90 CryptoPunks get snapped up in one hour following Visa's $150,000 purchase

Following the news earlier today that Visa has bought a CryptoPunk, around 90 NFTs in the collection have been sold in a single hour. The total amount of these sales is roughly $20 million.

CryptoPunks are a collection of 10,000 pixelated faces, featuring humans, apes, zombies and aliens. They are a set of non-fungible tokens, or NFTs, meaning each one has its own unique attributes and were created by Larva Labs in 2017.

Visa revealed that it purchased CryptoPunk 7610, one of 3,840 female punks, for around $150,000 last week. It said the NFT would be a "great addition to our collection of artifacts" and play an important role in the future of commerce.

Unsurprisingly, the purchase stimulated a surge of demand in the market for CryptoPunks. According to Larva Labs' website, a wave of sales has gone through, featuring mostly human CryptoPunks. The majority of the sales were for around $180,000 to $250,000, although one reached as high as $917,000.

They tended to be higher than the average CryptoPunk sale, which is currently at around $170,000, according to The Block's Data Dashboard.

CryptoPunk sales can reach a lot higher than this. According to NFT tracker CryptoSlam, the highest CryptoPunk sale in history was $7.6 million for an alien Punk with shades, a pipe and a cap.

AUTHOR

Tim is the Editor-In-Chief of The Block. He writes about the evolution of crypto technology and the people who are at the forefront of it. He provided exclusive, source-based insights into the launches of the Bitcoin and Ethereum ETFs, crypto sales by the FTX Estate and the Trump-linked World Liberty Financial project. Prior to joining The Block, Tim was a news editor at Decrypt. He earned a bachelor's degree in philosophy from the University of York and studied news journalism at Press Association Training. Follow him on X @Timccopeland.

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