Non-fungible tokens (NFTs), specifically CryptoPunk #3100, were sold for a whopping 4,500 Ethereum (ETH). This amount equates to more than $16 million and highlights the new enthusiasm in the NFT market.
The deal is the second largest in the blue chip NFT collection's illustrious history, surpassed only by the $23.7 million sale in February 2022.
NFT sale reignites bull market debate
Originally purchased in 2017 for just $2,127, CryptoPunk #3100 has increased in value exponentially, with its last trade before this reaching $7.51 million in 2021. It belongs to a unique set of 10,000 CryptoPunks, each with distinct functionality, and its significant value is primarily due to: Its rarity.
Specifically, he is one of only nine Alien CryptoPunks, recognized by his distinctive bluish skin color. As a result, Alien CryptoPunks have become some of the most coveted among collectors.
That being said, the CryptoPunks collection has seen a surge in trading activity. The 24-hour trading volume was $18.09 million, with a market capitalization of nearly 569,600 ETH, equivalent to approximately $2.12 billion. This puts it at the forefront of today's NFT collections.
Read more: What are CryptoPunks? Complete guide
Additionally, the recent sale of CryptoPunk #3100 for an insane amount of money sparked a fire. conversation On the possibility of a bull market resurgence in the crypto industry. Many enthusiasts point to similarities between this investment and the acquisition of famous real estate.
“He could have bought Sam Bankman Freed's house for $16 million,” says X user Cryptoleon. commented.
Revival of the NFT sector
Even large institutions like VanEck are entering the NFT market with the launch of SegMint, an important step towards the integration of traditional finance and blockchain technology. The SegMint platform introduces the “Lock & Key Model” which aims to provide a secure and user-friendly NFT custody solution.
After a downturn in 2022, the NFT sector is on the rebound and has shown remarkable resilience. Trading volumes hit a three-month high on Monday, but are still down more than 80% from their 2022 peak.
Additionally, attention has recently shifted to Bitcoin NFTs thanks to record sales volumes. Bitcoin NFTs surpassed Ethereum in weekly sales, with an astonishing 80% increase from the previous week. This surge is primarily due to the Ordinals protocol, which unlocked the possibility of embedding files into Bitcoin's smallest unit, SATOSHI.
Read more: Bitcoin NFT: Everything you need to know about ordinal numbers
Among them, the NodeMonkes collection has emerged as a top contender, demonstrating Bitcoin's increasing appeal as a utility network.
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