Amid a wild market-wide bull run for non-replaceable tokens (NFTs), an ultra-rare “alien” CryptoPunk sold today for 605 Ether, worth more than $ 750,000 at current prices.
CryptoPunks are widely regarded as the original NFT project, released even before Cryptokitties, the blockchain-based collectibles project that propelled NFTs into mainstream consciousness. CryptoPunks developers Larva Labs report that Punks accounted for $ 26 million in lifetime sales in their home marketplace, and that the median sales price for Punks for the past year was $ 6,199.
Each punk has unique attributes such as background color, accessories and even some extremely rare features such as an ‘alien’ or ‘zombie’ appearance. The punk sold today, # 2890, is one of nine alien punks in existence.
– CryptoPunks Bot (@cryptopunksbot) January 23, 2021
The punk bidding has been competitive for the past week, with DeFi megawallet-turn-Twitter personality 0x_b1 place a bid of 500 ETH. The Punk was last sold in July 2017 for 8 ETH, meaning the owner will get back 75x their investment.
The new owners are a group of investors including FlamingoDAO, an “NFT collective that supports and collects premium NFTS,” said a Flamingo spokesperson. FlamingoDAO’s official Twitter handle confirmed the purchase with a meme:
– FLAMINGO (@FLAMINGODAO) January 23, 2021
“It’s simple: Cryptopunks is a groundbreaking project; it predated the ERC 721 standard and cryptokitties, ”said the investment thesis spokesman. “Aliens are the rarest form of Cryptopunk and we believe the acquired Alien will be appreciated by collectors over time and become an iconic digital work of art.”
Crypto art collector @gmoneyNFT, who himself dropped 140 ETH on a Punk earlier this month, thinks the alien is a great investment despite the sky-high valuation.
“I think it’s a great purchase. As the world moves more digitally, digital “flex” will become increasingly important. It is how humans operate in the physical world. It will not change in the digital world, ”he said.
Long ridiculed as a secondary utility for blockchain, sales like today’s show that NFTs are just starting to have their day in the sun. NBA Topshot, a collectible highlight project from Dapper Labs, has proven to be hugely popular, and the native critters of Axie Infinity are also selling for remarkable prices lately.
Some critics have questioned the skyrocketing prices that rare NFTs have fetched, arguing that simple digital scarcity is a shaky foundation to justify a $ 750,000 sale. @gmoneyNFT dismisses these criticisms, saying there are plenty of real-world analogues that make just as good – or just as little – sense.
“Why would anyone pay millions of dollars for an original Andy Warhol screen print when you can buy the same one online for $ 20? Why would anyone buy a pair of yeezy’s for $ 300 when you can get a fake from the same factory made with the same materials for much less? People like to feel special. The provenance has value. “