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.