Private Collector Spends $14M Worth of 5,000 ETH on These NFTs
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Private Collector Spends $14M Worth of 5,000 ETH on These NFTs

In a groundbreaking transaction, a private collector has recently invested 5,000 ETH, equivalent to around $14 million, in an early Ethereum NFT known as Autoglyphs. This sale stands out as one of the largest on-chain digital art transactions ever recorded.

But 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, these artworks are immutable and free from royalties.

The distinguishing feature of Autoglyphs is that all the necessary information to display the NFTs is stored directly on the Ethereum blockchain. They draw inspiration from generative art of the 1960s and 1970s and are considered the purest form of generative art in the blockchain realm.

The sale of these generative art NFTs for $14 million was facilitated by the crypto art brokerage platform Fountain. A prominent private collector acquired a complete set of ten Autoglyphs, paying 5,000 ETH for it. This transaction represents the highest-priced NFT sale in the past two years and ranks as the fifth-largest on-chain purchase.

Notably, this set is one of only three developer sets, and all ten pieces have a series numbering below 100, making them extremely rare. Additionally, this collection is exclusive to just seven other collections worldwide, with Larva Labs being one of them.

Although the buyer prefers to remain anonymous, a spokesperson revealed that they come from a background of collecting traditional analog art forms and perceive Autoglyphs as no different from a conventional art acquisition. The ultimate goal for the collector is to exhibit these artworks in museums and institutions in the future.

According to art advisor Amanda Schmitt, this set of NFTs is highly sought-after and poses a significant challenge for collectors to obtain due to their scarcity. Schmitt further stated that acquiring this NFT contributes to the resurgence of the NFT industry, which some had prematurely declared dead following numerous losses experienced by traders. Recent data, however, indicates that the market remains active, as evidenced by someone spending $498,000 on an EtherRock NFT earlier this week.

Tags: NFTs

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