First CryptoPunk auctioned off by Heritage

By Raffaele Redi

CryptoPunk 6503 recorded 42 bids in the first few hours, with a current high bid of $67,500

CryptoPunk 6503                                 
CryptoPunk 6503. – Photo: Heritage Auctions
                                

The US auction house Heritage, selling its first CryptoPunk with the auctioning of CryptoPunk 6503, recorded 42 bids in the first few hours with the highest bid amounting to $67,500.

Bids on CryptoPunk 6503, one of 6,039 male figures generated by LarvaLabs, will be accepted until 18 October.

The LarvaLabs creation, minted on June 23, 2017, is composed of the following accessories: a Peak spike that only 303 other CryptoPunks have, a chinstrap that only 282 have, and an earring that 2,459 have.

The last CryptoPunk sold

According to Dappradar, the last CryptoPunk sold on the secondary market attracted a price of  $796,743 or ETH222.22.

The male exemplar with shadow beard and regular shades, and with fedora and frown as accessories, was worth only ETH0.2 two years ago, or just a few hundred USD dollars. According to its trading history, it was first sold for ETH1.49 one last year, while in August it reached a value of ETH110.

The most expensive NFT sold on the secondary market in the last seven days, however, was Pepe the Frog NFT Genesis, which sold for a whopping $3.6m or ETH1,000. It was worth WETH420 or ETH420 just six months ago.

The story of CryptoPunks

CryptoPunks are known for there being 10,000 of them, of which no two are the same. Often cited as some of the earliest non-fungible tokens (NFTs), they have played a significant role in the history of crypto art.

Created by LarvaLabs, a creative technologist duo, CryptoPunks’ 24x24-pixel art images are generated algorithmically. The run of 10,000 features very punk-looking males and females with a few odd characters thrown in. Each of the 10,000 has a unique combination of accessories.

Further reading: Why NFTs are state of the art

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