Another so-called CryptoPunk has been sold for millions. This time it concerns CryptoPunk #7523, also known as the ‘Covid Alien.’ The ‘artwork’ was sold on June 10 via auction house Sotheby’s for a record amount of no less than $11.8 million or €9.7 million.
CryptoPunks are so-called non-fungible tokens (NFTs). NFTs are unique tokens on the blockchain, usually of Ethereum (ETH), and can serve as a kind of proof of ownership. Read more about what NFTs are exactly here. 10,000 CryptoPunks were created in 2017 by Larva Labs using an algorithm, they are one of the first NFTs on the market.
This year, the NFT market exploded and CryptoPunks are one of the most valuable NFTs right now. A number of rare CryptoPunks were sold for several million dollars earlier this year, two of them for even more than $7.5 million each. Last month, another 9 CryptoPunks were sold through auction house Christie’s for $17 million.
“Punks were designed as pseudonymous portraits, masks for those crypto pioneers who appreciate the idea of privacy in the modern age. Avatars, portraits or masks, they stand as semiotic reference points for a specific internet crypto identity that is now spreading across social networks – Twitter in particular. More is said with a Punk as a profile picture than with a portrait of the person behind the account."
Sotheby’s with a somewhat cryptic message about CryptoPunks. The previous owner of this Covid Alien sarcastically shouted on Twitter after the sale “NFTs are dead!” In recent weeks, we have seen the hype surrounding this new market cool down somewhat.
The most expensive NFT ever sold remains that of digital artist Beeple. He sold a digital artwork through Christie’s in March for a whopping $69.3 million. He made a digital drawing of the Covid Alien: