The NFT market in turmoil: an „alien“ CryptoPunk sold for $ 762,000

Amid a booming market for non-fungible tokens (NFTs), an ultra rare „alien“ CryptoPunk sold for $ 762,000. CryptoPunks are considered to be the project that inspired the CryptoArt movement.

A $ 762K CryptoPunk

A non-fungible token (NFT) from the CryptoPunks collection was sold this Saturday, January 23 for 605 Ethers (ETH) or $ 762,000 at the time of acquisition.

CryptoPunks are widely regarded as the pioneering project in the field of NFTs , since they predate the creation of CryptoKitties and the ERC-721 standard.

Larva Labs behind CryptoPunks report that the collection has generated $ 26 million in sales since inception, and that the average sale price of a Punk over the past year has been $ 6,199.

CryptoPunks are 24×24 pixel , algorithmically generated digital works of art . Most are punk-looking men and women, but there are a few more rare types such as monkeys, zombies, and even aliens. Each punk has their own profile page that shows their attributes as well as their sales history ( see an example ).

The Punk ( # 2890 ) which sold for 605 ETH is one of nine existing Alien Punks . It had been acquired in July 2017 for the modest sum of 8 ETH (approximately $ 2,127), a very interesting return on investment for the seller.

Who is the acquirer?

The new owner of the NFT is a decentralized autonomous organization (DAO) called FlamingoDAO. The collective aims to invest in digital works of art. The official FlamingoDAO official said on Twitter:

“It’s simple: CryptoPunk is a revolutionary project (…) Aliens are the rarest form of CryptoPunk and we believe it will be appreciated by collectors over time and become an iconic digital work of art  ”.

Falmingo’s decision to outbid this “rare opportunity” would have been taken in 25 minutes on Discord.

“It’s understandable that people are skeptical about NFTs, but in our opinion, NFTs are the future of not only digital art, but all digital property as well . “

The craze for NFTs does not seem to end. Earlier this week, a collection of digital artwork on Rick and Morty sold for $ 1.65 million .