The Artist’s Journey
On February 23, 2022, the NFT world held its collective breath as Sotheby’s — one of the most storied auction houses on the planet — prepared to make history. A single lot of 104 CryptoPunks, acquired in one blockchain transaction by the anonymous collector known only as “0x650d,” was about to go under the gavel. Estimated at $20 million to $30 million, this was positioned as nothing less than the highest-profile NFT sale of all time. The marketing had been done, the collectors had their paddles ready, and Sotheby’s had branded it “the first NFT and cultural event of its kind.” Then, with minutes to spare, the owner pulled the plug.
The CryptoPunks collection, created by Larva Labs in 2017, represents one of the earliest and most culturally significant NFT projects on the Ethereum blockchain. These 10,000 algorithmically generated pixel-art characters have become synonymous with the NFT movement itself — digital artifacts that predated the Bored Ape Yacht Club, the metaverse land rush, and the play-to-earn explosion. When a single Alien CryptoPunk sold for nearly $24 million just days earlier, the stage seemed set for 0x650d’s mega-lot to shatter records.
Collection Mechanics
What made this auction particularly significant was the scale and structure of the offering. The 104 CryptoPunks were not being sold individually — they were bundled as a single lot, a move that would have established a new benchmark for how blue-chip NFTs are valued at the institutional level. Sotheby’s had organized the sale as a live evening auction, giving it the same gravitas as a Basquiat or Banksy sale. The auction house noted that the collection was “acquired simultaneously in a singular blockchain transaction,” emphasizing the on-chain provenance.
For context, CryptoPunks had already established themselves as the second most-traded NFT collection of all time by February 2022, with all-time sales volume standing at approximately $2.06 billion according to CryptoSlam data. The 104-punk lot represented a concentrated bet on the collection’s continued appreciation — a bet that its owner ultimately decided was worth more than any hammer price Sotheby’s could deliver that evening.
Utility and Perks
The broader context of this non-event is crucial. NFTs accounted for 5.5% of all contemporary art sales at major auction houses in 2021, a staggering figure for a market that barely existed two years prior. Sotheby’s and Christie’s had been racing to capture this new revenue stream, with auction houses typically taking roughly 10% commission from hammer prices. A $30 million CryptoPunk sale would have meant approximately $3 million in fees for Sotheby’s — and, more importantly, a cultural moment that would have reinforced NFTs as legitimate fine art assets.
The collector, 0x650d, had announced the partnership with Sotheby’s on February 8, tweeting enthusiastically about creating “the highest profile NFT sale of all time.” Two weeks of buildup followed — press coverage, collector buzz, institutional anticipation. Then, on the evening of February 23, the tweet that broke the internet: “nvm, decided to hodl.” The casualness of the message, juxtaposed against the white-glove formality of a Sotheby’s evening sale, encapsulated the culture clash between crypto-native sensibilities and traditional art-world institutions.
Secondary Market Action
The cancellation sent immediate ripples through the NFT market. Bitcoin was trading at approximately $37,300 on February 23, having fallen over 15% in the past week as geopolitical tensions — Russia’s imminent invasion of Ukraine — roiled global markets. Ethereum sat at roughly $2,590, down a similar percentage. In this risk-off environment, the question of whether NFTs could hold their value as “digital gold” was being tested in real time.
Global NFT sales had actually reached a record $7 billion in January 2022, more than double the previous monthly record, even as cryptocurrency prices slumped and casual investors retreated. This divergence — NFT volumes rising while crypto prices fell — suggested that the NFT market was developing its own momentum, driven by collectors and speculators who saw digital art as distinct from cryptocurrency trading. The Sotheby’s cancellation, however, raised uncomfortable questions about liquidity and whether the NFT market’s apparent strength was partly dependent on a handful of high-profile events.
The collector’s decision to post a meme about “rugging” Sotheby’s — a reference to the “rug pull” scam common in crypto — was either a brilliant piece of performance art or a reckless flex, depending on your perspective. By treating one of the world’s most prestigious auction houses as a character in a crypto-native narrative, 0x650d reinforced the anti-establishment ethos that has defined the NFT space since its inception.
