An Ethereum whale decided to spend around $6 million just to buy 1% of the popular CryptoPunk NFT limited collection. If you don't know the definition of a whale in the cryptocurrency industry, it is a person or an agency holding a large amount of their preferred digital coin.
In this case, the anonymous individual focuses on ETH, one of the rising cryptos in the market. The unnamed millionaire doesn't only show how rich he is. But, he also serves as proof that the NFTs or nonfungible tokens are really becoming a game-changer for many people, especially independent artists, such as musicians.
After the popular buyer spent millions of dollars on the limited NFT collection edition, he now owns more than 1% of the digital artwork. The founders of Larva Labs, Matt Hall, and John Watkinsons decided to offer their CrypptoPunk NFTs for free back in 2017.
Those who received them without any fee are currently lucky since they can sell them for millions of dollars, as reported by CNBC.
ETH Whale Now Owns More Than 1% of CryptoPunk NFTs
According to HypeBeast's latest report, those who acquired the so-called CryptoPunk NFT can sell the nonfungible token limited collections for around 232,000 ETH.
This means that the total value of all the art pieces could reach around almost $600 million. For the past few years, CryptoPunk has had an average value of 22 ETH or $54,000 for each digital artwork.
The latest NFT purchase shows that a nonfungible token could suddenly increase its value. This is great news for those independent artists who are working on creating digital masterpieces.
Aside from them, musicians, painters, and other kinds of artists could also make their own NFT. They can even sell their works and put their signature on them to increase their value. Remember, NFT and crypto differ when it comes to their actual values.
One crypto will always be equivalent to one crypto token. On the other hand, an NFT art based on a popular basket player or other celebrities could have greater value compared to those newly designed nonfungible tokens.
In other news, NFT coins are also changing the gaming industry. New titles, such as "Axie Infinity," "My DeFi Pet," and other popular brands are now appearing. On the other hand, you can also check these top 10 most expensive NFTs in the sports industry.
NFT as Game Change For Artists
Coin Telegraph reported that NFTs are now helping more and more artists earn money, especially since they can't conduct huge events because of the ongoing pandemic.
Popular musicians now earn millions of dollars by selling their nonfungible masterpieces. However, their revenue would still depend on their popularity.
For more news updates about NFT and other related digital artworks, always keep your tabs open here at TechTimes.
This article is owned by TechTimes
Written by: Griffin Davis