Sotheby’s Projects $3 Million Sale for Autoglyph NFT Set

Sotheby’s is gearing up for a highly anticipated auction of seven Autoglyph NFTs, a set owned by Daniel Maegaard, also known in the crypto world as Seedphrase. The event, titled “Algorithmic Primitivism: Autoglyphs - A Set of Seven Types”, will run from October 7 to October 10, with an estimated sale value between $2.5 million and $3.5 million. These Autoglyphs, minted in April 2019, are considered the first on-chain generative art on Ethereum, and the set for auction includes one piece from each of seven distinct "types" within the collection.

However, Punks OTC, an independent OTC trading desk, has expressed skepticism about the valuation, claiming Sotheby’s might be overshooting expectations. They pointed out that recent Autoglyph listings, like one priced at $220,000, are far below the auction's lower estimate. In fact, a sale as recent as August 29 saw an Autoglyph sell for around $240,000, highlighting the disparity between current market transactions and Sotheby’s projections.

Autoglyphs are a unique and rare collection, created by Larva Labs, the developers behind CryptoPunks, and feature 512 generative pieces. The upcoming auction will be a significant event for both the NFT and traditional art worlds, and it will be interesting to see whether the final sale aligns with Sotheby’s bold estimates.

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