“CryptoPunk” NFT Sells For $3.2 Million

Alex Dovbnya

The Hype Around Non-fungible Tokens Seems to Have Disappeared, But CryptoPunks Are Still Holding Up

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

Image by twitter.com

The pixelated alien avatar with bloodshot eyes and green skin is part of the collection of 10,000 digitally scarce faces that have revolutionized the NFT sector.

In February, a rare CryptoPunks NFT was bought for a dazzling $23.7 million by Chain CEO Deepak Thapliyal.

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

The collection’s popularity reached huge proportions in 2021, with high-profile celebrities, such as rapper Jay-Z, buying them for influence. Suddenly, whimsical pixel graphics became a status symbol.

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

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

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