The NFT market has become molten hot as an extraordinary alien CryptoPunk sells for above $750,000.
CryptoPunks as original NFT project
The current situation represents a fierce market-wide bull run for non-fungible tokens (NFTs). Just today, a very extraordinary alien CryptoPunk was sold at the value of 605 Ether. It’s worth was above $750,000 according to today’s prices.
CryptoPunks are mostly regarded as the authentic NFT project. It was released even before Cryptokitties. Cryptokitties is a collectibles project based on blockchain that drove NFTs to mainstream consciousness.
The CryptoPunk developer, Larva Labs, proclaimed that Punks have registered with $26 million. This value represents the lifetime sales on their domestic marketplace. Whereas the average sale cost of Punks was $6,199 over the last year.
Distinctive attributes of every Punk
Each Punk has distinctive features, such as a unique background color and accessories. Moreover, there are some extraordinary attributes like an alien or zombie appearance. The respective Punk, which was sold today, is one of nine active alien Punks.
Through the past week, the bidding for the Punk was aggressive. The DeFi 0x_b1 quoted a bid of 500 ETH. The respective Punk was previously sold for 8 ETH in July 2017. This implies that the owner received a 75x benefit on their investment.
According to a Flamingo spokesperson, the fresh owners are an assembly of investors that include FlamingoDAO. FlamingoDAO is an NFT collective that assists and assembles superior NFTS. The Twitter handle of FlamingoDAO officially tweeted regarding the respective purchase. The confirmation was stated through a meme.
The spokesperson emphasized that CryptoPunks represents a pathbreaking project. He added that the aliens are the unique format of CryptoPunk. Besides, they think that collectors will appreciate the obtained Alien over time. It is further believed to mature into an exemplary digital piece of art.
NFTs are usually ridiculed for being an alternative usage for blockchain. But sales like today exemplify that NFTs are just starting to shine across the market.
However, various critics have questioned the validity of rocket-high prices that NFTs have struck recently. To justify the $750,000 sale, they have argued that usual digital insufficiency is an unsteady foundation to establish any beliefs.
