NFT sensation CryptoPunks ‘do everything right,’ says panel at Sotheby’s auction

On Wednesday night, fans of CryptoPunks and would-be bidders assembled at Sotheby’s auction house in New York City. However, it turned into a non-event when the consignor of 104 CryptoPunks opted to hodl.

Following the announcement, a live discussion panel on the history of nonfungible tokens (NFTs) and CryptoPunks was held. Renowned techie and CryptoPunk expert Sherone Rabinovitz and the art critic and curator Kenny Schachter were on the panel. The event was moderated by the founder of the Museum of Crypto Art, Colborn Bell.

"Should we just tell everyone that there are actually 100,000 Punks?"

Pre-panel shenanigans with Colborn Bell, ahead of tonight's "PUNK-IT!" #CryptoPunks auction at @sothebys

Super curious to see what transpires over the next several hours…@co1born @MuseumofCrypto pic.twitter.com/EDhzN32O2E

— sherone.eth 🎥 🎞👨‍💻🎸🎶 (@Sherone33) February 23, 2022

When asked about Larva Labs and CryptoPunks’ early history, Rabinovitz, who created a documentary about the team in 2018, began by praising CryptoPunks as the first initiative to “do everything right.” 

Larva Labs “sprinkled their magic” on an experiment to explore digital possession, from the aesthetics to the markets. He went on to say that the code is “gorgeous” enough to publish, frame, and hang on the wall and that the elegance of CryptoPunks goes “beyond the pixels and the cultural payload.”

With its system that created pixelated punk characters at random, Larva Labs ushered in blockchain-based generative art on Ethereum in 2017. Punks have now garnered widespread recognition and have become one of the most valuable NFTs in the world. It currently tops on OpenSea, becoming the most traded collection in terms of volume.

Schachter didn’t like CryptoPunks at first

NFTs and CryptoPunks, on the other hand, were discovered much later in 2020 by Schachter, who admitted he didn’t like them at first. 

Colborn then said that, despite the fact that Schachter does not own a Punk, he represents the spirit of one. Punks, according to him, are people who are courageous, voice their opinions, express their ideas, and believe that change is possible.

Schachter, who just released CryptoMutts, a parody collection of NFTs, expressed his expectations for a future in which all digital works are replicated into actual space, and NFT communities try to encourage new artists.

As TheCoinRise reported last year, Cryptopunks and Axie Infinity collectively made more than 10 billion in sales.