“CryptoPunk” NFT Sells for $3.2 Million

Analysis"CryptoPunk" NFT Sells for $3.2 Million



Alex Dovbnya

The hype around non-fungible tokens has seemingly died down, but CryptoPunks are still holding strong

CryptoPunk #7756, a 24×24 pixel art image generated algorithmically by a computer, has been sold for a whopping 1,050 Ethereum ($3.2 million), according to a Twitter bot that tracks recent purchases.

NFT
Image by twitter.com 

The pixelated avatar depicting an alien with bloodshot eyes and green skin is part of the collection of 10,000 digitally scarce faces that managed to revolutionize the NFT sector.

In February, a rare a CryptoPunks NFT was purchased for an eye-watering $23.7 million by Chain CEO Deepak Thapliyal.

The Ethereum-powered project was launched back in 2017 when NFTs were still an arcane concept that was only known to some cryptocurrency aficionados. Initially, Larva Labs, the company behind the groundbreaking collection, released some CryptoPunks for free as an experiment before the project slowly started gaining traction.  

The popularity of the collection reached enormous proportions in 2021, with high-profile celebrities, such as rapper Jay-Z, buying them for clout. Suddenly, whimsical pixelated images became a status symbol.

CryptoPunks, one of the earliest NFT projects, led the creation of other successful collections such as Doodles. It has now surpassed more than $2 billion in trading volume. The most recent purchase proves that NFT hype is alive and well despite the fact that the prices of the largest cryptocurrencies are far off their record highs. The price of Bitcoin is currently sitting just above the $41,000 level on major spot exchanges.             

Last month, Yuga Labs, the creator of the Bored Ape Yacht Club NFT collection, announced that it had purchased CryptoPunks, solidifying its dominance in the industry.



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