Bitcoin NFTs land on Sotheby's auction house! Three images sold for a total of $450,000, surpassing the estimated value by five times.

The international art auction house Sotheby’s official website shows that it recently auctioned off three pieces from the Bitcoin NFT project "BitcoinShrooms" for a total of approximately $450,000, which is more than 5 times the highest estimate. Sotheby’s also revealed that similar auction plans will be launched in the near future.

BitcoinShrooms Project Featured at Sotheby's

A few days ago, Sotheby's auctioned off the latest Bitcoin NFTs that the crypto community has been enthusiastic about, known as "Inscriptions," with the bidding taking place from December 6th to 13th. The auction included three images from the BitcoinShrooms series: S, Sovereign Individual, and BIP39 Seed.

It is reported that the total sales of this series amounted to around $450,000, five times the highest estimate of $90,000. The S image, resembling a Mario mushroom, sold for over $240,000, while the avocado-patterned BIP39 Seed fetched over $100,000.

The auction house stated that the three pieces received a total of 148 bids, with over two-thirds of the bidders being new clients to Sotheby's, indicating the attraction of this new technology to new users.

Sotheby's Spokesperson: More Similar Auctions to Follow

It is worth mentioning that Sotheby's spokesperson, Parsons, revealed that there are more related auctions planned, showing the continued demand for Bitcoin NFTs in the market.

The creator of these works, Shroomtoshi, stated:

The BitcoinShrooms series is a pixelated retrospective of Bitcoin's history in recent years, a tribute to 8-bit art style, a tool to enhance public understanding of Bitcoin and its core principles, and a way for me to present my resistance to the annoying and abnormal elements I see in popular culture.

Coindesk pointed out that this may shift the current focus from the controversy over Ordinals' existence to the interest issues derived from Bitcoin NFTs being auctioned as art pieces.

Bitcoin Developers Claim Inscriptions Are a Technical Flaw? Jason Fang Rebuts: Inscriptions Are Unstoppable, Driving Bitcoin's Future

Wave of Inscription Craze Continues

In January of this year, the Bitcoin Inscriptions project was created and garnered much attention in the following months. From being relatively unknown to the emergence of UniSat as a leading player in the trading market, and the entry of centralized exchanges such as OKX and Binance, the Inscriptions market has reached a hot scale and level of attention.

Despite facing months of ongoing controversy, the community's enthusiasm for Inscriptions seems unabated, and the market has been gradually building up momentum and started to surge after August.

However, it has been observed recently that developers have utilized the Ordinals protocol to develop various projects on the Bitcoin ecosystem, including metaverse land projects and some pixelated games, indicating the budding market for Bitcoin blockchain games.

Bitcoin Ecosystem Expands Beyond Inscriptions and BRC-20, Chain Game Projects Emerging Continuously