A new NFT, one piece in a series called CryptoPunks, sold for $700,000 (at the time) on Jan.23, marking yet another major sale in the burgeoning Non-fungible token (NFT) market.
- Punk 2890, the title of the artwork, was purchased for 605 ETH or $855,000 USD at the current ETH value
- CryptoPunks developers Larva Labs said that the new sale far exceeds the average cost over the last 12 months, which was $6,199 before the recent sale
- NFT enthusiasts consider CryptoPunks to be the original artwork NFT project; having been released in 2017, it is certainly one of the earliest to dabble with digital art
- The previous owner had purchased the piece for 8 ETH for roughly $2000, in Jul. 2017, with the former owner netting a massive multi-fold profit
- The artwork falls just short of being the most expensive NFT ever sold, after an artwork created by Beeple that sold for $777,000 on Nifty Gateway in Dec. 2020
- NFT art has been consistently growing in the past year; headline-making sales include a $141,000 sale of Vitalik artwork, a $131,000 sale of Satoshi artwork and a $200,000 sale of Batman artwork