The commercialization of non-fungible tokens (NFTs) continues to rise with million-dollar transactions. Last week, an NFT from the CryptoPunks collection was sold for 8,000 ethereum, which is equivalent to $24 million.
The NFT has become the most expensive of the CryptoPunks collection, which has 10,000 NFTs and is possibly the most valuable in the world, with several tokens among the most valuable in history. They are drawings inspired by the punk aesthetic, with the appearance of old video games with 24×24 pixels.
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According to the Larva Labs website, the NFT has been resold before. In July 2017, its first owner sold it for 8 ethereum ($1,646), 100 times the initial cost. The second owner kept the token and has now resold it for a record price.
CryptoPunk #5822 is one of nine extraterrestrials in the collection and one of 333 wearing a bandana. When it launched in 2017, the price of each NFT in the collection was just 0.008 ethereum or $17.
The second most expensive CryptoPunk of all time was #7523, which sold in 2021 for $12 million at auction held at Sotheby’s.
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