Bitcoin Blockchain's 'Genesis Cat' Digital Art Sells for $254,000 at Sotheby's Auction

According to CoinDesk, a digital art image called 'Genesis Cat' minted on the Bitcoin blockchain's Ordinals protocol by the Taproot Wizards team has been sold for $254,000 in a Sotheby's auction. The artwork, created by Taproot Wizards artist Francisco 'FAR' Alarcon, was part of a broader sale of Ordinals inscriptions by Sotheby's. The auction began on January 12 and concluded on Monday. The sale price for Genesis Cat exceeded its estimated value of $15,000 to $20,000 by more than 12 times. The 'Ordinals Curated Sale' featured 19 lots from 11 different artists, collectively bringing in approximately $1.1 million, according to Sotheby's spokesman Derek Parsons. Another notable sale was Lot 17, 'Black Rare Sat 20,159,999,999,999,' which fetched $165,100, believed to be a record for a 'Rare Satoshi.' These Ordinals inscriptions, sometimes referred to as 'NFTs on Bitcoin,' have drawn comparisons to the NFT craze that took over the Ethereum blockchain a few years ago. Transactions related to Ordinals have contributed to congestion on the Bitcoin blockchain, drawing criticism from some who believe the network's bandwidth should be reserved for financial payments. Alarcon, the artist behind Genesis Cat, is described by Sotheby's as 'an artist and engineer exploring the intersection of visual arts and technology.' Genesis Cat was the anchor of a series of 3,333 'Quantum Cats' minted by Taproot Wizards, which raised $7.5 million last year from investors in its first sale since the Ordinals 'NFTs on Bitcoin' project. The Quantum Cats collection is designed to honor a Bitcoin improvement proposal known as OP_CAT. Dan Held, chief marketing officer for Taproot Wizards, stated that the price for Genesis Cat will be paid back to the project, including the artist, who was a co-founder. The Sotheby's fee is charged on top of the winning bid price.