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The $1 Million Purchase
Larva Labs has subsequently confirmed that the anonymous buyer has active bids for three more CryptoPunks NFTs.
As expected, the trading volumes of Larva Labs’ CryptoPunks NFTs has shot, reaching over $15 million, only trailing top-selling NBA Top Shots.
Nonetheless, CryptoPunks currently dominate the NFT purchase leader board in the top 20. Except for the NBA Top Shot’s Lebron James piece, the rest are creations by Larva Labs.
The CryptoPunks have now done over $15M of volume in the past 24 hours. Of the top 16 individual sales, all but one are punks. Some guy named LeBron ruined the sweep. pic.twitter.com/loRZxcubq6
— Larva Labs (@larvalabs) February 22, 2021
10k CryptoPunks were Originally Free
As a primer, Larva Labs initially created 10k crypto-collectibles called Crypto Punks in compliance with Ethereum’s ERC-721 standard for minting Non-Fungible Tokens (NFTs).
They are algorithmically generated 24×24 pixel art images of “punky-looking” boys and girls. The rare ones are pixelated images of apes, aliens, or zombies.
Although unique, each collectible is “almost” an ERC-20 token bearing distinctive features. Therefore, users can track its contract and determine the amount he/she owns.
Earlier, CryptoPunks could be claimed for free by anyone with an Ethereum address. However–as expected, and considering that each was a limited-edition piece with Ethereum provenance, all of them were quickly snapped by NFT fans.
With the growing popularity of NFTs, each piece must now be bought.
The Cheapest CryptoPunk Goes for Roughly $40k
Overly, out of the 10k CryptoPunks, 6,106 have been sold for a ballpark of $16,459 or 8.87 ETHs within the last year.
CryptoPunks sales have so far generated roughly $100 million (or 54.17k ETH) in sales. The value, however, could be higher (or lower) depending on the spot rates of ETH prices.
Interestingly, as the fever picks up, the last few bids of CryptoPunks available for sale average $45k.
According to Larva Labs, the lowest bid price for available CryptoPunks stand at 21.5 ETH ($39,885.51). In case there is a rush to buy more, the valuation of each piece will, most likely, spiral to new levels pushing the NFTs marketplace to new levels.
As BTCManager reports, 2021 is shaping up to be the year of NFTs. Trading volumes in 2020 rose 3X to over$250 million.