Connect with us

Hi, what are you looking for?

Art

This CryptoPunks NFT Just Sold For $16.4 million 

CryptoPunks, a blue-chip non-fungible token (NFT) collection, just had yet another record-breaking sale this month. 

CryptoPunk #7804
Credit: mundissima/Shutterstock

CryptoPunks, a blue-chip non-fungible token (NFT) collection, just had yet another record-breaking sale this month. 

CryptoPunk #7804 sold for a substantial 4,850 ETH (Ether) on March 20 – which amounts to an estimated $16 million. 

The impressive sale beat many previous records, becoming the second-biggest CryptoPunk NFT sale. 

A Rare, Record-Breaking CryptoPunk

CryptoPunk #7804 may be only one among the 10,000 NFTs currently in the collection – but its unique features are what determined its impressive value. 

The Largest CryptoPunk Sales.
The Largest CryptoPunk Sales. Credit: CryptoPunks

The NFT’s character is particularly rare in terms of attributes, with its cap being forward.

This rare trait is shared by only 254 CryptoPunks – an especially small proportion when compared with the entire collection.

Additionally, the character within the NFT has a pipe – which only 317 NFTs have. While the small shades being worn by the character is an attribute shared by a mere 378 NFTs.

But what made the character so lucrative was the fact that it was among only nine alien CryptoPunks.

CryptoPunk 3100
CryptoPunk 3100 Also Broke Records In March. Credit: mundissima/Shutterstock

The rarity of alien CryptoPunks cannot be understated. Only a couple of weeks before the record-breaking sale, another hard-to-find alien character sold for a similar amount.

On March 4, sixteen days prior to #7804’s record-breaker of a sale, CryptoPunk #3100 sold for 4,500 ETH – which translated at the time to an estimated $16 million.

Despite becoming the second largest CryptoPunk sale, #3100’s record would be broken by #7804 only two weeks later.

The recent record-breaking sales have propelled CryptoPunks’ position to such a degree that it has progressed further than some of the biggest NFTs – such as Mads Lads and NodeMonkeys – in weekly sales.

After the sale of #7804, NFT data tracker CryptoSlam showed that CryptoPunks had amassed $21.5 million in sales over the following week.

A Simple Guide To NFTs

An NFT Coin Illustration
An NFT Coin Illustration. Credit: Pop Villains/Shutterstock

If you’re not as clued up on the linguistics of cryptocurrency, this section is for you. The terminology relating to the various facets of NFTs can be confusing at the best of times, so here’s a simplified definition.

According to Coinbase, NFTs are “a special kind of crypto asset in which each token is unique — as opposed to “fungible” assets like Bitcoin and dollar bills, which are all worth exactly the same amount. Because every NFT is unique, they can be used to authenticate ownership of digital assets like artworks, recordings, and virtual real estate or pets.”

In essence, it is the lack of cohesion among NFTs that differentiates them from more static currencies.

Unbiased explains that “an NFT is a digital asset representing a real-world object, protected using blockchain technology. An NFT cannot be replicated, […] and when you buy an NFT, you are recorded as the sole owner in the blockchain.”

To find out more about the many thousands of CryptoPunks characters, check out the official website.

Written By

I am an MLitt Digital Journalism Masters student at Strathclyde University, and a 2.1 graduate of English Literature (MA Hons) at the University of Edinburgh. Engaging for a decade with journalistic writing and reporting, I have been involved with a broad range of media work; from sports journalism and features, to news writing and disability awareness.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement
Advertisement

You May Also Like

Culture

The dystopia is everywhere. There may be something deeper than entertainment value that resonates with such mass audiences. 

Culture

You might know her as the Four Seasons Orlando Baby or the "fully conscious" baby. Where and how did it all begin? 

Culture

TikTok users are going to Agartha and Hyperborea, but what are these two mythical locations, and how do they relate to alt-right groups?

Art

The Walker Art Center's new exhibit on Keith Haring remembers what we may have forgotten of the pop artist nearly 40 years after his...

Copyright © 2024 Trill Mag