Sotheby's NFT Auction Breaks Records with $11 Million in Sales

Sotheby's auctioned off 40 digital artworks, including a coveted Dmitri Cherniak NFT, from the bankrupt crypto firm Three Arrows Capital, raising just under $11 million with buyers' fees. The centerpiece of the auction, Cherniak's "Ringers #879 (The Goose)," sold for $6.2 million to 6529 NFT fund. The auction drew a younger audience, with many first-time bidders in their 20s and 30s. The sale's success was driven by nostalgia for the crypto supercycle and the provenance behind the NFTs. Artists will receive royalties from the sales, and Cherniak expressed his ideal circumstance would be for "The Goose" to be enjoyed or donated to a museum.