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NFT owner from CryptoPunks collection thwarts auction at Sotheby's

NFT owner from CryptoPunks collection thwarts auction at Sotheby's

The anonymous seller of a set of 104 NFTs from the CryptoPunks collection pulled the lot from a Sotheby's auction at the last minute.

The auction had been scheduled for Feb. 23. The auction house had expected a sale price of $20-$30 million.

On Feb. 8, announcing the auction, the collectibles owner under the pseudonym 0x650d wrote:

"Today I'm excited to announce my partnership with Sotheby's to realize the most significant NFT sale of all time.

Today, I'm excited to announce my partnership with @Sotheby's to create the highest profile NFT sale of all time. https://t.co/woBaWIcrWZ & ; 0x650d (@0x650d) February 8, 2022

Before the auction began, however, the collector withdrew the lot from the sale and stated:

"Never mind, decided to hold on to it."

nvm, decided to hodl https://t.co/WdQ5H7I0fl & ; 0x650d (@0x650d) February 24, 2022

He went on to post a series of memes, first hinting at his reluctance to sell assets in the face of falling prices. Then 0x650d made it clear that by "ditching" Sotheby's with the auction he was bringing CryptoPunks into the mainstream.

pic.twitter.com/M0l9wvH3T5 & ; 0x650d (@0x650d) February 24, 2022

Parts of the community lashed out with criticism of his actions.

"The cancellation of the auction at the last minute unfortunately had the opposite effect. A sad day for digital art collectors," commented Compound founder Robert Leshner.

The last-minute withdrawal of the Punk It auction unfortunately had the opposite effect. A sad day for digital art collectors. https://t.co/LXGjvBI2ok & ; Robert Leshner (@rleshner) February 24, 2022

The creator of the media project RugRadio under the nickname Farokh.eth wrote that 0x650d made everyone in the industry look silly.

"Even the press laughs at your attempts to hide the guilt behind stupid memes," he added.

Bro you suck stop acting like you rugged Sotheby's lmao you made everyone look stupid. Even the press here is laughing at us because of you stop hiding the guilt behind dumb ass memes. & ; Farokh.eth (��, ��) (@farokh) February 24, 2022

There were those who supported the failed seller. A user wrote that NFT's owner avoided "the biggest mistake of his life" because CryptoPunks are "21st century Warhol works."

Digital artist Stuart Semple thought it was the right decision not to pay Sotheby's "bloated" commission when you can sell assets without intermediaries.

As the real reasons for the refusal of the seller of the auction users cited commissions and, perhaps, the low estimated selling price, which did not meet his expectations;

Recall that in December 2021 NFT CryptoPunk #4156 sold for 2,500 ETH (~$10.26 million at the time of the transaction).

In February, token #5577 from the collection was purchased for 2,501 ETH (over $7.8 million). Presumably, the buyer was Robert Leshner.

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