Sotheby’s sold a Cryptopunk NFT for $11.8 million

Recently, a Cryptopunk NFT was sold for almost $12 million among works of other artists during a Sotheby’s auction organized virtually. Sotheby’s looking forward to strong demand for this new type of digital good in the future, even as NFT’s craze stepped down last weeks.

A leading Sotheby’s auction house announced on Thursday the sale of a Cryptopunk NFT for $11.8 million. The group of artworks under the title “Natively Digital” was presented by curators in the form of NFTs. The Cryptopunk NFT was the favorite of the auction among 27 other digital works.

According to Sotheby’s announcement, this sale became an auction record for a single Cryptopunk. Other tokens also reached high prices at the auction, such as Kevin McCoy’s Quantum sold for around $1.5 million, and Robert Alice’s iNFT reached almost $500K.

Although the NFT boom raised just some months ago, it starts to decline last weeks. While the Sotheby’s auction still shows a real interest in digital assets, it seems the focus has shifted to established collectibles and real artists. According to Protos’ study, the sales of NFT’s dropped 90% since their top in May. This may signalize the occasional NFT bubble seems to be popping and could mean that the ecosystem around NFTs is maturing.

However, this NFT sale might look pale comparing to the sum of money Beeple got for an NFT last March. The artist has got $69 million for a work titled “Everydays: The First 5000 Days.”  The NFT shows his first 5000 artworks from his “Everydays” project, where he committed to producing an artwork daily.