The value of the CryptoPunks, a group of non-fungible tokens (NFTs) dating back to the dawn of time, or 2017 in the crypto realm, has skyrocketed over the past month. Larva Labs, the company behind CryptoPunks, claims it has generated over $100 million in sales in the past 24 hours.
Even today, August 24, one Zombie CryptoPunk went for 1,600 Ether (ETH), or almost $5.3 million. Now ranked top among Zombie CryptoPunks, the #7252 is the fourth most valuable CryptoPunk available.
The seller behind the transaction got back more than double what he originally paid for NFT $2.5 million.
CryptoPunks Are Living It Up Amid The NFT Hype
It’s safe to say that when it comes to NFTs, CryptoPunks are the originals. Although it wasn’t the very first NFT project, it is one of the few that has endured from the early days. Only about ten thousand CryptoPunks are active today. In 2017, when the initiative first began, people were able to generate and claim them for free.
Even the market for purchasing and selling such NFTs remained modest. Until very recently, that is. Famed consumers like YouTuber Logan Paul, singers Steve Aoki and Jay-Z, entrepreneur Gary Vee, and others have helped propel CryptoPunks into the spotlight with their purchases.
Visa, the credit card behemoth, is the most recent major player to enter the CryptoPunks arena. On August 18, it paid about $150,000 to acquire CryptoPunk #7610.
Over the last 60 years, Visa has built a collection of historic commerce artifacts – from early paper credit cards to the zip-zap machine. Today, as we enter a new era of NFT-commerce, Visa welcomes CryptoPunk #7610 to our collection. https://t.co/XoPFfwxUiu
— VisaNews (@VisaNews) August 23, 2021
The purchase, as the company sees it, represents a “headfirst dive” into the market to better serve its customers.
Christie’s sold nine CryptoPunk NFTs at auction in May of this year for roughly $17 million, Christie’s sold nine CryptoPunk NFTs at auction in May of this year for roughly $17 million, or nearly twice their estimated worth. or nearly twice their estimated worth.
While the cryptocurrency market as a whole had a dip in June, the NFT market as a whole has since recovered, setting new records in July. The week of August 1st saw eight of the top ten best-selling items from the CryptoPunks series. To read more latest news or posts so can visit TheActiveNews.Com.