Welcome back to yet another episode of this podcast!
For today’s discussion, we’ll be diving head-first into Crypto Punks NFTs and how an auction house even ended up getting involved.
What Are Crypto Punks NFTs?
As non-fungible tokens (NFTs) exploded in popularity in 2021, the market for crypto collectibles skyrocketed, with two and a half-billion dollars in transaction volume during the first six months of the year.
NFT fans have been trying to reclaim some of the first non-fungible tokens as a result of the boom, driving the price of these crypto collectibles to previously unheard-of heights.
CryptoPunks, a series of randomly generated pixel-based avatars, is one of the earliest NFT initiatives. Millions of dollars have been paid for some of the most valuable CryptoPunks.
CryptoPunks is a set of 10,000 pictures tokenized as NFTs on the Ethereum blockchain, produced by development company Larva Labs.
A CryptoPunks NFT is effectively a deed of ownership to a digital item, and having one implies you are the sole owner of a one-of-a-kind pixel avatar.
How Did Christie’s Auction House Get Involved?
For the first time, a unique example of that pioneering work was being auctioned off at a typical auction house.
On May 11, Christie’s 21st Century Evening Sale in New York included a single lot of nine Punks, courtesy of Larva Labs, the project’s founders and innovators.
After CryptoPunks reached new heights in demand, auction houses like Christie’s got in on the sales that reached a few million per avatar.
This specific lot included both the rarest CryptoPunks and centerpieces from the project’s trademark qualities