Nfts
NFT Sells for $16 Million in Ether as Crypto Risk Appetite Rises
- Someone bought a CryptoPunk NFT for 4,500 ETH, or about $16 million.
- This is the second most expensive CryptoPunk NFT sale ever in terms of dollar amount.
- The buyer outbid another offer for 4,250 ETH, or about $14.5 million.
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Remember NFTs? Someone just bought one for about $16 million.
A bidder paid 4,500 ether For CryptoPunk #3100one of nine “Alien Punks” non-fungible tokens in the series. As of Monday, the price of ether was hovering around $3,556 per token, making the March 4 sale the second-most expensive CryptoPunk sale.
The algorithmically generated series of 10,000 characters has been a staple of the pandemic-era NFT boom. An NFT is a digital object tied to the blockchain and has a unique signature that cannot be duplicated.
The buyer of CryptoPunk #3100 outbid another bid of 4,250 ether, or about $14.5 million, that was placed on March 1, according to the listing on OpenSea, an NFT marketplace. A number of other CryptoPunk NFTs have recently sold for about 60 ether, or more than $200,000, and total trading volume for the collection reached $8.25 million last week, according to an analysis by The block.
The latest big sale is a throwback to the heyday of the peak of the digital collectibles market. At one point, the NFT Market has seen monthly trading volume of around $2.8 billion, and collections like CryptoPunks and Bored Apes have regularly sold for millions of dollars to celebrities including Snoop Dogg and Stephen Curry.
A September study said 95% of the NFT market could be worthless.
Yet appetite for crypto risk is on the rise again. This month’s $16 million NFT sale comes alongside a fresh rally toward all-time highs of $69,000 for bitcoin. The token is poised to return to a price level last seen when rates were near zero, as demand for bitcoin ETFs and the upcoming halving event eclipse concerns about higher interest rates for longer.
Ether has climbed 51% since the start of the year, following Bitcoin gains 50.6%.