There has been a lot of crypto news at the beginning of the year, and the NFT market continues to strengthen.
Non-fungible tokens, more commonly known as NFTs, are individual and unique. The key feature, therefore, is that they cannot be copied or duplicated. This same attribute has made NFTs particularly popular in the arts and entertainment world.
What is MoonPay?
Launched in 2019, MoonPay supports the buying and selling of cryptocurrencies. Users can seamlessly exchange crypto and fiat using credit and debit cards, as well as payment platforms such as Apple Pay and Google Pay. Besides cryptocurrencies, MoonPay has also moved into the NFT space. The move is strategic, with MoonPay looking to seize NFT’s market share.
Last November, MoonPay was in the news after raising $ 555 million in Series A funding to bring the company’s value to $ 3.4 billion.
NFT Market News
There has been no shortage of news from NFT at the turn of the year. Recent activity suggests another boom year for the NFT market.
This week, Quinten Tarantino announced that the planned sale of Pulp Fiction NFT will continue, which is likely to attract a lot of interest from buyers. Sports and the NFTs have also come together, with the NBA and the NFL entering the NFT space. While Pulp Fiction and Quinten Tarantino entering the NFT space is great news, and sports, including tennis, are also drawing a lot of interest, CryptoPunks remains one of the most popular NFTs in the NFT market.
MoonPay buys CryptoPunks
The news came this morning from MoonPay buying NFT CryptoPunk # 2681 for 900 ETH, equivalent to roughly $ 3 million. To date, MoonPay has reportedly focused on items from the market leading Bored Ape Yacht Club collection. MoonPay has been buying NFT for famous clients, which is in line with its NFT market strategy.
In December 2021, Pak’s “The Merge” officially became the most expensive NFT ever sold at $ 91.8 million. 28,983 collectors rallied to buy “The Merge.” Until December, the most expensive NFT had been Beeple’s collage “Every Day: The First 5000 Days.” The NFT was purchased by a single collector for $ 69.3 million.
At the turn of the year, OpenSea reportedly saw an increase in 2022 trading volume of over $ 700 million, fueled by the “boring Ape mania NFT frenzy.” The report noted that OpenSea posted a record trading volume of $ 225.8 million in 3rd January alone.