Another institutional buyer has fallen for the charms of OG Collectible CryptoPunks. Encryption protocol Mask Network announced that it purchased Punk #6128 for 159 ETH or almost $562,880 as of press time.
Punk #6128 is one of the 6039 Male Punks. It sports two accessories: a police cap and an eyepatch. The police cap is only present in 203 Punks, while 461 Punks have an eye patch. So both accessories are in the 2% – 4% range in terms of rarity.
According to the tweet, the purchase signifies what Web 3.0 can achieve. It is the 3rd generation of web evolution that would make the internet more “intelligent” through AI. It would power technologies like AR and VR, which require users to have digital profiles. In the NFT space, Punks are at the peak of the pyramid in terms of the most desired PFPs.
Moreover, Punk #6128 will be an asset placed in its marketplace, the MaskDAO. The last bit of info we know is the company hinted that more could be achieved with NFTs on the Mask extension.
What Mask Network’s CryptoPunk Purchase Proves
CryptoPunk has become the winning formula for a lot of collectibles. Meaning programmatically generate 10,000 pieces. Then, randomly assign a set of pre-made components like wearables, facial features and colors. Finally, release it in headshot format – perfect for social media profile pictures.
Thus, no other collectible has ever been able to attract the kind of audience and price action it does. Last week, VISA purchased a Punk for $150,000. This is a big leap for the payments processing company because it has previously expressed doubts about Crypto.
The floor price of CryptoPunks hit 132 ETH last week or close to half a million US dollars. Moreover, it just joined Axie Infinity in the billion-dollar club in terms of total sales, thereby cementing its status in the space.
You can follow the latest bit on buying, selling and trading Punks through Larva Labs’ website.
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