The price of CryptoPunk NFT hits a new high in the collection’s history due to the recent sale of #4156.
What is CryptoPunk NFT
Cryptopunks, a collection of 10,000 individual digital collectibles, have become one of the most popular items in the NFT world. Typically, “Punks” sell for $350,000 USD to $500,000 USD in cryptocurrency, but CryptoPunk #4156’s high price can be attributed to its scarcity.
A CryptoPunk’s price can vary depending on a number of factors, including accessories such as hoodies, beanies, and helmets, as well as their species, which could be zombie, alien, ape, or human. Apes are the second most rare CryptoPunk species, trailing only aliens, which number only nine in total.
The digital collectibles have received a lot of attention in the last year, with celebrities like JAY-Z, Snoop Dogg, Gary Vee, and Serena Williams sharing their own NFTs from the collection.
Someone paid 10$ million for a rare CryptoPunk NFT
The NFT’s high price is understandable; #4156 is a rare Ape Punk, one of only 24 in a collection of 10,000. It is not, however, the most costly CryptoPunk ever offered for sale.
The NFT now sits with the Crypto Punk #7523, which sold for more than $11.7 million at a Sotheby’s auction in June 2021, as one of the most valuable Crypto Punk NFTs.
CryptoPunk #4156 is the highest valuable NFT on Larva Labs’ native CryptoPunk marketplace.
A user bid 2,500 ETH (roughly $9.5M at the time) for the uncommon CryptoPunk #6046 in October of this year. If the owners had accepted the bid, it would have been one of the most valuable sales ever.
The Punk’s owner, however, opted to reject the bid because of the rare Punk’s unique personality and brand.
At the time of sale in October, one NFT CryptoPunk was sold for more than $500 million. CryptoPunk 9998 was abruptly traded for $532 million, or 124,457 ETH. It was, however, just a ruse to boost the price.
An unknown user just purchased the rare Ape Punk NFT, the CryptoPunk #4156, for 2.500 ETH (about $10 million at the time of writing). The price was a new high in the collection’s history.
The Adventure of CryptoPunks NFT
Regardless of the controversies surrounding CryptoPunks, it is obvious that the project has inspired the present CryptoArt movement around the world and has grown to become Ethereum’s most successful initiative.
Aside from that, the ERC-721 protocol, which drives the majority of digital art and collectibles, was inspired by the concepts.
If you’ve followed the NFT community since the beginning, you’ll know that the CryptoPunks story isn’t a fairy tale. CryptoPunk NFTs were originally issued for free, and everyone could own one for a little gas fee, unlike the current high price.
CryptoPunks have a high value even though they are not as popular as they were a few years ago. The success of CryptoPunks has spawned a new trend in NFT art known as NFT Punk (artworks produced in an 8-bit manner with a size of 2424 pixels).
The scarcity of the NFT, which is set by the NFT’s originator, determines its value. While one designer may want to sell multiple copies or slightly different versions of the same NFT, another may want to produce a limited edition collection.
The NFTs’ unique IDs and metadata can be utilized to validate their legitimacy in either instance.
The higher an item’s worth, the rarer it is, like CryptoPunk NFT #4156. As previously said, all CryptoPunks are one-of-a-kind, and this rarity drives individuals to spend excessive sums for them.
Another method for estimating the worth of NFTs is to look at their use values. This relates to the consumer’s level of interest in the product. In the valuation of NFTs, age is also a significant consideration.
A famous ancient painting is worth as much as an old NFT item. This could explain why CryptoPunk NFTs are resale values are so high.
Popularity, in addition to age and community, is a significant element in evaluating the value of an NFT. As a result, there has been a surge in speculation and interest in it.
The NFT will eventually migrate to cross-platform communities to facilitate trade and business, according to industry executives. The goal is to convert NFT into a number of formats and distribute it across different blockchain platforms.