In a landmark sale, a private collector has just spent 5,000 ETH worth around $14 million on an early Ethereum NFT called Autoglyphs. Notably, this transaction is one of the largest on-chain digital art transactions ever took place.
What are Autoglyphs?
Released in 2019 by Larva Labs’ Matt Hall and John Watkinson, Autoglyphs are the first “on-chain” generative art on the Ethereum blockchain. They are a collection of 512 unique digital items that are immutable and are without royalties.
The Autoglyphs art is completely on-chain, which means that all of the information required to display the NFTs is stored directly on the Ethereum blockchain. They are inspired by 60s and 70s generative art and are regarded as the most pure form of generative art in the blockchain space.
Generative Art NFT Sold for $14M
According to the crypto art brokerage platform Fountain, a distinguished private collector brought a full set of ten Autoglyphs for 5,000 ETH worth about $14 million. This sale marks the highest NFT sale in the past two years and the fifth-largest purchase on-chain.
Moments ago, a full set of ten Autoglyphs, minted originally by Larva Labs themselves, was sold to a Distinguished Private Collector for 5,000 ETH, making it one of the top NFT sales ever recorded onchain…
Congratulations to the buyer and the seller!The team at Fountain is… pic.twitter.com/nZjHndQVFU
— Fountain (@Fountainxyz) February 19, 2024
Notably, the set is one of only three developer sets and all 10 pieces are sub-100 in series numbering, therefore making it rare. Furthermore, this is exclusive to just seven other collections worldwide, Larva Labs being one of them.
Although the collector wished to remain anonymous, a representative said that the buyer comes from a background of collecting traditional analog art forms and views the Autoglyphs as no different from a standard art acquisition. Their ultimate goal is to present these artworks in museums and institutions in the future.
According to Amanda Schmitt, an art advisor, this set of NFTs is one of the most sought-after and difficult artworks for a collector to obtain due to their scarcity. He added:
“The allure of Autoglyphs extends beyond its inherent beauty; it stands as a seminal piece in the evolution of NFTs and on-chain art. As the pioneering generative series that is self-contained, immutable, and fully on the blockchain, Autoglyphs holds a paramount position in shaping the trajectory of these artistic movements”.
The purchase of this NFT contributes to reviving the NFT industry, which many have declared dead after traders have experienced multiple losses. Recent data, however, indicates that the market is still active. Earlier this week, someone spent $498,000 on an EtherRock NFT.
