A Trader Nets $13 Million from Sale of Early Ethereum NFT Collection – DL News
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- A savvy NFT investor garnered a $13 million profit through the trade of Autoglyphs NFTs.
- Using the pseudonym OldSchoolCollection, this trader offloaded 10 Autoglyphs acquired in February 2021 to an anonymous buyer for a hefty $14.5 million.
Recently, a high-profile NFT enthusiast banked a substantial $13 million profit by parting with 10 pioneering Ethereum NFTs held since three years ago.
The investor, operating under the alias OldSchoolCollection on the NFT marketplace OpenSea, initially acquired the 10 Autoglyph pieces for a total of $1.4 million in February 2021.
In a significant turnover, OldSchoolCollection exchanged the same collection of 10 Autoglyphs for 5,000 Ether, approximately valued at $14.5 million, in a transaction with a discreet collector via the NFT brokerage platform Fountain.
Just moments ago, an exquisite set of ten Autoglyphs, initially minted by Larva Labs, transferred ownership to a Prestigious Private Collector for 5,000 ETH. This ranks among the premier NFT transactions ever to be chronicled onchain…
Hats off to both the purchaser and the vendor!Team Fountain is… pic.twitter.com/nZjHndQVFU
— Fountain (@Fountainxyz) February 19, 2024
The deal is hailed by Fountain as one of the most substantial NFT transactions ever executed onchain.
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Exploring Autoglyphs
Autoglyphs are renowned as one of the earliest generative art NFTs on the Ethereum blockchain.
Generative art is art forged by a self-governing system, typically through blockchain-executed algorithms.
Released by Larva Labs — known for their CryptoPunks series — in 2019, the Autoglyphs collection consists of 512 items. Collectors could mint an Autoglyph by paying a fee of 0.2 Ether — roughly $35 back then — as a donation.
Being onchain, every necessary detail to present the Autoglyphs NFTs resides entirely on the Ethereum blockchain itself.
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Other seminal generative art NFT series on Ethereum include Fidenza by Tyler Hobbs and Chromie Squiggle by Snowfro, accessible at Fidenza’s OpenSea and Chromie Squiggle’s OpenSea respectively.
The Resurgence of Certain NFTs
Investments in NFTs have been considered among the more speculative ventures in the realm of cryptocurrency.
An extraordinary surge in NFT trading from 2021 into early 2022 culminated in an NFT market peak with a value of $11.8 billion, as noted by the analytics firm Statista.
Assorted popular collections witnessed a significant depreciation throughout 2023; for example, Bored Ape Yacht Club NFTs, which had become a favorite among stars like Jimmy Fallon, Paris Hilton, and Snoop Dogg, experienced a downturn of over 80% from their pinnacle in Ether value in 2022, detailed by NFT Price Floor.
While numerous renowned NFTs have struggled to recover, market dynamics remain fluid with select niches witnessing upticks.
For instance, the Pudgy Penguins series, a hit with Ethereum enthusiasts, saw its valuation soar by 233% since early 2023. The surge in interest was partly spurred by Dymension’s decision to grant Pudgy Penguin holders participation in its recent token distribution.
The recent high-profile transaction involving Autoglyphs may ignite further interest in alternative generative art NFTs.
Tim Craig, DL News’ DeFi Reporter based in Edinburgh, is eager for story leads. He can be contacted at tim@dlnews.com.
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