- Genesis Cat digital art sold for $254,000 in Sotheby’s auction, highlighting growing demand for Bitcoin-based “Ordinals inscriptions”
- Genesis Cat was a special 1-of-1 edition by Taproot Wizards artist Francisco “FAR” Alarcon, part of their Quantum Cats collection honoring Bitcoin proposal
- Sale comes amid frenzy for Ordinals on Bitcoin, with prices soaring and sparking comparisons to Ethereum NFT mania despite blockchain congestion issues
A digital art image called “Genesis Cat” minted on the Bitcoin blockchain by Taproot Wizards recently sold for $254,000 in a Sotheby‘s auction. The high price demonstrates the growing popularity of Bitcoin-based digital art known as “Ordinals inscriptions.”
Details of the Genesis Cat Sale
The Genesis Cat image was a special 1-of-1 edition by Taproot Wizards artist Francisco “FAR” Alarcon. It was the highlight of Sotheby’s “Ordinals Curated Sale” auction that featured 19 lots from 11 artists and brought in $1.1 million total. Genesis Cat alone sold for over 12 times its $15,000-$20,000 estimate. This comes after Sotheby’s sold 3 images from BitcoinShrooms for $450,000 last month, showing the demand for these types of Bitcoin-based digital artworks.
Wider Context of the Ordinals Frenzy
The soaring prices for Ordinals inscriptions, sometimes called “NFTs on Bitcoin,” have drawn comparisons to the NFT mania on Ethereum a few years ago. The popularity has led to congestion on the Bitcoin blockchain and criticism from some who want to reserve its capacity for payments. One “Rare Satoshi” ordinal pulled in $165,100, said to be a record price for that category.
About the Genesis Cat Artist
According to Sotheby’s, the artist behind Genesis Cat is Francisco “FAR” Alarcon, who explores the intersection of visual arts and technology. His work examines computer graphics and simulations from conceptual and historical perspectives.
Bigger Picture for Taproot Wizards
Genesis Cat was the highlight of Taproot Wizards’ 3,333-piece “Quantum Cats” collection honoring the Bitcoin OP_CAT proposal. This was Taproot Wizards’ first Ordinals sale after raising $7.5 million last year. The Sotheby’s fee comes on top of the $254,000 winning bid.
Conclusion
The soaring price of Genesis Cat demonstrates the rising popularity and value of Bitcoin-based digital artworks known as Ordinals. As demand and prices continue climbing, it will be interesting to see how the Bitcoin community responds to this frenzy of activity building on top of the blockchain.
