Bitcoin Leads NFT Sales; Rare CryptoPunk Fetches $16M; Coachella Enters NFT Sphere
Summary:
This week's cryptocurrency news includes Bitcoin surpassing Ethereum in weekly NFT sales, a Bitcoin trader reclaiming funds after a mistaken NFT purchase, and Coachella partnering with OpenSea to launch festival-related NFTs. Further, The Sandbox executives express optimism over the continuation of the metaverse, and a rare NFT from the CryptoPunks collection sells for $16 million.
This week's digest includes Bitcoin outperforming Ethereum in nonfungible token (NFT) weekly sales, a lucky trader reclaiming their Bitcoin following an erroneous transaction, and collaborations between Coachella and OpenSea on three NFT collections. Highlights also include an interview with The Sandbox executives about NFTs and the metaverse, and a rare Alien CryptoPunk NFT garnering a whopping $16 million.
Bitcoin NFTs edged out Ethereum in weekly sales, driven by a boom in the NFT collection NodeMonkes. Sales of Bitcoin NFTs soared to $169.5 million, marking an 80% week-on-week increase, while Ethereum's sales for the same week were $162 million. Substantial sales came from uncategorized NFTs, accounting for $43 million from 47,000 transactions. NodeMonkes NFT collections came in next with $41 million.
A Bitcoin trader notably recovered their funds after accidentally acquiring an NFT worth $13,000. The mistake, shared with the community through X on March 1 as a cautionary tale, caught the attention of the original NFT owner, who then offered to repurchase. The offer to buy back the NFT at its initial selling price came from Dan Anderson, who initially listed the NFT for 0.21 BTC, approximately $13,000, for its premium value, not to lure impulsive buyers.
Meanwhile, Coachella partnered with OpenSea to launch NFTs that the festival-goers can utilize. Announced on March 5, the NFTs for their 2024 festival will come in three collections and will serve as exclusive passes to enrich the festival experience. To be hosted on the Avalanche network, the drops will feature Coachella's unique artwork integrated with various privileges for the holders.
Sébastien Borget and Arthur Madrid, top executives of metaverse platform The Sandbox, in their recent discussion with Gareth Jenkinson from Cointelegraph at the NFT Paris event, declared the metaverse is alive despite popular contrary beliefs. They shared insights about the platform's distinctive partnerships with brands such as Lacoste and Gucci and emphasized the importance of empowering creators in the realm of NFTs and avatars.
Finally, an Alien CryptoPunk NFT, one of the rare specimens in the CryptoPunks collection, was purchased for $16 million. This Alien CryptoPunk NFT, #3100, fetched an impressive bid of 4,500 Ether (ETH) on March 4. Among the 10,000 CryptoPunks, only nine alien ones ever existed, enhancing the rarity and value of this NFT.
For more on NFTs, tune into COINTELEGRAPH's NFT STEEZ Podcast.
Published At
3/6/2024 11:00:00 PM
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