According to a Twitter bot that analyzes recent purchases, CryptoPunk #7756, a 24×24 pixel art artwork made algorithmically by a machine, was sold for a stunning 1,050 Ethereum ($3.2 million).
The pixelated avatar of an extraterrestrial with bloodshot eyes and green complexion is one of 10,000 digitally rare faces that have revolutionized the NFT business.
Chain CEO Deepak Thapliyal paid an eye-watering $23.7 million for a rare CryptoPunks NFT in February.
The Ethereum-powered initiative was created in 2017, when NFTs were still a mysterious notion known only to a few cryptocurrency enthusiasts. Larva Labs, the firm behind the pioneering collection, initially distributed some CryptoPunks for free as an experiment before the initiative gained traction.
The collection’s popularity skyrocketed in 2021, with high-profile celebrities such as rapper Jay-Z purchasing them for clout. Suddenly, pixelated graphics with a whimsical feel became a status symbol.
CryptoPunks, one of the first NFT initiatives, was instrumental in the development of subsequent successful collections such as Doodles. Its trade volume has already topped more than $2 billion. The most recent purchase demonstrates that the NFT craze is still alive and well, despite the fact that the values of the main cryptocurrencies are still significantly below their all-time highs. On major spot exchanges, the price of Bitcoin is currently just around $41,000.
Yuga Labs, the designer of the Bored Ape Yacht Club NFT collection, announced last month that it had purchased CryptoPunks, cementing its industry supremacy.