Christie’s Auctions its First NFT Bitcoin Artwork ‘Block 21’ at 7x the Estimated Price
Block 21 was sold last yesterday for $131,250 at an auction at Christie’s, 7x higher than the estimated price of $12,000 – $18,000.
“This work is accompanied by an OpenDime hardware key,” reads the official page.
The no-fungible token (NFT) with GMT encoded states was the first one to be sold at a major auction house as part of Christie’s “Post-War and Contemporary Day Auction,”.
Christie's not only the oldest but also the highest volume art house globally which has brokered the largest single art sale in history at $450 million dollars.
#AuctionUpdate Robert Alice's 'Block 21 (42.36433° N, -71.26189° E) (from Portraits of a Mind)' — a work based on Blockchain technology — sold for $131,250 and achieved more than 7x its high estimate. https://t.co/fJ4un7gHGW pic.twitter.com/bptv3k06DN
— Christie's (@ChristiesInc) October 7, 2020
Created by the artist Ben Gentilli, the artwork called Portraits of a Mind, adores the walls of an auction house in New York that has featured the works of Picasso and Monet. What looks like a large disc is more than just that – inscribed with hundreds of thousands of hexadecimal code with “Block 21” written on the inner rim.
“The work is a symbolic expression of Satoshi’s vision, forged out of the very code that lies at the genesis of it all.”
The artwork is over 50 meters long with 12.3 million digits engraved on it showcasing the transcription of the v0.1.0 code that launched Bitcoin in 2009.