NFT Market Sets New Records As Alien Cryptopunk Art Is Sold For $762K

In the midst of a booming market for non-fungible tokens (NFTs), a rare alien CryptoPunk art was sold for $762,000. CryptoPunks are considered to be the project that inspired the CryptoArt movement.

CryptoPunk sold for $762,000

A non-fungible token (NFT) from the CryptoPunks collection was sold on Saturday, January 23 for 605 Ether ($762,000).  This was revealed on the website of Larva Labs

CryptoPunks are highly regarded within the NFT sector since they predate the creation of CryptoKitties and the ERC-721 standard. These pieces are 24×24 digital artwork generated using algorithms. Most are punk-looking men and women, but there are a few rare types such as monkeys, zombies, and aliens. In addition, each punk has its profile page that shows its attributes as well as its sales history.

Larva Labs the firm behind CryptoPunks reports that the NFT collection has generated $26 million in sales since its inception. It also stated that the average selling price of punk over the past 12 months has been around $6,199. The Punk 2890 which sold for 605 ETH is one of nine existing Alien Punks. It was acquired in July 2017 for the modest sum of 8 ETH (2,127) and represents an attractive return on investment for the seller.

Major acquisition for a new owner

The new owner of the NFT is a decentralized autonomous organization (DA0) called FlamingoDAO. The organization has a major aim of investing in digital art and revealed the reason for their investment on Twitter. “It’s understandable that people are skeptical about NFTs, but in our opinion, NFTs are the future of not only digital art but all digital property as well,” they said.

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The craze for NFTs does not appear to show signs of stopping. Earlier this week, a collection of digital artwork on Rick and Morty sold for $1.65 million. This surge shows the potentials that NFTs offer in the blockchain industry. It also bodes well for blockchain technology which continues to offer new sectors like DeFi and NFTs.

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