NFTs
Thought NFTs were dead? A pixelated artwork sells for $16 million.
A CryptoPunk sold for $16 million.CryptoPunk/Larva Labs
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Someone purchased a CryptoPunk NFT for 4,500 ETH, or around $16 million.
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It is the second most expensive CryptoPunk NFT sale in history in dollar value.
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The buyer outbid another bid of 4,250 ETH, or about $14.5 million.
Remember NFTs? Someone just bought one for approximately $16 million.
A bidder paid 4,500 ether for CryptoPunk #3100one of nine “Alien Punks” non-fungible tokens in the series. On Monday, the price of ether hovered at around $3,556 per token, making the March 4 sale the second-highest CryptoPunk sale.
The series of 10,000 algorithmically generated characters was a fixture of the pandemic-era NFT boom. An NFT is a digital item that is linked to the blockchain and contains a unique signature that cannot be duplicated.
The buyer of CryptoPunk #3100 outbid another bid of 4,250 ether, or about $14.5 million, that was made on March 1, according to the listing on OpenSea, an NFT marketplace. Several other CryptoPunk NFTs have recently sold for about 60 ether, or more than $200,000, and the collection’s total trading volume reached $8.25 million last week, according to an analysis by The block.
The latest big sale is a return to the height of the digital collectibles market’s peak. At one point, the NFT Marketplace recorded around $2.8 billion in monthly trading volume, and collections like CryptoPunks and Bored Apes regularly sold for millions of dollars to celebrities including Snoop Dogg and Stephen Curry.
A September study said 95% of the NFT market may be worthless.
However, crypto risk appetite is rising again. This month’s $16 million NFT sale comes alongside a fresh rally toward all-time highs of $69,000 for bitcoin. The token is close to reclaiming a price level last seen when rates were near zero, as demand for bitcoin ETFs and the upcoming halving event overshadow concerns about higher interest rates for longer.
Ether is up 51% year-to-date, tracking 50.6% gain on bitcoin.
Read the original article at Business Insider