CryptoPunks NFT Accidentally Sold For One Penny!

Spotlight

  • Recent data shows that someone holding CryptoPunks NFT, a popular digital collectibles line, accidentally sold an NFT for just one penny in Ethereum.
  • The current average price of CryptoPunks is about 75 Ethereum (or $193,000), and the sales volume is 57.
  • The weekly trading volume of the NFT market reached a new all-time high of $253 million yesterday.

CryptoPunks NFT Holder Made A Huge Mistake?

CryptoPunks became the first-ever NFT to launch on the Ethereum blockchain in the year 2017. Since then, this line of digital collectibles has become quite popular in the NFT market. It has a very high market value which is proof of its success. There are a total of 10,000 unique CryptoPunks on the blockchain. Initially, they were all provided for free. Anyone could have claimed them who has an ETH wallet. These NFTs are very expensive. According to data from OpenSea which is one of the largest digital collectibles markets, the average price of these CryptoPunks yesterday was 69 ETH (approximately US$178,700). The current average price of CryptoPunks is about 75 Ethereum (or $193,000), and the sales volume is 57.

Furthermore, data from CryptoPunks shows that Punk 3860 was sold for less than $0.01! This value is ridiculously lower than compared to the average price that was discussed above. But what exactly happened? So, there can be some possibilities. When we take a closer look at the transaction, we can see that the user set the NFTs selling price as 99 Wei. However, they meant to set the selling price as 99 Ethereum. Also, the user made other offers for their CryptoPunks as well and they are at the correct prices. This means that it was just an accident.

Some time ago, the NFT market had a crash and the trading volume decreased by 90%. But soon, it rebounded and now it surpassed its previous all-time high. Even yesterday, the weekly trading volume reached a new all-time high of $253 million. Thus, this shows that the current NFT market is unstoppable.

Price Of Ethereum

Currently, the price of Ethereum stands at around $2.6k which is a 14% upward trend in the last 7 days. Over the last month, crypto has seen a 17% gain in price. Also, over the past few weeks, Ethereum has seen an unstoppable upward trend. After a small decline in the price, it is back up again. However, we cannot say with any surety for how long it will be able to maintain it. There are signs of its price increases but still, the possibilities of the crash aren’t off the table either. Digital arts and collectibles are becoming more popular these days. And, NFTs such as CryptoPunks are also being minted on the blockchain. They have paved the way for the ERC-721 standard for modern tokens as well.