The excitement around NFT coin projects has been on a downtrend lately. However, CryptoPunks still maintains its position quite strongly. Details of our news on the popular cryptocurrency…
Popular NFT coin CryptoPunks on the rise
A Twitter following the recent purchases of CryptoPunk code 7756, a 24×24 pixel art image algorithmically generated by a computer According to its platform, 1,050 Ethereum tokens were sold for a high price of $3.2 million. The pixelated avatar depicting an alien with bloodshot eyes and green skin is part of a collection of 10,000 digitally scarce faces that has succeeded in revolutionizing the NFT industry.
Last February, a rare CryptoPunks NFT coin project was acquired by Chain CEO Deepak Thapliyal for $23.7 million. The Ethereum-backed project was launched in 2017 when NFTs were a mysterious concept known only to some cryptocurrency enthusiasts. Initially, Larva Labs, the company behind the groundbreaking collection, released some CryptoPunks for free as an experiment before the project slowly started gaining traction.
https://twitter.com/TimBeiko/status/1514010098145759232
What are the reasons behind altcoin’s rise?
The popularity of the NFT coin project’s collection reached enormous proportions in 2021 when high-profile celebrities such as world-famous rapper Jay-Z bought it for influence. As cryptokoin.com previously reported, strange pixelated images have suddenly become a status symbol. One of the oldest NFTs, CryptoPunks is leading the creation of other successful collectibles like Doodles. The cryptocurrency has now surpassed $2 billion in transaction volume.
The latest purchase proves that NFT coin excitement is alive and well, although prices of the biggest cryptocurrencies are far from record highs. Bitcoin price is currently hovering just above the $41,000 level on major spot exchanges. Last month, Yuga Labs, creator of the Bored Ape Yacht Club collection, solidified its dominance in the industry by announcing its acquisition of CryptoPunks.
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