NFTs have taken off quite steeply and even though recently the sales have plummeted, those that are getting sold are going for millions. One such NFT was Cryptopunk that recently got a bid of $12 million in the latest auction at Sotheby’s. There were many other NFTs too at the auction but the main attraction was cryptopunk. The artwork was presented by Natively Digitial along with 27 other pieces along it.
Even before this many NFTs sold for millions of dollars. Beeple’s masterpiece with 5000 paintings in one frame went for $69 million. And then e have Jack Dorsey’s 1st tweet that sold for $2.9 million. Heck, the crossroads NFT with Donald Trump lying naked on the sidewalk went for $6.6 million.
The Cryptopunk NFT
These are one of the oldest NFTs that recently went for sale. Even though the NFT market took off recently, they existed for quite a while now. This particular one that went for $12 million was minted on the Ethereum network back in 2017. At that time, they were freely distributed by the market but now the entire 10,000 units went together for the bid price. The purchase was made by Shalon Meckenzie, a shareholder of fantasy sports betting site. As I said in my other articles, these purchases are only for that inner satisfaction else who would pay such an amount for so many pixelated images.
What are NFTs?
NFTs are a medium through which you can own an art piece online. For a physical painting, you could walk into an art gallery and purchase it. But in the case of digital paintings, there is no way to price your ownership of the same. This is where NFTs come in that help you own a painting using blockchain technology. After someone wins the bid for an NFT their name is signed on the blockchain making them its official owner. An NFT is non-fungible which means that it cannot be exchanged for something similar and is unique. And this is what makes it really valuable in the eyes of collectors.
What are your thoughts on the cryptopunk NFT selling for $12 million? And do you think that it is really worth the price? Let us know in the comments below. Also, if you found our content informative do like and share it with your friends.