After a couple of pizza stories related to Bitcoin going viral in the past, we have got a fresh story of someone’s world turning upside down due to a CryptoPunk NFT this time. A CryptoPunk NFT was sold for $4.4 million which made it the most expensive NFT sell-off of all time.
However, the story just begins from here. The most significant part of the story is that this particular CryptoPunk NFT was purchased in only $443 worth of ETH in November 2018. In less than 3 years, this person received an almost 10,000 times or 1,000,000% return.
In today’s day and age, NFTs (Non-Fungible Tokens) are a very common and trendy thing but CryptoPunks NFT, which are considered the most authentic NFT or in informal terms, the OG’s of NFTs, were given for free to anyone who had an Ethereum wallet back in 2017 when they were first minted. They have influenced the creation of other NFTs since 2017.
In 2021, NFTs have seen an unsurprising but exceptional growth. For example, this particular CryptoPunk NFT has just been sold for $4.38 million which makes it the most expensive NFT of all time. Although, their values keep fluctuating because of the constant changing values of the cryptocurrency they are associated with.
In any case, the dollar value of these NFTs is astounding. According to creator Larva Labs, NFTs of an amount of $838 million have been sold over the past year and the number continues to rise.
Apart from this most expensive sell-off of a CryptoPunk NFT, there have been some other prominent sell-offs in recent times as well. In June this year, DraftKings board member Shalom Meckenzie had purchased a CryptoPunk for $11.8 million while another NFT was sold for $5.4 million worth of ETH last week only.
Gary Vaynerchuk, a popular investor, and social media influencer also purchased a CryptoPunk NFT or worth $3.7 million in the previous week.
the next cryptopunk floor sweep is really gonna get everyone in a TIZZY
— Gary Vaynerchuk (@garyvee) August 6, 2021
“I have a lot of empathy for people’s curiosity or cynicism or debate, but I have incredible confidence in this asset,” Vaynerchuk told.
The cheapest CryptoPunk NFT available in the market stands at $150,000 today while it touched the six-figure mark for the first time just yesterday. The soaring price of Ethereum since a week before the London fork and after that has also contributed massively to this but the data suggests people’s interest in getting an NFT has increased in recent times.