A pseudonymous user called “gmoney” paid 140 Ethereum (ETH) for a pixelated CryptoPunk (CP) avatar on Wednesday.
At the time of purchase, the non-fungible token was worth $150,000—and its value has increased to more than $176,000 already. But it wasn’t about making a profit, gmoney explained.
Starting from a broader perspective, gmoney argued that, “without a doubt,” our world is already becoming more digital—and this process will continue over the next decades. Meanwhile, CryptoPunks are the first-ever NFTs, and there are only 10,000 of them, each with its own unique attributes.
As Decrypt explained, each NFT has identifying information embedded within it, making it not interchangeable and unique. This means that each of them is one-of-a-kind and can be owned by only one person—a quality valued by collectors that drives NFTs prices up.
This means a couple of things. CryptoPunks are scarce and they have elite status, gmoney noted. But then, why would someone pay hundreds of dollars for a CryptoPunk? The answer was utterly honest and simple—yes, it’s a “flex.”Pls SUBSCRIBE below to our Youtube channel and mailing list to get fresh updates on money making and inspiring videos and articles.