A user under the nickname OldSchoolCollection, acting incognito, successfully exchanged 10 non-fungible tokens (NFTs) from an early Autoglyphs collection for 5,000 ETH, equivalent to approximately $14.5 million in current value.
The acquisition took place on the #OpenSea exchange in 2021 for $1.4 million. Three years have passed and the value of the asset has increased dramatically. The deal to sell 10 NFTs brought the buyer of OldSchoolCollection about $13 million in revenue. According to the Fountain platform, this is one of the most significant NFT deals ever.
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...
— Fountain (@Fountainxyz) February 19, 2024
Congratulations to the buyer and the seller!
The team at Fountain is… pic.twitter.com/nZjHndQVFU
Autoglyphs represent the first tokens on the #Ethereum network categorized as generative art. Larva Labs introduced a set of 512 Autoglyphs back in 2019. Supposedly, NFTs were valued at 0.2 ETH at that time.
"Autoglyphs from Larva Labs epitomize some of the earliest forms of digital art on the web. The visual appeal of autoglyphs draws inspiration from early modernist and abstract art movements. For an unknown art enthusiast, the acquisition of these 10 NFTs was extremely welcome,"said art consultant Amanda Schmitt.
Noteworthy collections of generative art on Ethereum include Tyler Hobbs' Fidenza and Snowfroe's Chromie Squiggle.
By February 2024, #NFT trading activity on the Ethereum network approached a yearly peak. Analysts highlighted that this surge in trading activity correlates with the growing market capitalization of the collection known as Pudgy Penguins.
