CryptoPunk #8857: This NFT just got sold for nearly ₹50 crore

CryptoPunk #8857 is among the 10,000 collectible characters built on the ethereum blockchain.

A non-fungible token, or NFT, called CryptoPunk #8857 on Saturday was sold for 2,000 ether, or $6.63 million, on OpenSea, a peer-to-peer marketplace for NFTs, making it the fourth most expensive digital collectible sold so far. At the current rupee exchange rates, 2,000 ether comes to about ₹49 crore.

The identities of the buyer and the seller were not immediately known.

In May 2018, CryptoPunk #8857 was sold for 2.5 ether, or $1,717.

NFTs are currently taking the digital art and collectibles world by storm. They are a way to represent ownership of a digital good, such as an image, video, or piece of text, and most NFTs are part of the ethereum blockchain.

CryptoPunk #8857 is among the 10,000 collectible characters built on the ethereum blockchain. CryptoPunks are among the most sought-after NFTs in the world.

First released in June 2017 as one of the first NFTs on the ethereum blockchain, CryptoPunks project has been developed by American studio Larva Labs.

The NFT space exploded earlier this year after digital artist Mike Winkelmann aka Beeple sold an NFT for $69 million in March 2021.

After Everydays: The first 5000 days by Beeple, CryptoPunk #3100 and CryptoPunk #7804 are the most expensive NFTs, which were sold for $7.58 million and $7.57 million, respectively.

With the latest sale, CryptoPunk #8857 has become the fourth most expensive NFT sold ahead of Crossroads by Beeple, which was sold for $6.6 million.

Last month, financial services major Visa entered the NFT-commerce space after it acquired CryptoPunk #7610 for 49.5 ether, or around $150,000.

According to the company, NFTs have the potential to become a powerful accelerator for the creator economy and lower the barrier to entry for individual creatives to earn a living through digital commerce.

Published By : Mint

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