“Genesis
Cat,”
a
digital
art
image
minted
atop
the
Bitcoin
blockchain’s
Ordinals
protocol
by
the
Taproot
Wizards
team,
has
sold
for
$254,000
in
a
Sotheby’s
auction.
The
image
was
a
special
edition
1-of-1
piece
by
the
Taproot
Wizards
artist
Francisco
“FAR”
Alarcon,
featured
as
part
of
a
broader
sale
of
Ordinals
inscriptions
by
Sotheby’s.
The
auction
started
on
Jan.
12
and
concluded
on
Monday.
The
sale
price
for
Genesis
Cat
was
more
than
12
times
the
estimated
$15,000
to
$20,000
for
the
lot,
and
comes
after
Sotheby’s
last
month
sold
three
pixelated
images
from
the
“BitcoinShrooms”
collection
for
a
combined
$450,000.
The
cat
image
was
sold
as
part
of
the
“Ordinals
Curated
Sale,”
consisting
of
19
lots
from
11
different
artists.
Collectively
they
raked
in
about
$1.1
million,
Sotheby’s
spokesman
Derek
Parsons
told
CoinDesk
in
an
email.
Lot
17
from
the
Sotheby’s
auction,
“Black
Rare
Sat
20,159,999,999,999,”
pulled
in
$165,100,
according
to
Parsons,
which
he
said
he
understood
was
a
record
for
a
so-called
“Rare
Satoshi,”
which
are
seen
as
having
unique
features
that
make
them
more
highly
sought-after.
The
eye-popping
numbers
for
these
Ordinals
inscriptions
–
sometimes
referred
to
as
“NFTs
on
Bitcoin”
–
has
drawn
comparisons
to
the
NFT
frenzy
that
consumed
the
Ethereum
blockchain
a
few
years
ago.
Transactions
related
to
Ordinals
have
contributed
to
congestion
on
the
Bitcoin
blockchain
while
drawing
the
ire
of
some
purists
who
would
like
to
see
the
world’s
largest
blockchain’s
bandwidth
kept
clear
for
financial
payments.
According
to
the
Sotheby’s
description
of
the
auction
lot
for
the
Genesis
Cat
image,
Alarcon
is
“an
artist
and
engineer
exploring
the
intersection
of
visual
arts
and
technology.”
“His
research
delves
into
the
material
history
of
computer-generated
graphics,
examining
digital
imaging
from
historical
and
conceptual
perspectives,”
said
Sotheby’s.
“He
investigates
computer
simulations
and
visualizations,
focusing
on
their
impact
on
our
understanding
of
the
physical
world
through
film,
video
games,
and
virtual
worlds.”
The
Genesis
Cat
piece
was
the
anchor
of
a
series
of
3,333
“Quantum
Cats”
minted
by
Taproot
Wizards,
in
its
first
sale
since
the
Ordinals
“NFTs
on
Bitcoin”
project
raised
$7.5
million
last
year
from
investors.
The
Quantum
Cats
collection
is
designed
to
honor
a
Bitcoin
improvement
proposal
known
as
OP_CAT,
according
to
a
press
release
from
Taproot
Wizards.
Dan
Held,
chief
marketing
officer
for
Taproot
Wizards,
told
CoinDesk
that
the
price
for
Genesis
Cat
is
the
amount
that
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,
according
to
Held.
