CryptoPunk #7804, a pipe-smoking teal-colored alien NFT sold for a record 4,200 Ethereum (ETH) — the equivalent of $7.56 million in current prices.
The sale is just the latest in many high-profile purchases of non-fungible tokens (NFT) that have been taking place recently.
In fact, this particular sale set the new record for the highest amount paid for an NFT according to NFT data aggregator CryptoSlam.
What are CryptoPunks?
Amid the rise in popularity of NFTs, one of the more popular markets has been CryptoPunks. Generated by LarvaLabs, CryptoPunks is a collection of 10,000 unique character NFTs.
Each character has a variety of different attributes that make them unique and usually have an eccentric, punkish style. While most are either male or female, there are a few of a rarer type like apes, zombies, or aliens.
CryptoPunk #7804 happens to be an alien, one of only nine among the 10,000 total. Its cap, pipe, and shades are only shared by a few other CryptoPunks, making it stand out even more.
Originally, CryptoPunks were claimed for free by anyone with an Ethereum wallet. However, all 10,000 were quickly claimed, and now can only be purchased from someone via the marketplace.
CryptoPunk #7804 was put up for sale on Feb. 27 for 4,200 ETH, which at the time was only around $6 million. After seeing a pair of lower bids, it finally sold for the original sale price, which had at that point risen to $7.56 million.
NFT Markets
According to CryptoSlam, CryptoPunks have been dominating the top slots for the highest amount paid for an NFT. Previous record-holders include other CryptoPunk apes and zombies.
However, this latest purchase blows them all out of the water. The second-highest amount paid for a CryptoPunk was 800 ETH — the equivalent of around $2 million at the time.
This latest record purchase also put CryptoPunks in the top slot for collectible rankings in the past 24 hours, beating out perennial holder NBA Top Shot. It contributed to a 540% increase in the market in the past 24 hours.