Why NFT Profile Pics Appeal to Collectors and Artists Alike

On February 23rd, auction house Sotheby’s was due to offer a lot of 104 CryptoPunks, estimated to result in a “landmark” sale of $20 million to $30 million. The sale did not, in the end, fetch that astronomical sum: The lot was withdrawn as it was set to be sold. The owner wrote on Twitter: “nvm, decided to hodl.” Later in the day they posted a well-known Drake meme, suggesting that the withdrawal was a deliberate “rug-pull”—crypto slang for ducking out on a project once investment has been raised. For many, this seemed to confirm the misgivings of crypto skeptics, who have come to regard NFTs as a dubious investment vehicle, a kind of cruel joke about what the world needs now from art, capital, and technology.

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Why NFT Profile Pics Appeal to Collectors and Artists Alike - Artsy