Data shows someone has accidentally sold a CryptoPunks NFT, a popular digital collectibles line, for just one penny in Ethereum.
CryptoPunks NFT Sells For One Penny, Oops?
Back in 2017, CryptoPunks became one of the first NFTs to launch on the Ethereum blockchain. Today, the digital collectibles have become quite popular and their high market value reflects that.
In total, there are 10,000 unique CryptoPunks on the blockchain. Originally, they were all available for free, and anyone with an ETH wallet could claim them.
These NFTs go for pretty high prices. Data from OpenSea, one of the largest digital collectible marketplaces, shows these Punks had an average price of 69 ETH (around $178,700) yesterday.
So far today, the average price of CryptoPunks seems to be around 75 Ethereum (or $193,000) with around 57 in number of sales.
Now, data from CryptoPunks reveals that Punk 3860 has just been sold for less than $0.01! This value is absurdly lower than today’s average price as mentioned above.
What’s going on here? Well, there are a few different possibilities. On a closer look at the transaction, it looks like the user set the selling price of the NFT as 99 wei. Perhaps they meant to set it as 99 Ethereum instead.
Related Reading | Porsche Auctioning Design Sketch As A Digital & Physical NFT
It looks like the user has made other offers for their CryptoPunks, and they seem to be set at correct prices. So it may have just been an accident.
A while back, the NFT market had a crash where the trading volume collapsed 90%. In recent weeks, the market has rebounded and far surpassed its previous all time high (ATH).
Just today the weekly trading volume reached yet another ATH of around $253 million as the market doesn’t seem to be showing signs of stoppage.
At the time of writing, ETH’s price floats around $2.6k, up 14% in the last 7 days. Over the last month, the crypto has amassed 17% in gains.
Here is a chart showing the trend in the crypto’s price over the last 6 months:
Ethereum quickly starts moving back up after a minor dip | Source: ETHUSD on TradingView
ETH has enjoyed an upwards trajectory over the past couple of weeks, and after a small downwards spike, the coin is back on its way up. It’s unclear how long the coin will be able to maintain this trend. While there are some bullish signs, a crash isn’t completely off the table either.
NFTs like CryptoPunks being minted on the Ethereum blockchain paved the way for the ERC-721 standard for modern tokens. Digital arts and collectibles also started getting more popular following then.
Featured image from larvalabs.com, chart from TradingView.com