NFTs
A trader just made $13 million selling an initial collection of Ethereum NFTs – DL News
- An NFT trader just made $13 million trading Autoglyphs NFTs.
- The pseudonymous dealer, who goes by the name OldSchoolCollection, sold 10 autoglyphs purchased in February 2021 to a private collector for $14.5 million.
A high-value NFT trader just made a $13 million profit after selling the first 10 Ethereum NFTs he purchased three years earlier.
The pseudonymous merchant, who goes by the name OldSchool Collection on the NFT marketplace OpenSea, purchased 10 NFTs from the Autoglyphs collection for a combined value of $1.4 million in February 2021.
Today, OldSchoolCollection sold the same 10 Autoglyphs for 5,000 Ether – worth around $14.5 million – to a private collector via the NFT brokerage platform Fountain.
Moments ago, a complete set of ten Autoglyphs, originally minted by Larva Labs themselves, was sold to a distinguished private collector for 5,000 ETH, making it one of the largest NFT sales ever recorded on the network…
Congratulations to the buyer and seller!The Fonte team is… pic.twitter.com/nZjHndQVFU
– Source (@Fountainxyz) February 19, 2024
According to Fountain, the sale marks one of the largest NFT deals recorded on the network.
What are autoglyphs?
Autoglyphs are among the first generative art NFTs created on the Ethereum network.
Generative art refers to art created using an autonomous system, often through code deployed on a blockchain.
The collection of 512 Autoglyphs was released in 2019 by Larva Labs of CryptoPunks fame. Anyone willing to donate the creation fee of 0.2 Ether – about $35 at the time – could get one.
Autoglyphs art is entirely onchain, meaning all data needed to display NFTs is stored directly on the Ethereum blockchain.
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Other popular generative art collections on Ethereum include Fidenza by Tyler Hobbs and Chromie Squiggle by Snowfro.
Certain NFTs are making a comeback
NFTs have historically been some of the riskiest bets in the crypto market.
A strong NFT bull run from 2021 to early 2022 saw the NFT market hit US$11.8 billion in valueaccording to the data and business intelligence platform Statista.
But many of the previously most traded collections have plummeted in value throughout 2023. Bored Ape Yacht Club NFTs, which have found popularity among celebrities like Jimmy Fallon, Paris Hilton and Snoop Dogg, fell by more than 80% since its 2022 peak in terms of Ether.
But despite many prominent NFTs unable to recoverthere are pockets of activity.
Pudgy Penguins, a collection popular among Ethereum developers, has risen 233% since the start of 2023. Contributing to its popularity was the decision by Dymension, a network for easy deployment of application-specific blockchains, to include Pudgy Penguin owners in its token recent airdrop.
Today’s high-profile Autoglyphs sale could also help reignite interest in other generative art NFTs.
Tim Craig is DeFi correspondent for DL News in Edinburgh. Contact him with tips at tim@dlnews.com.