Monthly sales of the non-fungible token (NFT) project CryptoPunks are reaching record highs.
According to the industry tracking website CryptoSlam, $378,277,946 worth of Punks sold in August – the highest monthly sales figure in the three years since the project’s launch.
The project is a collection of 10,000 unique, 8-bit-style pixel art images of male and female punk-movement-inspired characters with unique traits and features. The authenticity and originality of each item can be independently verified using the Ethereum blockchain.
With 1,800 transactions so far this month, each Punk is selling at an average price of $210,154 in August.
This week, financial services giant Visa announced that it bought its own CryptoPunk for 49.5 Ethereum (ETH), worth just under $150,000 at time of purchase.
Visa says that NFTs will play a crucial role in the future of retail, entertainment, social media and commerce.
“To help our clients and partners participate, we need a firsthand understanding of the infrastructure requirements for a global brand to purchase, store, and leverage an NFT.”
Sam Bankman-Fried, CEO of crypto derivatives exchange FTX, recently said in an CNBC interview that although NFTs are quickly going mainstream, the surging popularity of the budding industry comes with risks.
“It could lead to incredibly fast and giant adoption. It could also lead to a sour taste in people’s mouth if there’s a crash and no one ever quite figured out what it was.”Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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Featured Image: Shutterstock/Anton-Burakov