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CryptoPunk sells for $1 million, NFT market worth over $100 million

22 Feb 2021 : 13:52
3 min read
  • An NFT was sold for more than $1 million in Ether.
  • A whale bought 34 NFTs worth nearly $1 million in a space of 20 mins.
  • The NFT market is now worth over $100 million thanks to the sky-high valuations.

The NFT sector is seeing a wild boom, coupled with high prices for cryptopunks.

A cryptopunk collectible was sold for 550 Ether or more than $1 million in fiat.

The seller, identified as @seedphrase on Twitter, confirmed the sale saying “despite making over $1 million in profit, I can’t deny the feeling of losing something close to me. This is the magic of NFTs.”

NFT buying spree

Deep-pocketed whales are forking millions for cryptopunks. A whale bought 34 punks worth nearly $1 million in 20 mins.

The buyer paid 557.5 Ether (valued at $991K at the time of the sale) to get hold of the digital art that has become the new gold rush.

Of the 34 punks, the cheapest was bought for 14.66 ETH and the two-joint most expensive for 18 Ether apiece.

Another punk, Non-Fungible Pepe was sold for more than $200,000 a few days ago.

Is this the monetization of memes?

 A well-known internet punk sensation, Nyan Cat, was recently sold for 300 ETH in an online auction. 

It was not the .gif file for the punk that was sold but rather the cryptographic hash of the image found on the Ehtereum blockchain.

The meme was created 10 years ago by Chris Torres who said that it was his first experiment with NFTs.

The auction for the NFT started with bids at 3 ETH but 24 hours later, it was sold 100 times more than the initial bid.

Torres was quoted by an industry media outlet saying that he “is very surprised with the success” but is glad because he has “basically opened the door to a whole new meme economy in the crypto world.”

The NFT-based art market is growing in tandem with crypto’s surging prices and is now valued at more than $100 million.

The NFT market is playing a role in helping meme creators to monetize their artwork. This was not the case before.

Rising NFT market

The NFT market has seen the tokenization and monetization of commodities such as gaming collectibles, digital art, real estate in some instances.

Celebrities have joined the NFT bandwagon. Actress Lindsay Lohan sold an NFT artwork for 33 ETH (~$59k) at the time of the sale.

NFTs are being sold at sky-high prices, considering both the Ether and fiat value. These surging prices may be good for digital art collectors but for investors, it becomes a different game.

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