The $14.5 million sale of 10 Autoglyphs marks one of the largest non-fungible token (NFT) trades recorded on-chain.
A high-value NFT trader has just realized a $13 million profit after they sold 10 early Ethereum NFTs they acquired around three years before.
This pseudonymous trader, who goes by the name OldSchoolCollection on NFT marketplace OpenSea, acquired 10 NFTs from the Autoglyphs collection for a cumulative $1.4 million in February 2021.
Today, OldSchoolCollection sold these same 10 Autoglyphs for 5,000 Ether – worth nearly $14.5 million – to a private collector through the NFT brokerage platform Fountain. According to Fountain, this sale marks one of the largest NFT trades recorded onchain.
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
What Are Autoglyphs?
Autoglyphs rank among the first generative art NFTs developed on the Ethereum network. Generative art is the art created using an autonomous network, mostly through the code deployed on a blockchain.
Interestingly, the NFT collection of 512 Autoglyphs was launched in 2019 by Larva Labs famous for the CryptoPunks fame. Anybody willing to donate the creation fee of 0.2 Ether, worth around $35 at the time, could acquire one.
The Autoglyphs art is fully on-chain, which means that all the data required to display the NFTs is stored directly on the Ethereum blockchain.
Interestingly, the other popular generative art collections on Ethereum include Chromie Squiggle by Snowfro and Fidenza by Tyler Hobbs.
Several NFTs Make A Comeback
Non-fungible tokens have historically been some of the riskiest bets in the crypto space.
A huge NFT bull run from 2021 to early 2022 saw the NFT market hit $11.8 billion in value, based on data and business intelligence platform Statista.
But most of the previously top traded collections plunged in value in the whole of 2023. Bored Ape Yacht Club NFTs, which found popularity among celebrities like Paris Hilton, Jimmy Fallon, and Snoop Dogg, have dropped over 80% from their 2022 peak in Ether terms.
But despite most prominent NFTs failing to bounce back, there are several pockets of activity.
Another collection popular with Ethereum developers, Pudgy Penguins, has rallied 233% since the beginning of 2023. Feeding into their popularity was the primary decision by Dymension, a network for easy deployment of application-specific blockchains, to include Pudgy Penguin owners in its recent token airdrop.
The current high-profile Autoglyphs sale might also help in rekindling interest in other generative art NFTs.
In conclusion, an NFT trader made $13 million trading Autoglyphs NFTs recently. The pseudonymous trader, called OldSchoolCollection, sold 10 Autoglyphs bought in February 2021 to a private collector for $14.5 million.
