Sotheby's Scores Big in Digital Art; Controversies and Movers in 2023 NFT Landscape
Summary:
This piece covers the noteworthy events in the nonfungible tokens (NFTs) space in the year 2023. It delves into the role of Sotheby's auction house in digital art, racking up nearly $35 million from sales including a significant $6.2 million NFT. It investigates the controversial Bitcoin Ordinals inscriptions rejection script put forth by a contributor to Taproot Wizards. The year-end review also reflects on the NFT trading volume undermining critics' claims of the asset class' demise.
Discover what the year 2023 meant for nonfungible tokens (NFTs) in our this week's newsletter, part of Cointelegraph's New Year Special edition. Learn about a mechanism that allows Bitcoin enthusiasts to dismiss Bitcoin Ordinals inscriptions, and how renowned auction house Sotheby's raked in approximately $35 million in the realm of digital art in 2023.
The Vice President and head of digital art at Sotheby's, Michael Bouhanna, extolled 2023 as a landmark year in the digital art industry. Bouhanna disclosed that the auction business garnered nearly $35 million in digital art transactions within the year.
The firm achieved its maximum commission to date from a digital artwork, an NFT titled "Ringers #879" by artist Dmitri Cherniak, which sold for $6.2 million.
A contributor to Taproot Wizards, an art assembly motivated by Bitcoin Ordinals, developed an avenue on December 26, for Bitcoin devotees to dismiss Ordinals notations. Using the alias "Rijndael," the secret coder circulated a script on X (Twitter) to incite nodes to repudiate any blocks integrating inscriptions.
Although this ignited controversy with critics branding the coder as having a "superiority complex," the coder retorted by challenging a critic to either employ the script or concede to mere "virtue signaling" and indifference to halting inscriptions.
Contrary to the naysayers declaring the death of NFTs, the trading volume stands as testimony to the vitality of the asset class. This perspective prompted Cointelegraph to provide a rundown of the significant occurrences in the NFT arena in 2023.
From the instigation of NFTs on the Bitcoin network to the pioneering unregistered securities assertion against NFTs in America, Cointelegraph reviews the year's events in the NFT space.
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We appreciate your time spent to read this summary of the week's noteworthy happenings in the NFT industry. Be sure to return next Wednesday for additional updates and analysis from this rapidly changing sector.
Published At
12/27/2023 11:00:00 PM
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