NFT Madness Accelerates on Ethereum After User Purchases 88 Punks for $5,000,000

An anonymous investor purchases 88 rare Non-Fungible token CryptoPunks in one incredible $5.5M foray, firing them into the top 20 CryptoPunk investors.

By
Dardania Havolli
on
August 2, 2021
Category:
Blockchain News

Who Is The Buyer and Has NFT Market Reacted?

The purchase went through on July 31st, and although it was initially kept under wraps, the scale of the transaction did go on to have a considerable impact. 

The buyer has created a Twitter account and signed a transaction to unveil himself as the owner of the address behind the huge purchase. Since creating the social media account the apparent buyer seems content to respond to various tweets citing his purchase with affirmative responses. 

We’ve looked to acquire a little more information through their wallet history but have found that all purchases have been ‘force funded.’ This means the wallet was specifically created for the transaction, leaving no prior history or trace. 

Their readiness to now reveal themselves as the buyer was at odds with the process of their purchase. Using MiningDao, whose services enable communication with the relevant miner and ensure that the transaction is kept on the block without being broadcast to the network first, the buyer avoided an immediate market response. 

Sellers were initially unaware of the huge purchase and thus there was no immediate and predictable price hike. When the news did eventually spill CryptoPunks began to steadily move up NFT rankings based on sales volume collected from Crypto Slam

(Source August 2nd Ranking)

What Are CryptoPunks?

Trendsetters and one of the very first constructed NFT collections, CryptoPunks are 10,000 unique collectable characters. The figures, ranging from humans, zombies, apes and aliens, are stored on the Ethereum blockchain. 

Crypto Punks has gone on to inspire NFTs across all chains. There are even direct rifts on competing chains such as Solana and Binance Smart Chain - SolPunks and Bunks.

(Source)

With mentions in a host of hugely influential media like CNBC, The Financial Times, Bloomberg, The Paris Review, and The New York Times both in 2018 and 2021, CryptoPunks have established a reputation. 

Even with the recent upswing, the market for CryptoPunks shows no sign of slowing down as the CryptoPunks market has an open bid of 14,000,000 according to LarvaLabs market data.

Source


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Dardania Havolli

Dardania is an experienced researcher, editor and writer who is currently completing his PhD in Creative Writing. He is passionate about blockchain technology and the impact it will go on to have on our lives.

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