Crypto Payment Firm MoonPay Buys CryptoPunk NFT 07/01/22

Crypto Payment Firm MoonPay Buys CryptoPunk NFT 07/01/22

There’s been plenty of crypto news at the turn of the year, with the NFT market continuing to go from strength to strength.

Non-Fungible Tokens, more commonly known as NFTs, are both individual and unique. The key characteristic, therefore, is that they cannot be copied or duplicated. This very attribute has made NFTs particularly popular within the arts and entertainment world.

What is MoonPay?

Launched in 2019, MoonPay supports the buying and selling of cryptos. Users can seamlessly exchange cryptos and fiat using credit and debit card as well as payment platforms such as Apple Pay and Google Pay. In addition to cryptocurrencies, MoonPay has also moved into the NFT space. The move is a strategic one, with MoonPay looking to seize NFT market share.

Last November, MoonPay was in the news after raising $555 million in Series A funding to take the company’s value to $3.4bn.

NFT Market News

There’s been no shortage of NFT news at the turn of the year. Recent activity suggests another boom year for the NFT market.

Just this week, Quinten Tarantino announced that the planned sale of Pulp Fiction NFTs are to go ahead, which will likely be a draw plenty of buyer interest. Sports and NFTs have also joined forces, with the NBA and the NFL entering the NFT space. While Pulp Fiction and Quinten Tarantino entering the NFT space is big news, and sports including tennis also drawing plenty of interest, CryptoPunks continues to be one of the most popular NFTs on the NFT market.

MoonPay Buys CryptoPunks

News hit the wires this morning of MoonPay buying NFT CryptoPunk #2681 for 900 ETH, equivalent to approximately $3m. To date, MoonPay has reportedly been focused on items from the market front runner Bored Ape Yacht Club collection. MoonPay has been purchasing NFTs for celebrity clients, which is aligned with its NFT market strategy.

In December 2021, Pak’s “The Merge” officially became the most expensive NFT ever sold at $91.8m. 28,983 collectors pooled together to purchase “The Merge”. Until December, the most expensive NFT had been Beeple’s collage titled “Everydays: the First 5000 Days”. The NFT was purchased by a single collector for $69.3m.

At the turn of the year, OpenSea reportedly saw 2022 trading volume surge over $700m, driven by the “bored Ape mania NFT frenzy”. The report noted that OpenSea saw a record trading volume high of $225.8m on 3rd January alone.

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