On Wednesday, during a long-awaited auction at Sotheby’sthe seller of a collection of 104 CryptoPunks, which was supposed to sell for up to $30 million, reversed his position.

The batch, dubbed “Punk It!” by Sotheby’s, it was initially purchased by collector “0x650d” in July 2021 for $7 million in a single transaction.

The seller was initially very excited about the sale, as posted in the tweet from early February.

However, the anonymous collector stated in another tweet that they changed their minds.

Is the NFT collection undervalued? Why the change of opinion?

Rumors of a lukewarm reception for the CryptoPunks megalot may have contributed to the 0x650d rollback. According to three sources, including an on-site bidder at Sotheby’s, the highest pre-bid bid was $14 million, which was also the reserve price.

Additionally, there have been a few phishing scams that have plagued the NFT space, including the recent lawsuit against Opensea where a user’s Bored Ape Yacht Club NFT was stolen and then resold for a large sum of money.

Since user “0x650d” has decided to “hodl”, it may be that the individual wants the value to go up before making the decision to sell their valuable assets.

CryptoPunks, founded by Larva Labs in 2017, has produced over 683,000 ETH in sales volume, which equates to nearly $2 billion at press time. The current minimum price for the project is 67.5 ETH ($207,000).

This would have been Sotheby’s second major NFT sale, the first being a $24.4 million collection of 101 Bored Apes sold in September at the New York auction house, where rapper Ja Rule was among those in attendance.

To say that Sotheby’s has only participated in the burgeoning realm of digital art and crypto is an understatement – the renowned auction house recorded more than $100 million in NFT sales in 2021 alone, and even received bids on non-NFT-related artwork. on ETH, the native currency Ethereum blockchain.

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