The value of the CryptoPunks — a collection of non-fungible tokens (NFTs) dating back to the beginning of time, which in the crypto world is 2017 — has skyrocketed in the last month. According to Larva Labs, the powerhouse behind CryptoPunks, has raked in more than $100 million in sales volume in the last 24 hours.
And today, August 24, one Zombie CryptoPunk sold for 1,600 Ether (ETH), totaling $5.3 million. The CryptoPunk, officially named #7252, is now the market’s fourth most valuable CryptoPunk and the highest ranking in the Zombie category.
The transaction’s seller received more than double what he paid for NFT – $2.5 million.
CryptoPunks are the pioneers of the NFT industry. It was not the first NFT project, as many people assume, but it is one of the few that has survived since its inception. There are only 10,000 CryptoPunks in existence. When the project first began in 2017, users were able to generate and claim them for free.
The buying and selling community for these NFTs has also remained quite tiny. Until recently, that is. Purchases from YouTubers such as Logan Paul, singers such as Steve Aoki and Jay-Z, entrepreneur Gary Vee, and others have catapulted CryptoPunks into the spotlight.
The most recent bigwig player to enter the CryptoPunks fray is not a person, but the credit card behemoth, Visa. On August 18, it paid about $150,000 for CryptoPunk #7610.
According to the corporation, the purchase represents “getting in feet first.” to assist its clients in better understanding the space
Christie’s auctioned off a set of nine CryptoPunk NFTs earlier this year for roughly $17 million — nearly double their projected value.
After a brief dip in June, the NFT market rallied to new highs last month as the broader crypto market recovered. The CryptoPunks collection accounted for eight of the top 10 sales for the week ending August 1.