A groundbreaking sale has just occurred, as a private collector has invested 5,000 ETH, equivalent to around $14 million, in an early Ethereum NFT known as Autoglyphs. This particular transaction stands out as one of the largest digital art transactions ever to take place on the blockchain.
What exactly are Autoglyphs? Created by Matt Hall and John Watkinson of Larva Labs in 2019, Autoglyphs represent the first “on-chain” generative art on the Ethereum blockchain. Consisting of 512 unique digital items, Autoglyphs are immutable and do not have any royalties associated with them.
The distinctive feature of Autoglyphs is that the entire art is stored directly on the Ethereum blockchain, making it completely on-chain. Drawing inspiration from generative art of the 60s and 70s, Autoglyphs are considered the epitome of pure generative art in the blockchain realm.
The recent sale of Autoglyphs is noteworthy, as a prominent private collector acquired a complete set of ten Autoglyphs for 5,000 ETH, which amounts to approximately $14 million. This sale stands as the highest-priced NFT sale in the past two years and ranks as the fifth-largest on-chain purchase.
The set in question is one of only three developer sets, and each of the ten pieces has a series numbering below 100, making it a rare find. Additionally, this particular set is exclusive to just seven other collections worldwide, with Larva Labs being one of them.
While the buyer has chosen to remain anonymous, a representative revealed that they come from a background of collecting traditional analog art forms and perceive Autoglyphs as no different from acquiring standard art. Their ultimate objective is to exhibit these artworks in museums and institutions in the future.
According to Amanda Schmitt, an art advisor, this set of NFTs is highly sought-after and challenging for collectors to obtain due to their scarcity. Schmitt further commented that the purchase of this NFT contributes to the resurgence of the NFT industry, which some had prematurely declared dead due to traders experiencing losses. Recent data suggests that the market is still active, as evidenced by a recent purchase of an EtherRock NFT for $498,000 earlier this week.
Tags: NFTs
