CryptoPunks breaks sales record. Is this the beginning of NFT frenzy?

Highights

  • Sales volumes of CryptoPunks surged to US$ 86 million and set a daily record on Monday, August 23.
  • Visa entered a new era of NFT space after purchasing CryptoPunk #7610 for around US$ 150,000.
  • CryptoPunks are 10,000 unique digital artworks stored on the Ethereum blockchain.

CryptoPunks non-fungible tokens (NFTs) soared to new record levels on Monday, August 23, after multinational financial services giant Visa entered the NFT space. According to the data tracking website CryptoSlam, the sales volumes of CryptoPunks surged to US$ 86 million and set a daily record. Meanwhile, so far this month, the sales amounted to US$ 332 million.

On August 23, it was announced that Visa has entered the commercial space of NFTs by purchasing digital collectables called CryptoPunk #7620. The deal was valued at around 49.5 Ether, roughly translating into 150,000 US dollars.

Non-fungible tokens represent ownership of a digital artwork which can be an image, gif, video or a piece of text. Since they are unique, NFTs cannot be replicated, and they can be used to certify the authenticity and ownership of digital artwork.

Significance of Visa's NFT deal


The American financial services company purchased CryptoPunks to understand the process of purchasing NFTs and how to interact with them. Visa believes that this deal will help the company to become better positioned to assist clients exploring the digital collectables space.

In a tweet, the company mentioned that it has collected historic commerce artefacts for the last 60 years and as Visa enters a new era of NFT space, it will welcome CryptoPunk #7610 to its artefacts collection, which includes early paper credit cards and the zip-zap machine.

This is not the first cryptocurrency ecosystem-related initiative of Visa, earlier in July this year, the company had said that it will offer crypto payments at around 70 million merchants worldwide.

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Source: © Justlight/Megapixl.com

What is CryptoPunks?

Launched by Larva Labs in 2017, CryptoPunks are 10,000 unique digital artworks stored on the Ethereum blockchain.

CryptoPunks NFTs are becoming increasingly popular, and it is now one of the most sought-after NFTs in the world. Notably, CryptoPunks #3100 and #7804 was sold for US$ 7.58 million and US$ 7.57 million, respectively.

Bottomline

As blockchain technology and the entire cryptocurrency ecosystem gains momentum, NFTs seem to have the potential to attract investors and artists who can create digital pieces of art and earn money through digital commerce.

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NFT commerce space is already booming as in March 2021, digital artist Mike Winkelmann sold an NFT for US$ 69 million. In addition, Jack Dorsey, who is the founder of microblogging website Twitter, sold his first tweet as an NFT for US$ 2.9 million.

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