The NFT space continues to amaze. Many artists are joining the industry and some are making life-changing sales.
Just recently, yet another CryptoPunk non-fungible token was sold for a whopping amount. However, looking at the history of this one is even more interesting.
Bought for $15K, Sold for $8 Million and Everything in Between
CryptoPunks are undoubtedly amongst the most popular NFTs circling the space presently. In fact, data from Crypto Slam reveals that the product is now the one with the most sales over the past 24 hours, surpassing the likes of NBA Top Shot, Sorare, and Hashmasks.
With this said, the reason for the sudden surge in sales volume is a single purchase that took place earlier today.
Someone paid $8 million worth of ETH for the following CryptoPunk NFT:
This is one of nine alien punks. That’s not the most interesting bit. This NFT was acquired back in 2018 for $15,000.
What a flip that was. Of course, wash-bidding is not out of the picture. However, the fact that the seller didn’t accept an offer for $22 million just a few weeks ago does raise a few eyebrows.
NFT Hype Goes On
The NFT space is on a tear lately, registering multi-million sales rather frequently. We recently did an infographic on the most expensive sales, but with the recent CryptoPunk auctioned at $8 million it would take a prime spot:
Meanwhile, the debate on whether the NFT space is a raging bubble continues with full force on crypto Twitter. Those who support the notion throw out hard accusations of the environmental impacts of minting NFTs, as well as the heavily inflated valuations of creations much like the CryptoPunks.
On the other hand, proponents argue that valuing art is heavily subjective and is inherently tied to what the prospective owner assigns to the piece.