High-Value NFT Trader Scores $13 Million Profit Selling Early Ethereum Autoglyphs
Crypto News – In a remarkable turn of events, a prominent NFT trader has recently pocketed a staggering $13 million profit by offloading 10 early Ethereum NFTs acquired three years ago.
Operating under the pseudonym OldSchoolCollection, this savvy trader made waves on the NFT marketplace OpenSea with their strategic moves. In February 2021, OldSchoolCollection invested $1.4 million to secure 10 NFTs from the esteemed Autoglyphs collection.
Fast forward to today, and OldSchoolCollection has successfully divested these same 10 Autoglyphs for a whopping 5,000 Ether, equivalent to approximately $14.5 million, to a discerning private collector through the NFT brokerage platform Fountain. This transaction has been heralded as one of the largest NFT trades ever documented onchain, according to Fountain’s records.
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…
— Fountain (@Fountainxyz) February 19, 2024
Congratulations to the buyer and the seller!
The team at Fountain is… pic.twitter.com/nZjHndQVFU
So, what exactly are Autoglyphs? These gems represent some of the earliest instances of generative art NFTs to grace the Ethereum network. Generative art, characterized by its creation through autonomous systems, often utilizes code deployed on a blockchain. Launched in 2019 by Larva Labs, renowned for their CryptoPunks collection, Autoglyphs comprise 512 unique pieces. Accessible to anyone willing to contribute the nominal creation fee of 0.2 Ether (approximately $35 at the time), Autoglyphs stand out for their entirely onchain nature, with all pertinent data for displaying the NFTs stored directly on the Ethereum blockchain.
Notably, Autoglyphs are not the sole contenders in the realm of popular generative art collections on Ethereum. Notable mentions include Fidenza by Tyler Hobbs and Chromie Squiggle by Snowfro, contributing to the rich tapestry of creative expression within the NFT space.
The resurgence of certain NFTs underscores the dynamic nature of this market. While historically characterized by volatility, the NFT space experienced a meteoric rise from 2021 to early 2022, reaching a staggering $11.8 billion in value, as per data from the business intelligence platform Statista. However, this euphoria was tempered by the subsequent decline of many once-thriving collections throughout 2023. Case in point, the Bored Ape Yacht Club NFTs, once darlings of celebrities like Jimmy Fallon, Paris Hilton, and Snoop Dogg, saw a precipitous drop of over 80% from their peak in Ether terms in 2022.
In conclusion, the tale of OldSchoolCollection’s lucrative Autoglyphs sale serves as a testament to the potential for substantial gains within the NFT market, albeit amidst its ever-evolving landscape of risks and rewards.
Leave a comment