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Mask Network Purchases CryptoPunk for 159 ETH

beincrypto.com 30 August 2021 07:10, UTC
Reading time: ~2 m

Mask Network has purchased a CryptoPunk and will deposit it in the MaskDAO, the project’s non-fungible token (NFT) marketplace.

Encryption-focused project Mask Network has bought a CryptoPunk NFT for 159 ETH, it announced over Twitter. Saying that CryptoPunk #6128 “shows off the spirit” of Web 3.0, it will be an asset placed in its marketplace, the MaskDAO. In dollar terms, 159 ETH equates to about $503,000 at the time of press.

Mask Network also hinted at NFT-related features in the tweet. The team suggested that more could be achieved with NFTs on the Mask extension, but no further details were given.

The purchase marks yet another project working with NFTs — or even purchasing a CryptoPunk, for that matter. Both of the aforementioned have become a mainstay of the market, and many are seizing the opportunities.

This comes at a time when both are highly sought after in the market. It has been a few years since NFTs first appeared, but the growth has been exponential since then. LarvaLabs, the creator behind CryptoPunks, is now working on a new NFT project that is inspired by Voxel art.

CryptoPunks sales exceeded $1B

It’s no surprise that many people are buying CryptoPunks NFTs. The collectible set has done phenomenally well since its inception, gaining prominence in a vast space where new NFTs pop up daily. The popularity of the characters and the general idea have spurred countless others to do the same.

Another major player that has invested in CryptoPunks is Visa, which purchased one character for $150,000. The payments processing company has had its doubts about crypto in the past, but in recent times has been taking encouraging steps.

The proof is in the pudding with CryptoPunks — total sales have crossed $1 billion, a staggering sum for such an incipient concept. It also flirts with impressive daily volumes of around $50 million — no small feat. Such large volumes point to the legitimacy and perceived utility in NFTs, which also have use cases in the real estate, sports, and gaming industries.

CryptoPunks has come a long way from being a free-to-claim asset on Ethereum. The 10,000 characters available are now only available to purchase via NFT marketplaces.

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