CryptoPunks are widely regarded as the first, authentic NFT project. CryptoPunks is developed by Larva Labs, and is stated to have registered $26 million lifetime sales on their domestic marketplace, with average sale cost of a Punk at $6,199 over the last year. CryptoPunks was even released before CryptoKitties.
Each Punk is made up from individual, distinctive features, including a unique background colour and accessories. In addition, there are some further attributes such as alien or zombie appearances.
At the weekend, Punk 2890 was bought for 605 ETH ($761,888.57 USD)! The punk was an ultra-exceptional alien CryptoPunk (one of nine active alien Punks), and represents a fierce market-wide bull run for non-fungible tokens (NFTs).
The sale caused quite a stir on social media with opinions largely being divided as NFT supporters hailed the sale as a bullish continuation of NFTs, whereas non NFT supporters questioned why such large sums of money are being spent in this way.
Whichever way your opinion is, few can argue that the sale has generated a lot of hype for the CryptoPunks project and the NFT space as a whole.