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Huge NFT auction collapsed at the last minute

2 min read

NFT fans and art collectors are confused because a strange incident occurred during an auction at the renowned auction house Sotheby’s. Actually, a collection of 104 CryptoPunks worth an estimated 30 million US dollars was supposed to be sold there. But a cancellation came at the last minute. Because the pseudonymous owner of the “Punk It!” collection suddenly withdrew all of his lots from the auction.

The reasons behind Sotheby’s CryptoPunk hodler’s withdrawal remain unclear. On twitter he sent under the user name 0x650d just a casual tweet to his 12,000 followers that read: “nvm, decided to hodl” – so he changed his mind and decided to keep his NFTs.

NFT fans disappointed by Sotheby’s withdrawal

He then posted another meme implying that he was “bringing punks into the mainstream by stripping Sothebys.” While this was not an actual ‘rug pull’, illegally withdrawing funds from investors, it did leave Sotheby’s and the community in the dark. Some therefore find the campaign anything but funny and express their bitter disappointment:

The withdrawal of the punk-it auction [ist] a sad day for digital art collectors

writes about @rleshner. Haralobos Voulgaris, a quantitative researcher with the Dallas Mavericks, suggested the commission Sotheby’s takes might be 0x650d have been too high.

Pulling out of a (fairly historic) Sotheby’s auction at the last minute because you “felt like ‘hodling'”. Come on. If we want to be taken seriously we have to grow up a little.

says the photographer OYOMA.

How should one interpret this incident? Want 0x650d demonstrate the ideological divide between the non-conformist “cyberpunk” culture of Web 3.0 and the more “upscale” culture of traditional institutions such as auction houses? Just about two weeks ago, Sotheby’s ran into problems with another NFT auction.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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