34 Unique CryptoPunks NFTs Have Been sold for $1 million

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DeFi
34 Unique CryptoPunks NFTs Have Been sold for $1 million

A single buyer now owns 34 limited-edition CryptoPunks after splashing 557.5 ETH (or $1 million), Larva Labs details show.

The $1 Million Purchase

Larva Labs has subsequently confirmed that the anonymous buyer has active bids for three more CryptoPunks NFTs.

As expected, the trading volumes of Larva Labs’ CryptoPunks NFTs has shot, reaching over $15 million, only trailing top-selling NBA Top Shots.

Nonetheless, CryptoPunks currently dominate the NFT purchase leader board in the top 20. Except for the NBA Top Shot’s Lebron James piece, the rest are creations by Larva Labs.

10k CryptoPunks were Originally Free

As a primer, Larva Labs initially created 10k crypto-collectibles called Crypto Punks in compliance with Ethereum’s ERC-721 standard for minting Non-Fungible Tokens (NFTs).

They are algorithmically generated 24×24 pixel art images of “punky-looking” boys and girls. The rare ones are pixelated images of apes, aliens, or zombies.

Although unique, each collectible is “almost” an ERC-20 token bearing distinctive features. Therefore, users can track its contract and determine the amount he/she owns.

Earlier, CryptoPunks could be claimed for free by anyone with an Ethereum address. However–as expected, and considering that each was a limited-edition piece with Ethereum provenance, all of them were quickly snapped by NFT fans.

With the growing popularity of NFTs, each piece must now be bought.

The Cheapest CryptoPunk Goes for Roughly $40k

Overly, out of the 10k CryptoPunks, 6,106 have been sold for a ballpark of $16,459 or 8.87 ETHs within the last year.

CryptoPunks sales have so far generated roughly $100 million (or 54.17k ETH) in sales. The value, however, could be higher (or lower) depending on the spot rates of ETH prices.

Interestingly, as the fever picks up, the last few bids of CryptoPunks available for sale average $45k.

According to Larva Labs, the lowest bid price for available CryptoPunks stand at 21.5 ETH ($39,885.51). In case there is a rush to buy more, the valuation of each piece will, most likely, spiral to new levels pushing the NFTs marketplace to new levels.

As BTCManager reports, 2021 is shaping up to be the year of NFTs. Trading volumes in 2020 rose 3X to over$250 million.

Dalmas Ngetich

Dalmas is a very active blockchain and cryptocurrency content creator and highly regarded Technical Analyst. He is a Mechanical Engineer by profession and an activeTrader, whose first encounter with Bitcoin was in 2015—and by accident. Ever since, it has been an exciting journey where life-long friendships have been forged, and careers made and strengthened.