A 'Genesis Cat' digital artwork minted on the Ordinals protocol of the Bitcoin blockchain by the Taproot Wizards team reportedly sold at Sotheby's for $254,000, as reported by CoinDesk. Sotheby's included the work of Taproot Wizards artist Francisco 'FAR' Alarcon in a larger auction of Ordinals inscriptions that featured the artwork. The auction was held from January 12 until Monday. The Genesis Cat's selling price surpassed its estimated value of $20,000 to $15,000 by a factor of over twelve.

The 'Ordinals Curated Sale' comprised 19 lots contributed by eleven distinct artists, and according to Derek Parsons, a spokesperson for Sotheby's, the event generated an estimated sum of $1.1 million. Lot 17, titled 'Black Rare Sat 20,159,999,999,999,' achieved a significant auction price of $165,100, which is considered to be an all-time high for a 'Rare Satoshi.' The Ordinals inscriptions, which are occasionally called "NFTs on Bitcoin," have prompted comparisons to the NFT frenzy that engulfed the Ethereum blockchain several years ago.

Ordinals-related transactions have been the source of obstruction on the Bitcoin blockchain, prompting criticism from those who contend that the bandwidth of the network ought to be allocated exclusively for monetary transactions. Sotheby's defines Alarcon, the creator of Genesis Cat, as "an engineer and artist who investigates the intersection of technology and the visual arts."

Genesis Cat was the centerpiece of a series of 3,333 'Quantum Cats' minted by Taproot Wizards, whose initial sale to investors since the Ordinals 'NFTs on Bitcoin' project raised $7.5 million last year. The Quantum Cats collection is intended to pay homage to OP_CAT, a Bitcoin enhancement proposal. According to Dan Held, chief marketing officer of Taproot Wizards, the cost of Genesis Cat, which was co-founded with the artist, will be recouped for the initiative. An additional charge is applied to the successful offer price by Sotheby's.