Crypto

This CryptoPunk NFT Was Sold for $928,532 in Ethereum

CryptoPunk NFT

CryptoPunks is a generative art collection and one of the first digital art projects to use NFTs. There are just 10,000 Punks left in the world, and some of them are feared to be extinct.

What happened was that CryptoPunk #5169 was recently sold for 217 ETH ($928,532). Punk’s attributes determine the worth of CryptoPunks, with the beanie, hoodie, and pilot helmet traits being the most valued. Other Punk species, such as Zombies, Apes, and Aliens, are extremely rare and sell for a high price.

Here’s a list of its characteristics, along with how many other Punks share them:

  • Gender: Male (6,039)
  • Hoodie as an accessory (259)
  • Clown Nose is an optional accessory (212)

Why it Matters: For NFT collectors, CryptoPunks are the ultimate rookie card. In 2021, CryptoPunks has grown in popularity, with scores of celebrities proudly displaying their punk ownership on the microblogging app, Twitter. Sales of CryptoPunk art are a leading signal for the rest of the NFT market, indicating that some people are ready to spend big money on blockchain-based art.

Ethereum (ETH) is presently trading at $4,274.20, a decrease of 1.7 percent in the last 24 hours.

What is Ethereum (ETH)?

Ethereum (ETH) is a decentralized, open-source blockchain with smart contract capabilities, similar to Bitcoin. The platform’s native cryptocurrency is Ether (ETH or ). Ether is the second most valuable cryptocurrency after Bitcoin in terms of market capitalization.

Vitalik Buterin, a programmer, came up with the idea for Ethereum (ETH) in 2013. The network was manifested on July 30, 2015, after development work began in 2014, and was crowdfunded. Anyone can utilize the Ethereum platform to create permanent and irreversible decentralized applications with which users can interact.

Decentralized finance (DeFi) applications allow cryptocurrency users to borrow against their holdings or lend them out for interest without the need for traditional financial intermediaries like brokerages, exchanges, or banks. Ethereum also enables the production and trade of non-transferable tokens (NFTs), which are non-transferable tokens linked to digital works of art or other real-world goods and sold as one-of-a-kind digital assets.

About the author

Samuel Adeshina

Soyiga is a financial reporter whose interests include blockchain, market, business, insurance, and Crypto to provide relevant information to all interested.