Sotheby’s Projects $3 Million Sale for Autoglyph NFT Set

Daniel Maegaard, also known as Seedphrase, is set to sell a multi-million dollar set of Autoglyph NFTs through art and collectibles broker, Sotheby’s.

The auction, called “Algorithmic Primitivism: Autoglyphs - A Set of Seven Types”, will take place between Oct. 7 and Oct 10. The auction house estimates the set to sell at between $2.5 million and $3.5 million, but independent OTC trading desk, Punks OTC, says that valuation is too high.

Punks OTC took to social media and said “In my experience Sotheby's/Christie's almost always butcher the estimates on the low side. Maybe the first time I've ever seen one way overshoot to the high side.”

He was quick to point out that an Autoglyph was just listed for $220,000 today, less than 10% than the low-end of the auction estimate.

Autoglyphs minted in April 2019, and are hailed as the first onchain generative art on Ethereum. The collection features 512 unique pieces created by Larva Labs, the same group that birthed CryptoPunks.

The collection consists of 10 different symbol schemes, also known as “types”, and each Autoglyph in the upcoming auction is from a separate scheme.

The most recent Autoglyphs sale took place on Aug. 29 for 99.95 ETH, or $240,000, at the time of the transaction.