Zombie CryptoPunk sells for over $5 billion
Something which began as an experiment became a cultural icon for the crypto community. The CryptoPunks are a collection of non-fungible tokens, better known as NFTs. They have been present since the very beginning of the crypto world, since 2017. Over the last month, it has been growing in its valuation and in the last twenty-four hours it has raked over to $100 billion in sales volume. And Larva Labs, the powerhouse behind CryptoPunks has confirmed the valuation and this record-breaking news.
On 24th August, one Zombie CryptoPunk has sold for 1600 Ether (ETH), which comes up to about $5.3 billion. Officially dubbed #7252, the CryptoPunk is now the fourth most valuable CrptoPunk, currently on the market and is currently the highest in the Zombie Category. The seller who is actually behind this transaction got back double than what he had originally paid for the non-fungible token, which was $2.5 billion. CryptoPunks even though they are not the first-ever NFT project is still considered to be the original of the NFT world, from where it all started. It is held to such a tremendous value, maybe because it has been amongst the very few that have survived from the very start and to this day, still thriving.
The community around buying and selling these NFTs have been fairly small. There are only 10,000 CryptoPunks out there. They were generated and claimed by users for free when the project originally launched back in 2017. It was until recently that purchases by YouTubers like Logan Paul, musicians Steve Aoki and Jay-Z, entrepreneur Gary Vee and others that have in actuality pulled CryptoPunks into the limelight.
It was recently that the credit card Behemoth, Visa that invested in CryptoPunk and turned it into a thing that everyone was familiar with. On 18th August, it purchased CryptoPunk #7610 for around $150,000 and made headlines in Crypto news. The company has stated that the purchase was huge and is symbolic of it, “jumping in feet first ”, so that it can help its clients understand the space better.