CryptoPunk NFT sold for $12 million

NFTs are making headlines again with the recent sale of CryptoPunk #635. This Alien was purchased today by an anonymous collector for 4,000 ETH.

Record-breaking NFT

In the past two months, a total of three ultra-rare Alien Punks have sold for more than $10 million. The most recent to sell is CryptoPunk #365, an ultra-rare Alien wearing a blue bandana and black pixelated sunglasses.

In early March, Punk #3100 was purchased for $16.03 million worth of ETH, making it the second largest on-chain CryptoPunk transaction ever. Not long after, another Alien Punk sold for a whopping $16.42 million in ETH, making it the second most expensive Punk sale in history.

What are CryptoPunks?

This sale may come as a surprise to many and that is understandable. But what makes a digital pixelated image so expensive?

CryptoPunks are considered the number one NFT collection in the space, making them highly sought after. CryptoPunks are a series of 10,000 unique digital characters, each represented as a non-fungible token (NFT) on the Ethereum blockchain.

CryptoPunks are a creation of Larva Labs and were launched in June 2017. This makes them one of the earliest examples of NFT art. Each CryptoPunk has its own character traits, such as hats, glasses and facial expressions. These characteristics are randomly generated, adding to the uniqueness of each punk.

Originally, CryptoPunks were given away for free to anyone with an Ethereum wallet. But as interest in NFTs grew, their value skyrocketed. If you wanted to get your hands on a Crypto Punk today, you would have to spend over $100,000. Prices can even reach into the millions, but this depends on the rarity and desirability of the punk features.

The recent sale of CryptoPunk #635 marks the latest chapter in the ongoing saga of digital collectibles. As more people move into the digital world, this scarce digital art collection will become a favorite among investors and art collectors.