has been created with the intention of paying tribute to OP_CAT, a Bitcoin improvement proposal, as stated in a press release by Taproot Wizards.

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Dan Held, the CMO of Taproot Wizards, informed CoinDesk that the price of Genesis Cat encompasses the total reimbursement for the project, which includes the artist, who also happens to be a co-founder. According to Held, the fee from Sotheby’s is added to the winning bid price.

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