It has been a month since CryptoPunks (NFTs) first appeared, a collection of non-fungible tokens dating back to the dawn of time, which in the crypto world means 2017. During the last 24 hours, CryptoPunks had a sales volume exceeding $100 million, according to Larva Labs, a powerhouse behind the project.
One Zombie CryptoPunk, purchased on August 24, sold for 1,600 Ether (ETH). That amounts to a staggering $5.3 million. Officially known as #7252, the CryptoPunk has risen to the fourth position on the market and is currently the highest ranking Zombie.
Originally, NFT seller paid $2.5 million. He got more than twice as much back.
In the midst of the NFT hype, CryptoPunks are having a blast
It is CryptoPunks that are the OGs in the world of NFT. Despite being among the few remaining projects from days of yore, it wasn’t the first NFT project. In the world, there are approximately 10,000 CryptoPunks. When the project originally launched in 2017, users were able to generate and claim them free of charge.
In addition, there is a fairly small community of people who buy and sell these NFTs. Up until recently, at least. CryptoPunks have gained infamy following purchases made by YouTube stars Logan Paul, Steve Aoki, and Jay-Z as well as entrepreneur Gary Vee.
Recently, Visa has stepped into the CryptoPunks ring as one of the biggest bigwig players. CryptoPunk #7610 was purchased for about $150,000 on August 18.
As part of its efforts to help clients grasp the market better, the company bought the building as a symbol of having “jumped in feet first”.
“What began as an early experiment has quickly become a cultural icon for the crypto community.”Cuy Sheffield, head of Crypto at Visa
The Christie’s auction earlier this year yielded a price of almost $17 million for a bunch of nine CryptoPunk NFTs – almost double their expected value.
Although the NFT market took a bit of a dip in June, it has rebounded to record highs this month as the wider crypto market recovers. There were eight top-ten sales of the CryptoPunks collection for the week ending August 1.