Entrepreneur Gary Vaynerchuk, better known as Gary Vee, has been a vocal supporter of the growth of the NFT market for several years. Vee made a large purchase on Friday of one of the most well-known non-fungible token series.
What Happened: Vee purchased CryptoPunk #2140 for $3,764,576 according to a Twitter account that provides information on the series.
Larva Labs launched 10,000 CryptoPunks in 2017, a series of 24x24 pixelated avatar NFTs.
The series is considered one of the first NFT avatar projects and considered by many to be the “holy grail” of the NFT market.
CryptoPunk 2140 is one of 24 “Ape Punks.” The same NFT sold for $1.18 million in March and $731,000 in February.
Vee is listed as the owner of seven CryptoPunks on the Larva Labs site. He spent a reported $4.88 million on the seven Punks with purchases ranging from $42,800 to $773,000 prior to Friday.
Why It’s Important: The purchase by Vee marks one of several on Friday, with several others selling in the five-figure and six-figure range and some receiving bids of more than $1 million.
CryptoPunks are ranked third by dollars on CryptoSlam, a site that tracks top NFT projects. The Punks have had $422.4 million in transaction volume across 14,775 transactions in their lifetime.
CryptoPunks trail only Axie Infinity and NBA Top Shot in lifetime dollar volume at $800.9 million and $665.0 million, respectively. Both those projects have millions of transactions.
Prior to Friday, CryptoPunks had $19.1 million in sales in the last seven days.
A Sotheby’s auction earlier this year saw a record $11.8 million paid for a CryptoPunk NFT. The NFT was one of nine aliens out of the 10,000 Punks and was sold to Shalom Meckenzie, the largest shareholder of Draftkings Inc DKNG.
A Christie’s auction in May sold nine Punks for $17 million, the highest amount paid for Punks.
Vee launched his own NFT line earlier this year called VeeFriends, which includes physical rewards like a meet-up convention.
Vee has been bullish on several NFT projects but also thrown caution to the overall market given the large supply from numerous projects that could lose value over the next few years.
When it comes to CryptoPunks though, Vee remains bullish.
“Hasn’t even started … not worried about micro dips over next decade … the macro is clear,” Vee responded to a Twitter user.
Watch Benzinga’s Interview with Gary Vee, which featured a discussion on NFTs here.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.