CryptoPunk Digital Collectible Has Just Been Sold For $762K In ETH

A CryptoPunk digital collectible has just been sold for $762K in Ether by Flamingo, a DAO for NFT investments so let’s find out more in today’s cryptocurrency news.

A rudimentary pixel art as the CryptoPunk digital collectible was just sold for $761,889 worth of ETH in a Saturday auction. FlamingoDAO which is a decentralized autonomous organization for investing in digital collectibles is behind the sale. Nine of these “alien” punks exist in the CryptoPunks universe which pioneered the NFTs in 2017 and they represent the “Holy Grail” for an emerging class of ETH-based collectors. FlamingoDAO community representative Priyanka Desai said:

 “I showed my mom and she was like, ‘What???’”

Punk 2890 bought for 605 ETH ($761,888.57 USD) by 0x24c5eb from 0x6611fe. https://t.co/p5IvIq3MnB #cryptopunks #ethereum pic.twitter.com/xq8Cl2imKV

— CryptoPunks Bot (@cryptopunksbot) January 23, 2021

Flamingo is a fund with more than 40 members and 4800 ETH in pooled capital as Desai said it has “hundreds” of NFTs in the collection including NBA Top Shot Cards, Autoglyphs, and land plots in different metaverses. Flamingo’s decision to act on this opportunity was “whipped in 25 minutes” via Discord. CryptoPunk 2890 was put up for sale by an unknown owner on Saturday. FlamingoDAO said in a statement:

 “It’s understandable for folks to be skeptical about NFTs, but in our view, NFTs are the future of not just digital art, but all digital property. It’s the tip of a very large spear.
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If punks are so worthless, why is the biggest whale in #DeFi bidding on it?? @0x_b1 https://t.co/BuGqX6eJvW

— gmoney (@gmoneyNFT) January 23, 2021

DeFi personality @0x_b1 was one of the counterbidders that lost out on the CryptoPunk 2890 saying that they had valued the NFT at roughly $1 million. The CryptoPunk in question sold in July 2017 was worth 8 ETH which represents a 75X return on investment in ETH terms as Desai said:

 “People see it as a collectible that is pretty significant in the history of NFTs.”

For the seller, the wallet holds 301 CryptoPunks in all but there’s another offer on the table from the group which was not listed for sale and a fellow Alien has a bid for 666 ETH which is about $875,000. The options for realizing a return on Flamingo’s new investment are yet to be determined by DAO members but aside from that, there’s a notion of Flamingo that wants to create galleries in a different metaverse for putting this and other pieces on display, as per Desai.