Someone Just Spent £550k in Ether (ETH) for CryptoPunks NFT

An unknown investor has spent 400 ETH (approximately £550,000) to acquire a non-fungible token (NFT) based art offered by Larva Labs. The CryptoPunks purchase is the fifth-largest amount in ETH splashed on an NFT token and reflects the growing interest in that space.

non-fungible tokens such as the CryptoPunks offered by Larva Labs are Ethereum-based versions of digital collectables. It often represents unique work of art that users can buy with the hope of keeping or selling them at a higher price or use in games and other virtual applications.

The catch with putting digital collectables on a blockchain is that it becomes easier for holders to verify that what they hold is unique. They can also freely trade their collectables on decentralised market places such as that offered by Larva Labs.

According to its website, LarvaLabs initially released the 10,000 unique characters that make up the CryptoPunks collection for free in 2017, while users snapped them up immediately. Subsequently, the earlier recipients are putting them back on sale.

As noted earlier, today’s purchase marks the 5th largest in ETH value on the platform and comes within a few hours after a different user spent approximately £815,000 in ETH to buy 34 Punks off the marketplace. Put simply; the largest buys have come in recent weeks. Someone purchased £1.6 million in ETH worth of Punks on Feb 19, with yet another buyer spending £815,000 a day earlier.

NFT Market Continues to Grow

To date, users have traded over £220 million worth of NFTs on decentralised marketplaces with CryptoPunks from Larvos Labs, a clear market leader. 

Over 9600 Punks sales have taken place to date, contributing to £50 million of the total historical NFT-trading volume. HashMasks and SuperRare come closest with £31.3 million and £12.8 million worth of NFTs traded to date.