NFT based on the Bitcoin protocol Ordinals sold under the hammer for $254,000

A digital artwork of Genesis Cat created by the Taproot Wizards team as an NFT on the Ordinals protocol sold for $254,000 at Sotheby's.

The auction for the sale of lots started on January 12th and ended on January 22nd. The sale price of the digital art image exceeded the original estimated price of $15,000-$20,000 by approximately 12 times.

The Genesis Cat image is part of a series of 3,333 non-fungible Quantum Cats tokens. The series was released by the Taproot Wizards team after attracting $7.5 million in investor funds for their NFT project on Bitcoin.

For comparison, at the same auction 19 lots from 11 artists were sold for a total of $1.1 million.

Earlier, Sotheby's vice president Michael Buanna said that this year had been particularly successful for the auction house — sales of digital art reached almost $35 million.