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Larva Labs sells CryptoPunk NFTs at Christie’s for $16.9 million

Updated: Jul 25, 2024
Published: May 12, 2021
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Nine Cryptopunks, one of the earliest NFT projects from Larva Labs, sold for nearly $17 million at a Christie's auction in New York. This is another milestone for the NFT space.

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Larva Labs and Christie's

Larva Labs gave away nine thousand of their portraits to buyers in 2017, deciding to keep a thousand of them for themselves. This included at least two rare ones, such as one of only nine existing aliens.

The company sold nine of those portraits at auction at Christie's at a price of $16.9 million. For Christie's, this was the second major NFT sale. The sale followed a record-breaking sale of Beeple's EVERYDAYS: THE FIRST 5,000 DAYS, which sold for $69 million in March.

Nearly $2 billion

Earlier this week, a report from the University of Nicosia found that the total market cap for all 10,000 CryptoPunks is nearly $2 billion. This was the first time a market cap has been calculated for a pure NFT ecosystem. The estimated value was 476,113 ETH, which is now worth about $1.95 billion.

The bigger picture

NFT'S are becoming more popular than ever this year. The sector has attracted the attention of auction houses such as Christie's and Sotheby's.  Cryptopunks that sold for a few hundred dollars a year ago are now worth between $30, 000 and $7 million.  Many people still don't understand NFT'S and often refer to them as a new bubble in the market.

Researchers from the University of Nicosia painted a bright future for the space in their report. They think the market for non-fungible tokens will represent trillions of dollars in value by 2030.

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