2021 has been a very exciting year so far for all those in the blockchain space, more so, for Non-Fungible Tokens. This second half of the year has seen the CryptoPunks NFTs sell for some of the highest prices in all of crypto history. In this article we will discuss what is CryptoPunks highest sale.
Effect of Bull Market on the NFT Craze
The NFT hype comes amidst the crypto bull run of 2021-2022, which started late January and has been raging onwards. Bull markets are significant because they bring in new money into the market. Consequently, this pushes up the prices of different tokens as well as new niches, like NFT. According to CryptoSlam, CryptoPunks sales experienced an 800% growth over the last 30 days.
Why are CryptoPunks so Expensive?
CryptoPunks are a collection of 10,000 pixelated JPEGs selling on OpenSea and Larva Labs. They belong to a special Ethereum token standard called ERC-721, which makes them very unique and very rare. This is the major reason why they are so expensive.
Which of the CryptoPunks is the Highest Selling?
There are different types of CryptoPunks. They include the male, female, ape, alien and zombie. On August 24, 2021, CryptoPunk #7252, sold for 1600 ETH or $5.34 million (at the time of purchase), making it the fourth most valuable of the CryptoPunks collection. The zombie and alien types make up the most expensive of CryptoPunks. Currently, the highest selling punk is CryptoPunk #3100. The owner sold it for $7.68 million.
What is CryptoPunk #3100
Of the five most expensive CryptoPunks, the first two are alien punks. This mainly because there are only 9 of them available, which is quite few. CryptoPunk #3100 is a white alien punk with a headband. The headband itself is not so unique because 405 other punks have it.
The last owner of #3100 bought it for $2.5 million, hence, making over 100% profit when he sold it for $5.3 million. The current owner of #3100 has put it up for sale at 35,000 ETH or $109,306,400.00 USD. It is absolutely mind boggling that a piece of 24×24 pixel image could sell for that high.
Big Players Entering the Space?
Recently, among such huge trades, legitimate enterprises have started showing interest in the NFT space. The high point of this week in NFT trading has been the purchase of CryptoPunks #7610 by the credit card giant, Visa. The purchase was somewhat smaller in size but still left a significant mark in NFT commerce. We, for one, are interested in knowing who will purchase #3100 for 35,000 ETH next.
The Road Ahead
NFTs are a budding market, just like DeFi began three years ago, in a sea of doubt and uncertainty. Three years later, DeFi has grown into a $148 billion Behemoth. This signifies a phenomenal 21,000% increase in just about three years. In the future, the merge between NFT and DeFi could drive the NFT metaverse into full overdrive, further cementing its legitimacy as an investment opportunity rather than a mere gamble.