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CryptoPunks is undoubtedly one of the most expensive NFTs currently available. Invariably, it makes up 5 out of the 10 most costly NFTs ever sold.
According to CryptoPunks Bot on Twitter, CryptoPunk NFT #7756, a 24×24 pixel art picture generated algorithmically by a computer, has been sold for 1,050 ETH, an equivalent of $3.2 million. CryptoPunks, alongside BoredApes, maintains a stronghold in the NFT world even as the frenzy for non-fungible tokens is beginning to decline. The sale of CryptoPunk #7756 signifies that a lot of people are still interested in NFTs. As experts said, the NFT buzz is here to stay for a while.
CryptoPunk NFT #7756
CryptoPunks NFTs were first distributed for free upon creation in 2017. The Ethereum-powered tokens were created by Larva Labs, with 10,000 collections of digital characters in circulation. At the time, only crypto fanatics understood what NFTs were. However, these pieces reawakened the NFT ecosystem. It reached full bloom in 2021 when prominent personalities like Jay Z began to buy them for fun. Since then, CryptoPunks NFTs, among others, have become a big deal. The invention and the incredible adoption of CryptoPunks paved the way for the development of other NFTs like Doodles. Doodles NFTs are now worth over $2 billion in trading volume. CryptoPunks creator Larva Labs sold the NFT IP to Yuga Labs in March.
The CryptoPunk #7756, an NFT depicting an alien with bloodshot eyes and green skin, is part of the limited collections. The purchase of the CryptoPunk #7756 proves that NFTs still have the potential of competing alongside cryptocurrencies. After all, they are as valuable, if not more. However, this does not mean that NFTs are worth more than crypto, as Bitcoin is significantly below its ATH.
In a Twitter post, the NFT owner with the handle @suzeoxa wrote: “I just sold this zombie Punk for 1,050 ETH. What floors should I sweep?” The NFT community has since been reacting.
CryptoPunks Trading Volume
CryptoPunks is undoubtedly one of the most expensive NFTs currently available. Invariably, it makes up 5 out of the 10 most costly NFTs ever sold. In March 2021, a rare piece of the alien punk was sold for 4,200 ETH ($7.58 million). Interestingly, the owner sold it for 35,000 ETH ($142.4 million) on the 30th of December.
CryptoPunks NFTs are significant parts of the ERC-721 standard, which guarantees the safe transfer of NFTs. This is a major reason why CryptoPunks are popular in the NFT world and is considered a good investment. Furthermore, the algorithm is coded such that each CryptoPunk NFT generated must be of a unique combination of exclusive features.
Back in February, Deepak Thapliyal, CEO of Chain, bought one of the rare pieces of CryptoPunk NFT at $23.7 million. This is over 550% of the current price of Bitcoin of $41,000. The CEO bought the CryptoPunk NFT by leveraging the decentralized finance protocol Compound Finance.
Bored Apes stand an equal chance as CryptoPunks. Deepak Thapiyal spent about $2 million on the BAYC collections, which had surpassed CryptoPunks by the market price for the first time in December. Rich NFT owners now use their CryptoPunks as collateral, following the path of owners of traditional artworks.