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Cryptogambling / Art broker Sotheby’s announces its first Bitcoin Ordinals sale

Art broker Sotheby’s announces its first Bitcoin Ordinals sale

Publish Date: 08/12/2023
b Sotheby, tags: bitcoin - upload.wikimedia.org

b Sotheby – upload.wikimedia.org

One of the world’s largest brokers of fine and decorative art, jewelry and collectibles, Sotheby’s, revealed plans to auction pieces from BitcoinShrooms, an artistic project by Shroomtoshi, within the Bitcoin Ordinals.

“This December, Sotheby’s New York is delighted to present an online sale featuring select BitcoinShrooms from the bitcoin ordinals project by Shroomtoshi,” Sotheby’s said in a blog post.

The BitcoinShrooms, also referred to as the “first-ever Ordinals collection,” was first minted on-chain on October 22.

“Within the BitcoinShrooms collection lies a trove of references — from iconic Bitcoin memes to advanced technical concepts— a visual symphony that captures Bitcoin’s essence from the perspective of someone there since the early days,” Sotheby’s said. The auction runs from December 6 to December 13, offering three pieces for bidding.

According to the blog post, the first piece is a shroom character named “S,” while the second piece is a shroom character called “SOVEREIGN INDIVIDUAL.” The third piece is a pixelated avocado seed named “BIP39,” a standard used for creating mnemonic codes required for seed phrases.

Expected to sell for approximately $20,000 to $30,000 each, the auction house also accepts bids in cryptocurrency.

Shroomtoshi further elaborated on the Ordinals, describing the BitcoinShrooms collection as a pixelated representation of the initial 13 years of Bitcoin. It emphasized that the 8-bit art style reflects a nostalgic feel for the 90s, serving as a means to disseminate art across tens of thousands of system sequence diagrams (SSDs) worldwide. Shroomtoshi also highlighted that the collection functions as a tool to increase awareness about Bitcoin.

“It is a thank you to those I worked with and learned from, to those who are not around anymore but whose name should not be forgotten. it is knowledge condensed and a journey for the curious,” Shroomtoshi said.

Shroomtoshi’s collection features over 200 pieces that pay tribute to Bitcoin’s history. It includes various artworks like a depiction of a private key, a pixelated character wearing a “mountain” hat referencing the Mt. Gox incident, an enigmatic figure symbolizing anonymity with a question mark and an illustration of a “fiery” hot wallet, among others.

Ordinals leveraging Bitcoin’s decentralized nature

The auction house’s blog post highlighted how Ordinals benefit from Bitcoin’s decentralized nature, showcasing several unique qualities uncommonly seen in Ethereum NFTs.

The first benefit is on-chain immutability, which means Ordinals are as immutable as Bitcoin itself. The art is stored 100 percent on-chain.

Another benefit emphasized by Sotheby’s is sovereignty, indicating that Ordinals are controlled solely by the owner of the Bitcoin address that holds them. Unlike certain smart contract logic found in Ethereum, Bitcoin Ordinals are not bound by restrictions or limitations on transferability, and there are no administrators to modify or censor NFT metadata.

Ordinals are the Bitcoin ledger’s NFTs. While “Inscriptions” and “Ordinals” can often be used interchangeably, they have different meanings. An ordinal refers to the unique serialized satoshi, the asset itself, which the owner can transfer. On the other hand, the inscription refers to the encoded media content embedded within the ordinal.

Although Bitcoin Ordinals have some similarities to Ethereum or Solana NFTs, their main differences lie in their decentralized core. The Bitcoin blockchain is not tied to a centralized foundation or institution, making it decentralized.

Moreover, Bitcoin assets are physically immutable due to the proof of work (PoW) consensus mechanism. Any assets transferred via the Bitcoin blockchain are open, neutral, resistant to censorship, and globally accessible for anyone to access and engage with.

In late November, JPMorgan analysts observed a resurgence of interest in the NFT space due to the emergence of Ordinals. Following this, platforms such as Binance and OKX have begun trading Ordinals.

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