From Debt to Feathers: The Soaring Tale of ‘The Goose’ NFT’s $6.2 Million Sale
In the thrilling world of NFTs, there was a piece of blockchain artwork known as “The Goose,” or Ringers #879 to be formal.
This artwork was a true gem among NFT enthusiasts and recently had its moment in the spotlight at a Sotheby’s auction. Can you guess how much it sold for? Hold on to your feathers because it fetched a whopping $6.2 million, including all auction house fees.
Back in 2021, “The Goose” was snatched up by a cryptocurrency hedge fund called Three Arrows Capital for a jaw-dropping $5.66 million worth of ETH. It became the crowning jewel of their fancy Starry Night Capital fund, which aimed to assemble the crème de la crème of NFT collections. Unfortunately, Three Arrows couldn’t handle the weight of their massive debt, and the fund collapsed like a deflated balloon.
Enter the liquidators, who decided to sell off the Starry Night artworks to cover the firm’s debts. Sotheby’s stepped in and announced they would handle the sale, curating the pieces into a fresh collection called “Grails.” But they couldn’t resist a playful nod to the rocky history, as the Grails logo sported a cheeky crown made of three arrows.
Despite the NFT market cooling down from the wild frenzy of 2021, Sotheby’s still anticipated a good market interest in ultra-expensive digital art. Their estimate for “The Goose” ranged from $2 million to $3 million. Well, surprise, surprise! The final hammer price came in at $5.4 million, surpassing all expectations. When you include those tricky fees, the grand total reached a staggering $6,215,100. Talk about exceeding expectations! The mysterious NFT art collector known as Punk6529 is believed to be the proud new owner of “The Goose.”
Now, what makes “The Goose” so special in the generative art community? It’s all about the magic combination of chance and skill involved in creating art from randomized computer code. You see, works like “The Goose” come from a collective called Art Blocks, and they only come to life when they’re minted as NFTs. The artist sets the rules and parameters, but the exact outcome is always a surprise. In this case, Dmitri Cherniak’s 879th Ringers creation turned out to resemble a majestic waterfowl.
As the auction day approached, excitement filled the air. Artists, including the famous Beeple, couldn’t resist creating their own interpretations of “The Goose” and sharing them with the world. It became a muse for NFT and generative art discussions, adding to the buzz surrounding the auction.
Other noteworthy sales in the Grails auction included Autoglyph #218 by Larva Labs, which fetched $330,000, and Fidenza #479 and Fidenza #216 by Tyler Hobbs, sold for $622,300 and $609,600 respectively. Oh, and let’s not forget Chromie Squiggle #1780, crafted by Art Blocks founder Erick Calderon, which soared to an impressive $635,000, tripling the high estimate.
Clever Robot News Desk 18th June 2023