Sotheby’s Auctions Dmitri Cherniak’s NFT “The Goose’’ For $6.2 Million

Digital arts are soaring in popularity since the advent of NFTs and minting technology.

In a recent development, Sotheby’s auction house sold a valuable digital artwork from the defunct crypto hedge fund Three Arrows Capital (3AC) collection. According to the report, the auction raised over $6 million from the buyer. 

Dmitri Cherniak’s The Goose Rakes In $6.2 Million

Sotheby’s Auction successfully auctioned an artwork labeled, The Goose, created by Dmitri Cherniak. According to the auction records, the artwork sold for approximately $5.4 million plus additional fees for the auction house totaling $6.2 million.

The NFT belonged to 3AC’s digital art portfolio created in 2021. The Goose, initially purchased by Co-founders of 3AC Su Zhu and Kyle Davies, sold for 1,800 ETH (around $5.8 million at the time).

Also, other pieces in the collection at the auction were CryptoPunks #291, #6574, and #8950. Additionally, Autoglyph #218 from Larva Labs was part of the collection. The reports revealed that the CryptoPunks collection sold between $75,000 and $90,000 each. 

Notable Trends In The NFT Market In June

NFTs are a fast-growing niche, with most crypto projects delving into the world of digital arts. As such, the marketplace is highly competitive and innovative. Check out some recent developments in the sector.

Kraken NFT Marketplace Exits Beta Phase As Coinbase NFT Support Group Expands

On June 8, popular crypto exchange Kraken announced that its NFT marketplace is out of its beta phase. With its launch, the platform noted that it expanded its NFT collections from 50 to over 250. 

Also, Kraken noted that they integrated support for the Polygon Network, noting that the marketplace currently supports the Reddit Collectible Avatars.

Notably, amid the regulatory storm from the U.S. Security and Exchange Commission (SEC) on Coinbase, members of its community showed solidarity with the exchange. Currently, there is an ongoing campaign where community members mint Stand with Crypto NFTs to show their support.

Also, several users added shield badges to their Twitter profiles, tweeting and sharing artwork with the shields. According to a user, Elena Coinbase is a public company since 2021 and constantly seeks regulatory guidance for every step.

She declared support for Coinbase’s CEO Brian Armstrong for standing up to the SEC and hoped for more regulatory clarity in the crypto space. 

Bitcoin NFT Inscription Project To Enable Larger File Sizes

Bitcoin’s new project New Bitcoin City aims to provide users with smart contracts and larger file sizes. According to the project, files inscribed in its Inscription village can surpass 4 megabytes (MB), the limit for Bitcoin Ordinal inscriptions.

The platform reports that an Azuki Spirit DAO wallpaper with a file size of 6.9 MB was inscribed on the Bitcoin Blockchain in May 2023.  All these NFT projects aim to control a large share of the market and assert dominance hence the need for regular improvements.