Data reveals somebody has actually inadvertently sold a CryptoPunks NFT, a popular digital antiques line, for just one cent in Ethereum.
CryptoPunks NFT Sells For One Penny, Oops?
Back in 2017, CryptoPunks turned into one of the first NFTs to launch on the Ethereum blockchain. Today, the digital collectibles have actually ended up being quite popular and their high market value shows that.
In overall, there are 10,000 special CryptoPunks on the blockchain. Initially, they were all offered totally free, and anyone with an ETH wallet could claim them.
These NFTs choose pretty high prices. Data from OpenSea, among the biggest digital collectible markets, reveals these Punks had an average rate of 69 ETH (around $178,700) yesterday.
So far today, the typical price of CryptoPunks appears to be around 75 Ethereum (or $193,000) with around 57 in variety of sales.
Now, information from CryptoPunks exposes that Punk 3860 has simply been cost less than $0.01! This worth is absurdly lower than today’s average rate as mentioned above.
What’s going on here? Well, there are a few different possibilities. On a more detailed take a look at the transaction, it looks like the user set the selling price of the NFT as 99 wei. Maybe they suggested to set it as 99 Ethereum rather.
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It looks like the user has made other offers for their CryptoPunks, and they appear to be set at correct costs. So it might have just been an accident.
A while back, the NFT market had a crash where the trading volume collapsed 90%. In current weeks, the marketplace has rebounded and far surpassed its previous all time high (ATH).
Simply today the weekly trading volume reached yet another ATH of around $253 million as the market doesn’t appear to be revealing signs of blockage.
At the time of composing, ETH’s price floats around $2.6 k, up 14% in the last 7 days. Over the last month, the crypto has amassed 17% in gains.
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Here is a chart revealing the pattern in the crypto’s cost over the last 6 months:
Ethereum rapidly starts moving back up after a minor dip|Source: ETHUSD on TradingView
ETH has actually taken pleasure in an upwards trajectory over the past couple of weeks, and after a small downwards surge, the coin is back on its way up. It’s uncertain for how long the coin will have the ability to preserve this pattern. While there are some bullish indications, a crash isn’t entirely off the table either.
NFTs like CryptoPunks being minted on the Ethereum blockchain paved the way for the ERC-721 requirement for modern tokens. Digital arts and antiques also started getting more popular following then.
Included image from larvalabs.com, chart from TradingView.com