Genesis Cat’ sells for $254,000 in Sotheby’s auction

Genesis Cat’ sells for $254,000 in Sotheby’s auction

“Genesis Cat,” a digital art image created by artist Francisco “FAR” Alarcon, recently made waves in the art world as it sold for an astonishing $254,000 in a Sotheby’s auction. Part of the Taproot Wizards Quantum Cats collection, this piece, minted on the Bitcoin blockchain’s Ordinals protocol, surpassed its estimated value of $15,000 to $20,000 by a considerable margin. The auction, which included 18 other lots of Ordinals inscriptions, resulted in a total of approximately $1.1 million in sales. Comparable to the NFT craze on Ethereum, the high prices of these “NFTs on Bitcoin” have garnered significant attention. The Genesis Cat artwork is part of a larger series of 3,333 Quantum Cats minted by Taproot Wizards to commemorate the Bitcoin improvement proposal OP_CAT. With the full sale price going to the artist and co-founder of Taproot Wizards, it is worth noting that Sotheby’s charges a fee on top of the winning bid price.

Genesis Cat’ sells for $254,000 in Sotheby’s auction

Introduction

In a recent auction at Sotheby’s, a digital art image called “Genesis Cat” made waves in the art world by selling for an astounding $254,000. The artwork, minted on the Bitcoin blockchain’s Ordinals protocol, surpassed its estimated value of $15,000 to $20,000, capturing the attention of art enthusiasts and cryptocurrency aficionados alike. This article will delve into the background of the Genesis Cat and its significance in the art and blockchain communities, as well as explore the details of the auction and the comparison to the NFT craze on Ethereum.

Background

The Genesis Cat is part of the Taproot Wizards Quantum Cats collection, which comprises a series of 3,333 digital art pieces minted to honor the Bitcoin improvement proposal known as OP_CAT. This collection, created by the talented artist Francisco “FAR” Alarcon, aims to combine the world of art and blockchain technology, showcasing the potential of digital art and its value in the market.

Details of the Auction

The Sotheby’s auction that featured the Genesis Cat and other Ordinals inscriptions was a resounding success, generating a total of about $1.1 million in sales. Alongside the Genesis Cat, 18 other lots of Ordinals inscriptions were included in the auction, further highlighting the demand and value attached to these unique pieces. The final sale price of $254,000 for the Genesis Cat exceeded expectations, solidifying its status as a sought-after artwork in the digital realm.

Comparison to NFT Craze on Ethereum

The soaring prices of these Ordinals inscriptions, often referred to as “NFTs on Bitcoin,” draw comparisons to the NFT craze on Ethereum. NFT, or non-fungible token, is a type of digital asset that utilizes blockchain technology to guarantee uniqueness and provenance. Ethereum has been the primary blockchain for NFTs, but with the emergence of the Ordinals protocol on Bitcoin, a new wave of digital art and collectibles is taking shape. The success of the Genesis Cat and other pieces in the auction underscores the growing demand for NFTs on Bitcoin and the potential for this market to rival Ethereum’s dominance.

About the Genesis Cat

The Genesis Cat holds a special place within the Quantum Cats collection. As one of the 3,333 minted pieces, it represents a significant milestone in the evolution of digital art on the Bitcoin blockchain. The artwork itself showcases a mesmerizing blend of intricate design elements and vibrant colors, capturing the essence of the Taproot Wizards’ vision. The Genesis Cat serves as a symbol of the creative possibilities that arise when art and blockchain technology intersect, pushing the boundaries of what is traditionally considered art.

The Quantum Cats Collection

The Taproot Wizards Quantum Cats collection is a testament to the power of artistic expression in the digital realm. Consisting of 3,333 unique pieces, each with its own distinct design and artistic flair, this collection represents an unprecedented fusion of art and blockchain technology. The Quantum Cats collection celebrates the Bitcoin improvement proposal known as OP_CAT and pays homage to the innovative spirit of the cryptocurrency community. It showcases the inherent value and beauty of digital art and highlights the potential for blockchain to revolutionize the art market.

The Artist and Taproot Wizards

The artist behind the Genesis Cat and co-founder of Taproot Wizards, Francisco “FAR” Alarcon, is at the forefront of the intersection between art and blockchain technology. With his creative vision and technical expertise, Alarcon has pioneered the integration of digital art onto the Bitcoin blockchain. Through the Taproot Wizards platform, Alarcon and his team have created a space where artists can showcase their work, tokenize it as NFTs on Bitcoin, and participate in the burgeoning digital art market. Alarcon’s contributions to the art and blockchain communities have been instrumental in pushing the boundaries of artistic expression and cementing the role of blockchain in the art world.

Payment for the Artwork

In a departure from traditional art transactions, the artist and co-founder of Taproot Wizards, Francisco “FAR” Alarcon, will receive the full sale price of $254,000 as payment for the Genesis Cat artwork. This direct transaction highlights the seamless nature of blockchain transactions, eliminating intermediaries and ensuring that the artist is fairly compensated for their work. By utilizing cryptocurrency and smart contracts, the art world is embracing a new era of transparency, traceability, and artist empowerment.

Sotheby’s Fees

As with any auction, Sotheby’s charges a fee on top of the winning bid price. While the exact fee structure for the Genesis Cat auction is undisclosed, it is customary for auction houses to levy a percentage-based fee as compensation for their role in facilitating the sale. These fees contribute to the overall operating costs of the auction house and ensure the continuation of their services. The specifics of Sotheby’s fees serve as a reminder that while blockchain technology revolutionizes certain aspects of the art market, established institutions like Sotheby’s still play a vital role in the art world.

In conclusion, the sale of the Genesis Cat for an impressive $254,000 in a Sotheby’s auction signifies the growing recognition and value of digital art in the blockchain era. As more artists like Francisco “FAR” Alarcon explore the intersection between art and blockchain technology, the possibilities for innovation and creative expression are limitless. The success of the Genesis Cat and the Taproot Wizards Quantum Cats collection only further cement the role of blockchain in transforming the art market and ushering in a new era of artistic endeavors.