Remember the NFTs? Someone Just Bought This Pixelated Art Piece for 14.7 Million Euros
NFTs, or non-fungible tokens, were a major focus of interest in the cryptographic universe in 2023, but they lost some momentum over the year. However, they have not been forgotten.
A bidder paid 4,500 Ether for CryptoPunk #3100, one of the nine non-fungible tokens “Alien Punks” from the series. On Monday, the price of Ether fluctuated around $3,556 (€3,269) per token, which makes the March 4th sale the second most expensive sale of a CryptoPunk.
The series of 10,000 algorithm-generated characters was a milestone in the NFT boom. An NFT is a digital item linked to the blockchain and has a unique signature that cannot be duplicated.
NFTs, or non-fungible tokens, are “unique” assets in the digital world that can be bought and sold like any other property on a blockchain—the same system used at the base of cryptocurrencies. Their aim is to certify the authenticity of a specific piece of content and assign ownership to its holder.
The buyer of CryptoPunk #3100 outbid another offer of 4,250 Ether, or about $14.5 million (€13.3 million), which was made on March 1st, according to the listing on OpenSea.
Several other CryptoPunk NFTs have recently been sold for about 60 Ether, or more than $200,000 (€183,000), and the total trading volume of the collection reached $8.25 million (€7.58 million) last week, according to an analysis by The Block.
A study from September stated that 95% of the NFT market might be worthless.
How do NFTs work?
Traditional works of art, like paintings, are valuable precisely because they are unique. But digital files can be duplicated easily and indefinitely. With NFTs, art can be "tokenized" to create a digital certificate of ownership that can be bought and sold.
The sad part is that I know if I put one high-tech NFT image to sell, it will not sell even for 1 dollar 😭. What is your opinion about this news?
