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CryptoPunk NFT sells for $530 million

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TL;DR Breakdown

• The NFT market has been invaded by quick loans.
• The CryptoPunk piece was sold for 124,460 ETH.

NFT trading is trending again, but not because of a newly published collection, but because of a great sale of a single CryptoPunk piece. For new non-fungible auctions fans, these pieces would correspond to the first NFT collection released in 2017.

According to announcements, one of the many NFT pieces of CryptoPunk was sold for 124,460 Ethereum, about $530 million. This positions the virtual piece as one of the best-selling in the NFT market and as the most valued artistic work of all time.

CryptoPunk sale is investigated

CryptoPunk

The grandiose NFT sale involving CryptoPunk was real, yet some enthusiasts set out to investigate thoroughly. According to speculators, the sale could involve three crypto wallets and users seeking to advertise one of the oldest NFT collections on the virtual market.

Since the NFT market opened in 2017, Crypto Punk represented the first existing collection brought in by the Larva Labs studio, which eventually released the CryptoKittes collection and other pieces. Non-fungible parts linked to the ETH network are history in this new virtual market growing every day in international categories and auctions. However, older fans are still drawn to the NFT collection, which had 10,000 unique pieces for auction.

The last purchase reported on CryptoPunk was in the second week of March when piece 7,804 of the collection was sold. The virtual piece is characterized by showing the image of a blue punk with glasses, a pipe, and a cap.

Mysterious sales in the NFT market

CryptoPunk’s big sale reported a few hours ago enters the list of mystery sales in the NFT market. These sales were marketed as quick loans that a crypto wallet gives to the customer interested in the piece.

However, the HashMarkNFT sale completed in February was exposed as an advertising strategy while Crypto-Punk is still being investigated. These mysterious sales reveal that the NFT market is vulnerable because basically anyone can have the unique pieces with a crypto loan.

But this unbelievable Crypto Punk trend helped the remaining pieces in the collection gain priority when auctioned. NFT parts may be tested for a price ranging from a million dollars in the next few days, depending on their rarity. The rest of the punks become more and more expensive, and over time, they may gain even more value, bringing profit to their holders.

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