A batch of digital collectibles known as CryptoPunks just sold for around $1 million in cryptocurrency in just minutes.
Also read: What Are NFTs and How Do They Work?
Larva Labs, the company behind the Punk collectibles, says 10,000 unique characters were originally created to be claimed for free by anyone with an Ethereum wallet.
CryptoPunks are created on the Ethereum blockchain using the ERC-721 standard. They are embedded into a smart contract as the actual images were too large to store on-chain at their inception, according to Larva Labs’ website.
Shortly after their release, all 10,000 CryptoPunks were snapped up and have since been trading on Larva’s marketplace, where the unknown whale made their recent $1 million purchase.