Final Verdict
The Sotheby’s CryptoPunk non-sale of February 23, 2022, remains one of the most surreal moments in NFT history. It demonstrated that despite billions in trading volume and institutional embrace, the NFT market was still fundamentally driven by individual decisions that could upend months of planning. The collector chose to hold, the auction house moved on, and the market was left to wonder what might have been. In a space defined by volatility and spectacle, sometimes the most powerful statement is simply choosing not to sell. Whether 0x650d’s decision to HODL was motivated by conviction, market calculation, or pure trolling may never be known — but the moment crystallized the uneasy relationship between crypto culture and the traditional art world.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. NFT investments are highly speculative and involve significant risk. Past performance is not indicative of future results. Always conduct your own research before making investment decisions.
0x650d pulling a $30M Sotheby’s auction minutes before the gavel drops is the most based NFT move in history. just walked away from the podium
rumor was he got a better OTC offer. when someone offers you guaranteed cash vs auction risk on 104 punks, you take the cash
rumor of guaranteed otc cash versus auction risk on that many punks is an easy choice
degenape.eth an OTC offer for 104 CryptoPunks would need to be massive to beat the auction estimate. whatever he got, Sothebys would have generated more press value
104 punks estimated at 20-30M and a single alien just sold for 24M right before. man did the math and walked away. legendary diamond hands
rug pulling Sotheby’s itself is genuinely hilarious. the auction house branded it as a cultural event and the owner said nah
kookaburra_ imagine being Sothebys marketing team. they printed catalogs, flew buyers in, set up the gallery, and the seller just ghosted them
kookaburra_ printed catalogs, flew buyers in, champagne on ice. and the seller just vanished. Sotheby’s got a masterclass in crypto culture that day
sotheby’s printed catalogs for a crypto native. that alone tells you how badly tradfi misunderstood the nft space in early 2022
Yael S. printed catalogs and champagne on ice. Sothebys treated crypto like art and the seller treated them like a liquidity venue. cultural mismatch in real time
Margaux L. Sothebys treated crypto like fine art and the seller treated them like a liquidity venue. that cultural mismatch is exactly why traditional auction houses struggled with NFTs for years after
Margaux L. printed catalogs and champagne on ice for a crypto native seller. Sothebys treated NFTs like fine art and got treated like a liquidity venue. cultural mismatch doesnt begin to cover it
the timing was perfect tbh. alien punk at 24M proved the lot was worth way more split. 0x650d played it right
0x650d pulling the lot minutes before gavel was the cleanest power move in nft history
sotheby_move minutes before the gavel. 0x650d understood that the Alien selling for 24M meant the lot was worth more split up than as a single auction
pulled out minutes before the gavel. absolute power move. the flip potential on individual punks was insane
the individual Alien Punk selling for $24M days before probably convinced him the whole lot was worth more split up. smart financial move even if it burned bridges
alien punk at 24m days before probably made splitting the 104 look way better than one auction
0x650d pulling the lot minutes before the auction was the biggest power move in NFT history. sothebys had catalogs printed and the champagne was already chilled
104 punks estimated at 20-30M when a single Alien just sold for 24M. basic math said the lot was undervalued by the auction house. 0x650d wasn’t being sentimental he was doing arithmetic
punk_econ_ 104 punks valued at 20-30M when one Alien just sold for 24M. the math was obvious to anyone who could divide. Sothebys underestimated and 0x650d knew it
punk_arith_ 104 punks valued at 20-30M when one Alien just sold for 24M. Sothebys specialist must have been embarrassed. the math was obvious to anyone with a calculator
punk_arith_ Sothebys valued 104 punks at 20-30M when a single Alien just sold for 24M. the math was embarrassing. 0x650d wasnt being sentimental, he was doing basic division
104 punks estimated at 20-30M when a single Alien just sold for 24M. sothebys valuation team needed a calculator and 5 minutes
0x650d pulled the lot minutes before the gavel. sothebys had printed catalogs and chilled champagne. absolute power move that defined NFT culture