CryptoPunks hits the $1 billion mark
CryptoPunks is a collection of 10,000 unique collectable characters with proof of ownership stored on the Ethereum blockchain. According to the NFT aggregation site CryptoSlam.io, CryptoPunks has become the second Ethereum – based NFT (non – fungible token) project to hit $1 billion (roughly ₹ 7,400 crores) in lifetime sales. With $637 million (roughly ₹ 4,700 crores) came in the last 4 weeks. In the last 7 days, CryptoPunks topped the chart with sales of over $408 million (roughly ₹ 3,000 crores). CryptoPunks achieved this historical milestone on August 28, 2021.
CryptoPunks becomes the second NFT to hit the milestone
CryptoPunks now ranks only second to Axie Infinity in achieving this historical milestone. Axie Infinity was the Ethereum-based NFT to hit the $1 billion mark on August 8, 2021. Axie Infinity leads the chart with lifetime sales of over $ 1.65 billion (roughly ₹ 12,100 crores). CryptoPunks ranks with lifetime sales of over $ 1.16 billion (roughly ₹ 8,500 crores).
CryptoPunks is an Ethereum-based NFT
In the world of cryptocurrencies, NFT stands for Non – Fungible Token. It is the unit of data stored on a digital ledger, called a blockchain. The recording of data also acts as proof of ownership. Every data stored on a blockchain is unique. No two data elements are the same.
CryptoPunks was created by Larva Labs, a software company run by Matt Hall and John Watkinson. Initially, the company created 10,000 punks. According to a report published on CryptoSlate, each Punk is a 24×24 8-bit styled pixel art image that is algorithmically generated to be unique. Matt and John kept 1,000 punks each, and the rest were quickly claimed by Ethereum wallet users. According to Larva Labs, people can buy them from the marketplace that is embedded on the blockchain.
At the time of writing this article, 1 Ether is trading at ₹ 2,60,000.