Non-fungible token (NFT) arts are becoming popular in the cryptocurrency space, leading to a surge in their prices. Yesterday, NFT art CryptoPunk 7804 was sold for 4,200 ETH (worth $7.6 million at the current ether rate.)
CryptoPunk 7804 becomes one of the most valuable NFT arts
CryptoPunk 7804 became one of the most valuable NFT arts after it was sold for over 4,000 ether coins yesterday. According to Larva labs, the punk art creators, the punk is now owned by address 0xf4b4a5, and the owner didn’t list it for sale since buying it.
The buyer made the offer for the punk on February 26. However, the 4,200 ETH was worth $6 million at the time. The seller sold the punk earlier today for an estimated $8 million, making it one of the most valuable NFT arts in the market. Larva labs received an offer of $22 million (12,000 ETH) from an unknown address on February 17 but didn’t process the order.
NFT arts popularity is rising
NFTs have become popular in the crypto space because they provide blockchain-backed “proof of ownership” on an item that a token is attached to. Thanks to the rise of NFTs, digital arts are becoming more valuable as the blockchain-backed technology gives artists a way to claim ownership and collect compensation for their digital works.
Digital art is slowly going mainstream as Christie’s, the 255-year-old British auction house, looks to close the sale of its first-ever digital-only art piece today. Blockchain technology could help digital art attain further adoption over the next few months and years.