According to a Twitter bot that analyzes recent purchases, CryptoPunk #7756, a 24×24 pixel art artwork made algorithmically by software, was sold for a stunning 1,050 Ethereum ($3.2 million).
The pixelated avatar of an alien with bloodshot eyes and a green complexion is one of a collection of 10,000 digitally rare faces that have revolutionized the NFT industry. Chain CEO Deepak Thapliyal paid an eye-watering $23.7 million for a rare CryptoPunks NFT in February.
The Ethereum-based project was created in 2017 when NFTs were still a peculiar idea only understood by a few cryptocurrency enthusiasts. Larva Labs, the firm behind the innovative collection, first gave away some CryptoPunks for free as a test before the initiative gained traction.
In 2021, the collection’s popularity skyrocketed, with high-profile celebrities such as rapper Jay-Z purchasing them for clout. Suddenly, pixelated graphics with a whimsical look became a status symbol.
CryptoPunks, one of the first NFT projects, was instrumental in the development of other popular collections like Doodles. It presently has a trading volume of moreover $2 billion. Although the prices of the most popular cryptocurrencies are still significantly below their all-time highs, the most recent acquisition demonstrates that the NFT hype is still alive and well. On major spot exchanges, the price of Bitcoin is currently hovering above $41,000.
Yuga Labs, the developer behind the Bored Ape Yacht Club NFT collection, announced last month that it has acquired CryptoPunks, consolidating its position as the market leader.
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