NFT of a CryptoPunk Sells for $700K+

A new NFT, one piece in a series called CryptoPunks, sold for $700,000 (at the time) on Jan.23, marking yet another major sale in the burgeoning Non-fungible token (NFT) market.

  • Punk 2890, the title of the artwork, was purchased for 605 ETH or $855,000 USD at the current ETH value
  • CryptoPunks developers Larva Labs said that the new sale far exceeds the average cost over the last 12 months, which was $6,199 before the recent sale
  • NFT enthusiasts consider CryptoPunks to be the original artwork NFT project; having been released in 2017, it is certainly one of the earliest to dabble with digital art
  • The previous owner had purchased the piece for 8 ETH for roughly $2000, in Jul. 2017, with the former owner netting a massive multi-fold profit
  • The artwork falls just short of being the most expensive NFT ever sold, after an artwork created by Beeple that sold for $777,000 on Nifty Gateway in Dec. 2020
  • NFT art has been consistently growing in the past year; headline-making sales include a $141,000 sale of Vitalik artwork, a $131,000 sale of Satoshi artwork, and a $200,000 sale of Batman artwork

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