Stay in the know about what's happening in collectibles, NFTs, culture, and investing.
A CryptoPunks offer he *could* refuse
• A Canadian crypto developer known as Richerd turned down a $9.5 million USD buyout offer for his CryptoPunk #6046.
• Richerd explained that he has built his entire business and brand identity around the Punk, a “value beyond the NFT itself”—thus the Punk is not for sale.
• Fun Fact: Cryptopunk #6046 is not even among the rarest Punks, ranked #7118 out of 10,000. Its 3D glasses are the rarest attribute.
Meta Banksy painting is his most expensive yet
• A Banksy painting that self-destructed after it was auctioned was resold for $25.4 million at Sotheby’s, a record for the artist.
• Retitled Love is in the Bin, the artwork originally started out as a 2006 spray-painted canvas of Girl with Balloon, and had been estimated to sell for only $5.5 to $8.2 million.
• Fun Fact: The painting self-destructed three years ago after selling for $1.4 million at auction. It’s unclear if Sotheby’s was in on the prank or not.
The robots are coming for your sneakers
• Exclusive and rare sneakers keep getting sold out within minutes—but the reason isn’t necessarily because lots of people bought them. It’s often because of bots.
• Ecommerce sites like Shopify are trying to combat this, but slower sell-outs can hurt retailers when time to sell-out is still a common metric of success.
• Fun Fact: The founder of Cybersole, one of the best-known sneaker bots, is a 19-year-old who started college in London at UCL this month.
• Cryptocurrency exchange Coinbase said it plans to sell, trade, and mint NFTs—users will be able to curate their own NFT feed and display the NFTs they own on their profile.
• The Coinbase NFT will support ERC-721 and ERC-1155 standards, but it seems to be missing a Layer-2 scaling integration to reduce costs and the environmental impact of minting and trading NFTs.
• Fun Fact: There’s no doubt that NFTs have an environmental impact. But exactly how much, and what the solution should be, is highly controversial.
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• This week in the Otis Discord, we’re talking about: CryptoPunks, buyout offers, the Chris Gibbs shoe collection, and more — join the conversation.
• We received a buyout offer on the 1985 Air Jordan 1’s. Trading on the asset is temporarily paused. Details will be sent and shareholder voting will begin on Monday 10/25.
• Hermès’ famous Birkin bag is getting a facelift. This fall, the luxury designer will introduce the 3-in-1 Birkin, which can be a tote, a pouch, or both. Otis has a 2011 Hermès Birkin 35 So Black trading at a market cap of $69,542 as of trading close 10/21.
• Adidas YEEZY foam runner shoes are at the top of the world’s hottest men’s fashion products for Q3 of 2021. Otis has two Yeezy collections trading at market caps of $18,500 and $13,500 as of trading close 10/21.
This week on Otis magazine, we try to answer why Charizard seems to be more coveted than the famous Pikachu.
Read: Why is Charizard So Popular Among Pokémon Collectors?
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