Sotheby's Auctions First Bitcoin Ordinals NFTs
Sotheby's has announced the auction of the first Bitcoin Ordinals collection, BitcoinShrooms, which is expected to fetch between $20,000 and $30,000 USD.
According to the announcement by the auction house Sotheby's, the BitcoinShrooms collection will auction off three pixel art NFTs, including 2 mushroom images and 1 avocado. This marks the debut of Bitcoin Ordinals, designed by the anonymous artist Shroomtoshi, and represents one of the early collections in the Bitcoin NFT movement.
I am so excited to present @BitcoinShrooms, the first ordinal sale at @Sothebysverse, and we couldn't start with a better project. This is the first time works from the very anticipated collection will be available to the public. pic.twitter.com/YsLG93ZTgN
— Michael Bouhanna (@michaelbouhanna) December 6, 2023
The auction for BitcoinShrooms will run from December 6th to December 13th. On Sotheby's website, the artworks are currently listed for sale with bids ranging from $20,000 to $30,000 USD. The auction house has indicated that cryptocurrency payments will be accepted.
Regarding the significance behind BitcoinShrooms, artist Shroomtoshi described:
"The BitcoinShrooms collection is a pixelated summary of 13 years of Bitcoin, paying homage to 8-bit art styles and a nostalgic nod to the 90s. It serves as a tool to raise awareness about Bitcoin and what I consider its core principles."
BitcoinShrooms comprises over 200 pieces, depicting significant events in Bitcoin's history, mostly portrayed through mushroom characters, alongside famous icons such as Batman, Iron Man, Wall-e, and Super Mario.
The introduction of Ordinals has quickly garnered attention within the NFT space and is expected to bring a fresh perspective to the longstanding Bitcoin network. Exchanges like Binance and OKX have swiftly announced support for these new NFTs. Recently, BRC-20 has also started to expand onto other blockchains with replica versions appearing on Polygon, Solana, Avalanche, Fantom, and Ethereum.
Inscriptions/Ordinals/BRC-20, simply understood as NFTs on Bitcoin, have become popular keywords in the cryptocurrency community recently, stemming from the intention to remove token standards from the Bitcoin network by the Bitcoin Core team.
Developer Luke Dashjr has mentioned that Ordinals are exploiting vulnerabilities to "spam" transactions on the Bitcoin network. Bitcoin Core released version 26 yesterday (December 6th), with a complete fix for these vulnerabilities expected in version 27 next year.
PSA: “Inscriptions” are exploiting a vulnerability in #Bitcoin Core to spam the blockchain. Bitcoin Core has, since 2013, allowed users to set a limit on the size of extra data in transactions they relay or mine (`-datacarriersize`). By obfuscating their data as program code,…
— Luke Dashjr (@LukeDashjr) December 6, 2023
