NFT boom continues to upgrade CryptoPunks trading volume soars by 1270% within a week

2021 can be regarded as the first year of NFT development, and the encryption art of NFT is becoming the mainstream. From collectibles to the secondary market, the sales of top players in the NFT industry continue to break through. Among them, CryptoPunks can be regarded as one of the most popular NFT collectibles platforms. It is worth noting that the transaction volume of the NFT project CryptoPunks has increased significantly in the past 7 days. DappRadar data, which tracks and analyzes decentralized applications, shows that CryptoPunks NFT transaction volume has soared by 1270% in the past 7 days to more than $120 million.

Cryptopunks is the first NFT project on Ethereum, released on June 23, 2017. Chinese name: Cryptopunk, each NFT is a 24×24 pixel art image generated by the algorithm, with a unique shape, limited to 10,000, most of them are human shapes, with different skin colors, hairstyles, glasses, hats, etc., There are also a few rare models, such as apes, zombies, and aliens.

It was inspired by the London punk movement of the 1970s. Each CryptoPunk is unique, but some features are rarer than others. Each punk has its own profile page showing their attributes and their ownership/sale status.

After launching the project in 2017, Larva Labs, the founder of the project, initially provided CryptoPunks for free to anyone holding an Ethereum wallet. According to data from Larva Labs, CryptoPunk’s total sales are 263,180 ETH, valued at approximately US$670.29 million.

The CryptoPunk mania began on July 30, when an unknown Ethereum whale launched a frenzy of buying digital characters. The previous address on Ethereum (0x650dCdEB6ecF05aE3CAF30A70966E2F395d5E9E5) spent close to 2683 ETH to purchase 104 CryptoPunks, and the total cost was about 6.58 million US dollars. The address (0x65…E5) will be purchased after receiving more than 3000 ETH at noon on July 30th, Beijing time. The unit price of the purchased CryptoPunks is between 23 ETH and 29 ETH, and the average unit price is 25.8 ETH.

CryptoPunks created a precedent in the field of NFT. Although the pixel art generated by its algorithm looks “simple and crude”, its development studio Larva Labs is extremely innovative and pioneering, opening a new pattern of digital art collection. It can be said that CryptoPunk created a precedent for NFT on Ethereum. At that time, even the ERC-721 standard was not established. For artworks, this provable scarcity endowed by blockchain technology adds great value to it, because art relies heavily on how to prove the scarcity of original works. Whether it is generated by artificial intelligence or man-made, blockchain can prove the authenticity of digital works and prevent tampering.

How do we get CryptoPunk NFT?

1. Download and install a Chrome browser plug-in called MetaMask. This will allow (you authorize) websites to access your Ethereum account.

2. If you create a new account, please buy some ether. The MetaMask plugin has a button that allows you to purchase Ether from Coinbase.

3. After installing the plug-in, the website will recognize it and add a button, allowing you to bid and buy and sell NFT directly in the interface.

4. For example, you can buy Punk #6085 for 33.1 ETH (85,634.66 USD).

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It is worth mentioning that before this, the CryptoPunks artwork was still auctioned at Christie’s. On May 12, according to an official Twitter post by Christie’s, the auction of 9 CryptoPunk NFTs designed and issued by Larva Labs has been completed, with a total price of US$16,962,500.

The uniqueness of the veteran auction house Christie’s is that they always facilitating transactions around some of the most precious works of art. Christie’s pointed out that the next wave of precious artworks will be digital artworks, especially NFT artworks. The auction house is working hard to select the next key NFT project.

 

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/nft-boom-continues-to-upgrade-cryptopunks-trading-volume-soars-by-1270-within-a-week/
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