NFT Mania Is Back? Maybe Not, but a CryptoPunk Just Sold for a Record $56.3M

A trademark of the final cryptocurrency bull market was the remarkably excessive promoting costs for a number of non-fungible tokens (NFTs).

The world has largely moved away from NFTs, with enthusiasm for crypto merchandise embellished with quirky pictures now heading straight in the direction of memecoins – so so many memecoins.

Nonetheless, an indication of bull markets returned on Thursday: a CryptoPunk NFT simply offered for a report worth of $56.3 million. The earlier all-time excessive of $23.7 million was set in February 2022, months earlier than the crypto winter actually went darkish.

Punk 1563, that includes a picture of a pixelated lady with darkish hair and blue eyes, netted 24,000 ether (ETH) within the transaction. As not too long ago as September, it was put up on the market for lower than 30 ETH – which means the most recent deal represented an enormous acquire from latest costs.

NFTs have traditionally seen all types of bizarre issues surrounding their sale. There was a time in 2021 when one other CryptoPunk technically offered for $532 million, despite the fact that blockchain knowledge clearly exhibits the identical particular person was on either side of the commerce.

And there are allegations that NFT was used for cash laundering.

Nonetheless, it isn’t clear what the motivations for Punk 1563 have been.