For those of you who haven’t been following, Botto is our generative art / NFT / governance project we have been working on for over a year that finally saw the light on October 8th. Read this recap to get up to speed, or this chart below to get a glimpse.
There are many things to say about Botto (it’s been quite a hectic month), but let’s go over the fun part for starters: the auctions.
We’ve been through three auctions already, and here are some fun and exciting insights about them, in no particular order.
- The first one was Asymmetrical Liberation. It was sold to @Rarest2012 for Ξ79.42 (≈ $325,500 at the time of the sale). The winner outbid Starry Night at the last minute. Starry Night is the NFT fund launched by Singapore-based crypto VCs Three Arrows Capital and NFT anonymous investor Vincent Van Dough. If you want to know what the guys at Three Arrows Capital do, check their investments. If you want to see Van Dough’s, check his OpenSea account. Probably nothing.
- But we are even prouder of Rarest2012: the genesis piece buyer received two heart-stopping offers for Asymmetrical Liberation a few days later. The highest went up to 250ETH. This was his response.
The second auction was the sale of Scene Precede. Surprisingly enough, the price of artwork number two went higher than the genesis piece. Scene Precede was sold for Ξ100 ≈ $430,230
- The buyer was some @lorenzom. Just some anonymous buyer until you start sniffing around. Sometime before placing the winning 100ETH bid on SuperRare, @lorenzom had received a 100ETH transfer from CozomoMedici, Snoop Dogg’s NFT hoarding alter ego.
- Before our third auction, the team incorporated two relevant changes in the selection process, following recommendations from Mario Klingemann and the Discord community: the number of voting points available for users was too small. It was making users conservative in the number of votes, and therefore the feedback was not enough. Neither were the number of artworks open for voting. Botto was meant to produce 50 new pieces every week, but Mario suggested we pumped the number up for training purposes. So for auction number three, users got to see 350 new works, alongside the initial 200.
- In the last auction, Trickery Contagion was sold for 35ETH, bringing the total amount of Botto sales close to the million dollars.
- Some say the sale was a little on the low end, although the outlier was more the 100ETH. One of the reasons discussed in the community was around the actual art piece: until the last minute, the race to the auction was between Trickery Contagion and Opinion Cover. The winner finally was, in many people’s opinion, the more conservative choice.
This week’s vote was pretty & safe (trickery contagion) over gritty & thought provoking. Discord user
What do you think?
FlamingoDAO announced they had been the ones taking the auction. DAOs are Decentralized Autonomous Organizations, or, in other words, communities with a checkbook. Flamingo is probably the most famous one devoted to NFTs.
This is all for now in the Bottosphere. We’ll keep you posted!