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Gungun Bhatia
Dec 1, 2022
by Gungun Bhatia

Pudgy Penguins' 'Snowed In' Collection Sold Out at Sotheby's

Pudgy Penguins Collection

Table of contents

  1. Sotheby's Auction Total
  2. Sale of NFTs Through Bidding
Sotheby's auction resulted in the sale of a colony of endangered Pudgy Penguins. Nearly $129,000 were raised via the sale of 10 NFTs from the "Snowed In." A Rare Pudgy Penguins Sale collection, which featured numerous rare Pudgy Penguins with characteristics including gold skin and an egg attachment.

Sotheby's Auction Total

The median sale price for every NFT was $12,900. It was much higher than the $1,300 base price for the collection at the time. According to the fine arts company, the auction total was exactly in line with pre-sale projections. As a sign of sale participation, winning bidders will be given outbound tokens.

Davis Brown, the head of sales for this bidding at Sotheby's, pointed out that despite the market downturn. There has been consistently good participation throughout their NFT sales in recent months, regardless of economic conditions. Since it provides a transparent and objective evaluation of collector interest and establishes new price standards, an auction setting is the finest way to gauge the state of the market, according to Brown.

Sale of NFTs Through Bidding

In 2021, the fine arts company began selling NFTs through bidding, buy-now, and generative drops, with the initial sale of NFTs by digital artists occurring in April. In just one collection, 3,000 purchasers spent $16.8 million.

According to Sotheby's estimate, it sold over $100 million worth of NFT throughout the previous year. Additionally, almost 78% of the purchasers were newcomers to Sotheby's, proving that its NFT experience was profitable.

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Sotheby's NFTs (Non-Fungible Token) Pudgy Penguins 'Snowed In'
Pudgy Penguins' 'Snowed In' Collection Sold Out at Sotheby's
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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