{"id":53525,"date":"2023-12-07T20:39:37","date_gmt":"2023-12-07T20:39:37","guid":{"rendered":"https:\/\/prosfunds.com\/markets\/crypto\/sothebys-launches-first-bitcoin-ordinals-based-nft-auction\/"},"modified":"2023-12-07T20:39:38","modified_gmt":"2023-12-07T20:39:38","slug":"sothebys-launches-first-bitcoin-ordinals-based-nft-auction","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=53525","title":{"rendered":"Sotheby\u2019s Launches First Bitcoin Ordinals-based NFT Auction"},"content":{"rendered":"<div>\n<figure id=\"attachment_140268\" aria-describedby=\"caption-attachment-140268\" style=\"width: 1280px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-140268\" class=\"wp-caption-text\">Source: Pixabay<\/figcaption><\/figure>\n<p>Sotheby\u2019s has announced the start of its inaugural Bitcoin Ordinals sale, an online auction showcasing three items from the BitcoinShrooms NFT collection.<\/p>\n<p>In an X <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/Sothebysverse\/status\/1732475103567348141\">post<\/a> on December 6, the auction house said it was \u201cthrilled\u201d to present its first Bitcoin Ordinals sale, which will run from December 6 to 13. <\/p>\n<p>\u201cElegantly weaving the nuanced tapestry of Bitcoin\u2019s history, culture, and core technicalities, each unique, pixelated, and hand-crafted piece forms part of a masterful, yet playful guide to the revolutionary realm of Bitcoin,\u201d Sotheby\u2019s noted in a press release announcing the start of the auction. <\/p>\n<p>Conceived by the pseudonymous digital artist Shroomtoshi, the BitcoinShrooms features pixelated art aimed at illustrating the history, culture, and core technical aspects of the blockchain, according to Sotheby\u2019s. <\/p>\n<p>Although the BitcoinShrooms collection consists of 222 works, only three items will be up for auction. <\/p>\n<p>The three items up for auction include \u201cS,\u201d symbolizing \u201cSelf-Sovereignty;\u201d \u201cSovereign Individual,\u201d drawing inspiration from the Bitcoin-related book by James Dale Davidson and William Rees-Mogg; and \u201cBIP39 Seed,\u201d a reference to the commonly used 12 to 24 recovery seed phrase backups.<\/p>\n<p>Up until now, there have been a total of 107 bids placed across the various lots, with \u201cS\u201d garnering the highest interest at 47 bids. <\/p>\n<p>While each lot was initially estimated to be valued in the range of $20,000 to $30,000 with no reserve, current bid highs have already surpassed these estimates. \u201cS,\u201d \u201cSovereign Individual,\u201d and \u201cBIP39 Seed\u201d currently boast bid highs of $42,000, $50,000, and $28,000, respectively.<\/p>\n<p>\u201cThe BitcoinShrooms collection is a pixelated recap of the first 13 years of Bitcoin, a homage to the 8-bit style of art that expresses a slight nostalgia for the 90s, a way to soil tens of thousands of SSDs spread across the world with my art (next level cyber-vandalism), a tool to raise awareness about Bitcoin and what I personally view as its core principles, an ironic way to vent at what I see as its annoying pop elements and aberrations,\u201d Shroomtoshi said about the collection.<\/p>\n<p>The Bitcoin Ordinals protocol provides a novel method for storing and exchanging digital content on the Bitcoin blockchain. Leveraging satoshis, the smallest units of bitcoin, users can etch NFTs, BRC-20 tokens, and other arbitrary data directly onto the blockchain, transforming each piece into a distinctive and tradable asset.<\/p>\n<p>While the terms \u201cOrdinals\u201d and \u201cinscriptions\u201d are often used interchangeably, an ordinal specifically serves as a unique serialized identifier for an individual satoshi, whereas an inscription refers to the content or data attached to that particular satoshi.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em>Enter your email for our Free Daily Newsletter<\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span><\/p>\n<div class=\"recaptcha-text\">\n        This site is protected by reCAPTCHA and the Google<br \/>\n        Privacy Policy and<br \/>\n        Terms of Service apply.\n    <\/div>\n<\/div><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/sothebys-launches-first-bitcoin-ordinals-based-nft-auction.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Pixabay Sotheby\u2019s has announced the start of its inaugural Bitcoin Ordinals sale, an online auction showcasing three items from the BitcoinShrooms NFT collection. In an X post on December 6, the auction house said it was \u201cthrilled\u201d to present its first Bitcoin Ordinals sale, which will run from December 6 to 13. \u201cElegantly weaving [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":53526,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[35],"tags":[],"class_list":{"0":"post-53525","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sotheby\u2019s Launches First Bitcoin Ordinals-based NFT Auction | Prosfunds<\/title>\n<meta name=\"description\" content=\"Source: Pixabay Sotheby\u2019s has announced the start of its inaugural Bitcoin Ordinals sale, an online auction showcasing three items from the BitcoinShrooms\" 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