Cryptopunk NFT #5577 sells for $7.7 million

Cryptopunk NFT #5577 sells for $7.7 million, making it the 2nd highest sale in the cryptopunk collection. The NFT was purchased by the founder of Compound DeFi protocol, Robert Leshner. This particular cryptopunk NFT has a hat and is a cowboy. Therefore, after the purchase happened, Robert tweeted out “Yeehaw,” which signifies the sound of riding a horse. Many Twitter users congratulated him, and some also showed their own NFTs on the platform. There is no direct confirmation from Robert about the purchase, but it seems to be the case.

Cryptopunk NFT #5577 sells for $7.7 million
Cryptopunk NFT #5577

About CryptoPunk NFTs

CryptoPunks is an Ethereum-based non-fungible token (NFT) collection. The Larva Labs studio, a two-person company, consisting of Canadian software developers Matt Hall and John Watkinson, debuted the project in June 2017. The London punk scene, the cyberpunk movement, and electronic music artists Daft Punk all influenced the experimental endeavor.

Cryptopunk NFT #5577 sells for $7.7M

The ERC-721 standard for NFTs and the present crypto art movement were both inspired by the crypto art blockchain initiative, which has subsequently become a component of the cryptocurrency and decentralized finance ecosystems on numerous blockchains.

CryptoPunks is one of the main reasons for the start of the NFT craze in 2021. It was also accompanied by other early projects, including Bored Ape Yacht Club, CryptoKitties, and the sale of Beeple’s Everydays: The First 5000 Days. There are 10,000 CryptoPunk tokens. Today, due to their rare nature, they are often used as a status symbol in cryptocurrency communities. This is the reason for fetching higher prices on the open market and making way to popular auction houses like Christie’s.

Other expensive cryptopunk NFTs

CryptoPunk 7523
cryptopunk #7523

The most expensive cryptopunk NFT sold for $11.7 million. It was the #7523, which featured an avatar wearing a cap and a mask. This NFTs is kind of a representation of the current scenario due to COVID, which makes it a special one.

We also have Cryptopunk #7804, which sold for $7.58 million and has a skin tone that represents Squidward from Spongebob Squarepants. The price of this NFT first started at only $76 in 2017 and has now come to such a high price. It was sold on March 11, 2021.

What are your thoughts as Cryptopunk NFT #5577 sells for $7.7 million? And do you think the price of all these NFTs is justified by any means? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.

Also Read: Switzerland’s largest bank UBS gives crypto advice to investors.