Surging prices, anticipation, and steady coin interest round out today’s headlines.
The Age of NFTs: 34 CryptoPunks Sold for $1 million
This week, 34 CryptoPunks were acquired by an anonymous NFT fan for a whopping $1 million, officially heralding the age of NFTs and blockchain provenance.
The collectibles were part of the 10,000 free digital arts distributed by New York-based Larva Labs in 2017.
However, over the years and just like fine wine, the increasing adoption of Ethereum and the need to overhaul the creatives industry have seen interest spike.
All 10,000 pieces were quickly scooped and have since generated over $100 million in resale value. By Feb 24, each piece averaged $34k and received bids from collectors.
NFTs, short for Non-Fungible Tokens, have diverse use cases.
It can disrupt traditional art as we know by cutting off the middle man, directly connecting buyers and sellers. They can then transact with the confidence of blockchain provenance.
Ethereum Processes $926 billion of Transactions in the First Two Months of 2021
The Ethereum network has processed $926 billion worth of transactions in the first two months of 2021, a 7X increase compared to Q1 2020.
According to Messari, the network—despite network fees challenges, is on course to process $1.6 trillion of transactions in Q1 2021, a record for a six-year-old smart contracting network.
Still, more users are exiting the network for alternatives, but Ethereum compatible platforms like the Binance Smart Chain (BSC), EOS, Tron, and others.
Meanwhile, Ethereum miners raked in $32 million as revenue in the last week and over $26 million on the previous day.
Crypto Current will be guiding all of you who are new to the cryptocurrency world to becoming a cryptocurrency and blockchain expert. Crypto Current was founded to give access to information to everyone on current events occurring in cryptocurrency and blockchain in a digestible way. Since its creation, we have created content that impacted thousands of people through its podcast, blog, and social media.