In a recent sale, a CryptoPunk NFT sold over $10 million. Let’s find why CryptoPunk NFTs are so valuable and fetch a price so high.
A rare ape NFT has been sold for about 2,500 ether. The NFT in question is CryptoPunk #4156. This transaction which was worth approximately $10 million is also one of the biggest NFT sales in the history of NFTs.
What are NFTs?
NFTs or Non Fungible Tokens are unique digital assets that come with a certificate of authenticity. Unlike Cryptocurrency, one cannot exchange NFTs or in simple terms, there are not fungible. We’ve discussed NFTs in great detail in our previous articles.
Why this particular NFT is worth $10 million?
The reason for the value of this particular NFT is the rarity. This NFT is very rare. It is one of the only 24 CryptoPunk apes out there.
The CryptoPunk series has seen a lot of media coverage because they were selling at a high price. Most CryptoPunks garner over $350000 to $500000.
While collectors look for different aesthetics on their CryptoPunk, these different aesthetics come in variations of price. Attributes such as Shades, Hoods, Chains etc. are all diverse in the price range. Also, the species of the Punk cause the price to vary as well.
Other NFT sales that went wild
In the late summer of 2021 the NFT, CryptoPunk #7523 was sold for over $11 million. It sported an alien wearing a face mask. The face mask was of medical grade and it kind of reminded the Corona Virus Pandemic with subtlety.
CryptoPunk series has seen quite a fame in the past few months. Notable celebrities like Gary Vee, Jay Z, Serena Williams and famous Rapper and internet phenomenon Snoop Dogg are among the owners of these NFTs.
CryptoPunk NFT getting sold for more than $10 million has made quite a buzz. The year 2021 has been all about NFTs. The sales of NFTs are at an all-time high and aren’t expected to slow down any sooner.